Republican presidential candidate and former U.S. President Trump delivers a speech at the Detroit Economic Club on October 10, 2024 in Detroit, Michigan.
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Donald Trump on Thursday will support making car loan interest fully tax-deductible, the latest in a series of tax-cut promises the Republican presidential candidate has made in the weeks leading up to Election Day.
Trump will speak at the Economic Club of Detroit in which he will compare the plan to the existing mortgage interest tax deduction, according to excerpts provided by the Trump campaign in advance.
Trump will say the plan “will spur massive domestic auto production and make car ownership more affordable for millions of American working families.”
The former president will also pledge to ban Chinese-made self-driving cars from U.S. roads if he defeats Democratic candidate Kamala Harris in the Nov. 5 election.
Trump has repeatedly accused Vice President Harris of plagiarizing his economic policies. But his plan to keep Chinese cars out appears to mirror a recent proposal from President Joe Biden’s Commerce Department.
Any plan to change tax laws must go through Congress, which has fiscal power under the U.S. Constitution.
Trump has expressed support for a host of other tax cuts on the campaign trail, including ending taxes on tips for service workers and Social Security benefits for seniors.
He also vowed to restore state and local tax deductions — which were capped in his own 2017 tax law — and further cut the corporate tax rate to 15% for companies that make products in the United States.
On Wednesday, Trump told wall street journal He supports ending “double taxation” of U.S. citizens living abroad.
Many economists and tax expert Warns that Trump’s economic plan, including his vow to impose sweeping tariffs on imported goods, will cost the federal government trillions of dollars Loss of tax revenue.
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