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Trump Announces New Tax Proposal, and
It's Pretty Awesome

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Posted By: ladydawgfan, 10/10/2024 8:59:31 PM

On Thursday during a speech at the Detroit Economic Club, Donald Trump announced his intention to make interest on car loans fully tax-deductible if he's elected. "Today, I am announcing that as part of our tax cuts, we will make interest on car loans fully deductible," he said. In a classic Trump fashion, he connected with the auto industry professionals in the room, noting that the idea even impressed industry veterans. “I met a lot of them backstage,” Trump recounted. According to Trump, one longtime auto industry professional told him, “I’ve been in the car industry all my life. I’ve never thought about that.”

Comments:

For those of us carrying a car note, this is an excellent idea!!!

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Your thoughts, comments, and ideas are always welcome here. But we ask you to please be mindful and respectful. Threatening or crude language doesn't persuade anybody and makes the conversation less enjoyable for fellow L.Dotters.


Reply 1 - Posted by: DVC 10/10/2024 10:08:43 PM (No. 1811117)
Great idea!
31 people like this.

Reply 2 - Posted by: snowoutlaw 10/10/2024 11:13:06 PM (No. 1811143)
It wasn't that long ago 1986 that all interest was deductible.
81 people like this.

Reply 3 - Posted by: Maggie2u 10/10/2024 11:23:19 PM (No. 1811145)
Poster #2, I can't believe that you and I are the only ones here who remember that. Now, if he really wants to get people on board, let us deduct ALL our health care expenses, not just a measly percentage point.
60 people like this.

Reply 4 - Posted by: DVC 10/11/2024 12:23:12 AM (No. 1811162)
Since it looks like I'm going to have some huge medical costs this year, and probably into next year, I like #3's idea.
27 people like this.

Reply 5 - Posted by: Strike3 10/11/2024 3:13:41 AM (No. 1811191)
Why not, cars are a necessary part of life just as homes are. I too remember 1986 when democrat senator Daniel Patrick Moynihan of New York pushed the tax reform bill that screwed all American workers and especially those who worked by independent contract.
28 people like this.

Reply 6 - Posted by: privateer 10/11/2024 6:23:05 AM (No. 1811251)
And didn't he pass his screw all American workers job to the Pigwoman?
12 people like this.

Reply 7 - Posted by: ireneR 10/11/2024 7:15:02 AM (No. 1811281)
Oh lay off it, Kamala proposed that like 10 minutes ago.
21 people like this.

Reply 8 - Posted by: Rumblehog 10/11/2024 7:17:25 AM (No. 1811282)
#2, yes, I also recall doing our taxes back when the interest paid on loan and credit card interest payments was deductible on Federal income tax. Our son is a CPA, seeing his fair share of tax returns all over the income spectrum; the one thing ALL Americans need is freedom from oppressively predatory medical costs. There are families out there paying "bankruptingly" high "out of pocket" medical costs for CANCER treatments AND getting TAXED on it! Does this cold, greedy, loathsome Federal government have no decency? So... 1) Establish Tax Credits for all Life-saving medical treatment costs. A few other ideas: 2) Establish a special Tax, levied upon any U.S. Citizen who wishes to claim "dual" citizenship with another country. 3) Establish Tax Credits for the establishment of, and additions to, any recognized "individual retirement account," to phase out reliance on Social Security as a "retirement account." While this Tax Plan of POTUS 45 is a great step forward, the Tax Code is horrendously complex, overly so, and no one knows it. NO ONE! Anytime the Federal government creates something so bloody complex that no IRS Director can't explain it to a Congressional committee using no more than 6 slides, it needs to be abolished.
29 people like this.

Reply 9 - Posted by: Sergeant Major 10/11/2024 7:43:27 AM (No. 1811303)
President Trump is on the mark when he says forgiving taxes on overtime will give companies a break. Years ago, when I worked in the private sector, I turned down overtime for that reason. I always told my employer that if someone else wants it let them have it, if not I will work overtime. I had easily seen that I lost money working overtime.
12 people like this.

Reply 10 - Posted by: czechlist 10/11/2024 8:23:10 AM (No. 1811323)
great, but how about some spending cuts?
28 people like this.

Reply 11 - Posted by: janjan 10/11/2024 9:00:26 AM (No. 1811344)
Neither party likes giving up control of our money. Good luck getting any of it through Congress.
9 people like this.

Reply 12 - Posted by: Zigrid 10/11/2024 9:07:41 AM (No. 1811348)
Another great idea...he's on a roll....can't wait till he takes over again...then America will be back on our feet....President Trump is amazing...he moves forward as the democrats panic...and even Barack HUSSEIN Obama couldn't convince the black community that he had all the answers for them...I didn't watch his rally...but from what I hear it was a waste of time....he was the wrong person to try and convince the black community...as a democrat he had the answers for them....
11 people like this.

Reply 13 - Posted by: Dodge Boy 10/11/2024 9:27:01 AM (No. 1811363)
Brilliant. This is great policy, Mr. President. Now just suppose that credit card interest was also tax deductible. It brings some hope to people who are currently drowning in debt. Here, here, #2. I remember 1986, too.
12 people like this.

Reply 14 - Posted by: Quigley 10/11/2024 9:30:53 AM (No. 1811366)
I always thought my kids’ college costs should be deductible. Of course Reagan’s idea of low tax rates and few deductions is best. I was working in Moscow in the early 2000s and their tax rate on wage earners was 13%. No deductions probably. Just pay 13% of what you make. Of course the creep politicians will then raise the rates without reinstating the deductions. No idea of the situation now.
10 people like this.

Reply 15 - Posted by: planetgeo 10/11/2024 9:32:01 AM (No. 1811368)
The most unfair tax of all, and the one that would get him the most votes is the (double) tax on Social Security income. And force the states to drop their tax on it too.
26 people like this.

Reply 16 - Posted by: ronniethek 10/11/2024 9:34:28 AM (No. 1811370)
Q#8-other than your xenophobia kindly explain the rational basis behind your item 2. What cost is it to the treasury if a person claims dual citizenship when all US citizens are taxed on100% of their worldwide income??
5 people like this.

Reply 17 - Posted by: Ida Lou Pino 10/11/2024 9:39:13 AM (No. 1811373)
No - - this is not a great idea. In fact - - it's a pretty bad one. This is just the "conservative" version of student loan shifting. What's the difference between people who have student loans being subsidized by people who don't - - and people who have car loans being subsidized by people who don't? This is tinkering and pandering of the worst kind. And so are "no tax on tips" and "no tax on overtime." What about the people who don't get tips - - and the salaried people who don't get overtime pay? The income tax code should not be tinkered with - - not by communists and not by "conservatives." The income tax should be eliminated. It should be wiped out of existence. "Conservative" pandering to select groups is just as bad as communist pandering to different select groups. Wake up, L-Dotters! We shouldn't become more like commies - - we should become more like us!
15 people like this.

Reply 18 - Posted by: abuela10 10/11/2024 9:44:47 AM (No. 1811377)
Next should be, tax break for private school tuition that parents are forced to pay because of lousy commie public schools
14 people like this.

Reply 19 - Posted by: paral04 10/11/2024 9:57:43 AM (No. 1811382)
He could take the car interest deduction on step further and limit it to cars made in the USA only. That includes labor and at least 80% of the parts and materials.
9 people like this.

Reply 20 - Posted by: Dodge Boy 10/11/2024 10:08:21 AM (No. 1811387)
I understand #17's point but given the terrible financial calamity that will soon strike America, it's better than not doing anything.
11 people like this.

Reply 21 - Posted by: MickTurn 10/11/2024 10:59:37 AM (No. 1811423)
I will suggest a better solution, rather than fully tax-deductible, which gives you back money at your tax rate, say 15%, a FULL TAX CREDIT. That way if you paid $500 in interest on an automobile, you get back that same $500.
4 people like this.

Reply 22 - Posted by: hershey 10/11/2024 11:18:31 AM (No. 1811437)
I like his idea, but I like mine better: What you made _______ x .10% _______ Your taxes ._______ Abolish the IRS....get some monkeys to do the accounting...oh wait....
10 people like this.

Reply 23 - Posted by: thethirdruffian 10/11/2024 11:42:10 AM (No. 1811450)
To give a little history, the reason interest was always deductible was it was very rare for any lending to be done for non business purposes. This changed with the advent of personal loans. Being common, so the decision was made to not give this deduction. Housing industry managed to get a carve out due to political pressure.
5 people like this.

Reply 24 - Posted by: NotaBene 10/11/2024 12:27:18 PM (No. 1811484)
Trump will re-negotiate USMCA at the six-year mark! That is Yuge!
3 people like this.

Reply 25 - Posted by: SoSensible 10/11/2024 12:31:23 PM (No. 1811487)
#4 - Best wishes and prayers for positive outcomes. :)
2 people like this.

Reply 26 - Posted by: LaValette 10/11/2024 4:12:16 PM (No. 1811597)
Here is another idea. Instead of making interest payments tax deductible, why not make interest, dividends and capital gains tax exempt? Why not use the tax system to encourage saving and wealth creation rather than to encourage debt slavery? The big item, home mortgage deduction, could be ramped down as the others are ramped up over time to allow people to adjust to this new approach. But as an election ploy Trump's move makes sense.
2 people like this.

Reply 27 - Posted by: Mushroom 10/11/2024 4:25:50 PM (No. 1811602)
My personal issue with tax deductions, is that I never seem to make the floor of the deduction. I didn't splurge on some house and take out a massive loan, so I don't meet the numbers that it would help me any. I pay cash for my vehicles so I can live day to day on my pension. The healthcare deduction is a joke.
1 person likes this.

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