Trump to propose new tax break on car loan interest

“We can be picking winners and losers” is now just “picking losers”.

Tax policy for dummies.

 

What are we up to now?

• No tax on tips
• No tax on overtime
• No tax on Social Security
• Tax break on car loan interest
• Cut electric bill on half
• Cut gas prices in half
• Cut auto insurance in half

Starting to think he may just be making things up on the fly in a desperate attempt to win votes.

 

The devil is in the details, for sure. One big “problem” is local zoning regulations too which this doesn’t address.

 

This is the biggest issue.

Throw all the money and incentives to buyers to get into homes, without a massive plan to actually produce more new homes the problem will just be worse.

 

Is this to be implemented before or after his healthcare plan?

 

Considering that 90% of taxpayers claim the standard deduction rather than itemize Trump's proposal to allow an itemized deduction for interest on car loans would have very little impact.

 

I thought Trump only does things for the super rich.....I guess billionaires are going to start taking out car loans?

 

Because it helps all those families that bought four $50k cars for each of their 4 teenagers.

Those are the people really struggling. Where's your compassion?

 

Indeed, a bunch of a giveaways to arbitrary subsets of the population. Sounds exactly what the republicans accuse the democrats of doing.

Plus each likely comes with unintended consequences. Ramping down the interest rates on loans will likely result in larger loans, similar to subsidies for student loans.

 

Trump's proposal could actually incentivize wealthy taxpayers who could afford to pay cash for their high end Mercedes, BMWs and Lamborghinis to finance their purchases. Still wouldn't affect "billionaires" but it could have an effect on the behavior taxpayers with high six figure incomes.