- Donald Trump has said he’d make interest on car loans tax deductible.
- Specifics are few and far between, but it’s believed the program would mimic the mortgage interest deduction.
- If enacted, the move could save borrowers money and encourage sales.
The 2024 presidential election has been one for the history books as we’ve seen a last minute withdrawal, two assassination attempts, and a whole lot of weirdness. While substance has largely been pushed to the back burner, Donald Trump recently pitched an interesting idea when speaking to the Detroit Economic Club.
In a speech that lasted nearly two hours, the former president said he’d make interest on car loans tax deductible. Trump didn’t go into specifics, but it sounds similar to the home mortgage interest deduction that has been around for more than a century.
More: Trump Now Threatens Mexican-Built Cars With A 200% Tariff
The move would help lower costs for borrowers as well as make purchasing vehicles more appealing. Trump noted that in his speech as The Detroit Free Press quoted him as saying, “This will stimulate massive domestic auto production and make car ownership dramatically more affordable for millions and millions of working American families.”
The wide ranging speech also covered an assortment of other topics, but Trump pushed for automakers to build vehicles in America. He also suggested that tariffs on imported cars would be used to pay down the national debt.
Trump went on to criticize Detroit and this has dominated the discussion about his visit to the city. As CNN reported, Trump said “Our whole country will end up being like Detroit” if Kamala Harris is elected. He also compared the city to a developing nation and suggested its long promised comeback “never really got there.”
Detroit famously filed for bankruptcy in 2013, but has experienced a rebirth of sorts in recent years. However, its iconic skyline could soon change as the Renaissance Center might be demolished following GM’s exit.
