Greensboro. Republican presidential candidate Donald Trump said Tuesday he will make auto loan interest fully tax deductible for cars made in the United States, in another economic incentive to court voters just days before the Nov. 5 election. .
“I will make auto loan interest fully tax deductible,” Trump said at a rally in North Carolina. “I’m only going to do it if they build that particular product – that is, a car – in the United States,” he added.
Economic promises
Trump and Democratic Vice President Kamala Harris face off in what polls show as a close race.
Both Trump and Harris have made economic promises in recent weeks to appeal to voters.
Harris has said she will try to pass a tax cut for the middle class, while Trump has advocated cutting taxes on overtime pay. Both have supported eliminating tip taxes.
Any such changes to the tax code would be subject to the passage of a law by Congress.
Stop Chinese manufacturers
The auto loan plan – treating interest paid on auto loans like the home mortgage interest deduction on federal tax returns – is the latest in a long line of potential tax cuts that the former president of The United States has recently raised.
Trump has proposed using these types of incentives to prevent Chinese automakers from selling vehicles in the United States, in the final weeks of the election campaign, while appealing to auto workers.
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