Former President Donald Trump proposed making interest on car loans tax-deductible Thursday in the latest of a series of tax cuts he has promised on the campaign trail.
The GOP presidential nominee used a speech to the Detroit Economic Club to unveil his vision of a car industry “renaissance” built partly through higher protective tariffs on imports. But in seeking to gain advantage in a tight presidential contest against Vice President Kamala Harris, Trump has offered up a variety of tax breaks on tips, Social Security benefits and more, and he seized on car loans for his appearance in the battleground state of Michigan.
“Today I am announcing that, as part of our tax cuts, we will make interest on car loans fully deductible,” Trump said in a rambling two-hour speech.
