Trump Proposes Tax Deduction for Car Loan Interest

The former president's plan aims to boost domestic auto production and make car ownership more affordable.

Donald Trump announced a proposal to make car loan interest fully tax-deductible during a speech in Detroit.
The plan is intended to stimulate domestic auto production and make car ownership more affordable for American families.
Critics note that the deduction would primarily benefit those who itemize deductions, which is a minority of taxpayers.
The proposal requires congressional approval and lacks a detailed implementation timeline or cost estimate.
Trump's announcement is part of a broader tax policy agenda, including imposing tariffs on foreign-manufactured vehicles.