Former U.S. President and Republican presidential nominee, Donald Trump, spoke at the Detroit Economic Club in Detroit, Michigan on October 10, 2024. During his speech, Trump announced his support for making interest on car loans fully tax deductible, stating that this would stimulate domestic auto production and make car ownership more affordable for working American families.
In addition to his tax deduction proposal, Trump also promised to prevent Chinese-made autonomous vehicles from driving on American roads if he wins the upcoming election against Democratic nominee Kamala Harris. This proposal aligns with his previous accusations of Harris copying his economic policies, although it mirrors a similar proposal by President Joe Biden's Department of Commerce.
It is important to note that any changes to the tax code proposed by Trump would need to go through Congress, as they hold the power of the purse under the U.S. Constitution. Trump has also voiced support for other tax breaks, such as ending taxation on service workers' tips, seniors' Social Security benefits, and bringing back a deduction on state and local taxes.