New York Post
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Trump promises to make car loan interest deductible, end double tax on foreign income
Posted
October 10, 2024
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1:13Now PlayingFormer President Donald Trump promised Thursday he would make interest incurred on car loans fully tax deductible during his second term and would end double taxation for Americans living abroad — plans critics warn would raise prices and blow a gaping hole in the federal budget deficit.
“Today, I am also announcing that as part of our tax cuts, we will make interest on car loans fully tax deductible,” Trump told a friendly audience at the Detroit Economic Club.
“This will stimulate massive domestic auto production, and make car ownership dramatically more affordable for millions and millions of working American families,” the former president added.
Hours earlier, the 78-year-old Republican nominee released a video saying he would also put an end to double taxation.
Americans abroad who make fewer than $126,500 per year already don’t owe anything to Uncle Sam.
“Once and for all, I’m going to end double taxation on our overseas citizens,” Trump said in his video announcement.
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