Trump Proposes Auto Loan Interest Deduction for U.S.-Made Vehicles

Trump Proposes Auto Loan Interest Deduction for U.S.-Made Vehicles​

Tax Incentive Aims to Boost Domestic Auto Production Amid New Tariffs​

President Donald Trump has unveiled a proposal that would allow consumers to deduct the interest paid on auto loans for vehicles manufactured in the United States. The plan is designed to incentivize domestic auto production while potentially offsetting price increases caused by recently announced tariffs on imported vehicles. House Speaker Mike Johnson is reportedly collaborating on the initiative, but key details regarding eligibility and implementation have yet to be finalized.

Trump Proposes Auto Loan Interest Deduction for U.S.-Made Vehicles

Find out how auto loans can be affected by interest deductions under Trump's recent proposal for U.S. auto production.

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[vbondjr1]

While I'm hesitant to post a reply to this, I want to say this as "non politically" as possible. Specifically speaking on the topic of the Auto Industry, I can appreciate certain things that have happened under the current leadership we have right now. I can appreciate a push for people to start focusing more on utilizing American made products and the return of jobs to the country instead of everything always being outsourced. I can appreciate incentives on ownership of American vehicles and parts being made here because it means that jobs will be here for people to make parts and products here. I understand that alot has to get done in a limited amount of time so certain things need to be done aggressively so while things seem hectic, it makes sense. I can also appreciate the relaxing of that nonsensical push for a major expansion of the EV market in a short period of time. Not only do most people not want EVs for various reasons, the world isn't set up for a huge influx of EVs and that has nothing to do with the power grid or any of that. It has more to do with urban housing. Row homes don't offer alot of personal parking so charging at home is not going to be an option for alot of people in that scenario. Unless you're going to target the EV market for people in more affluent areas only, the huge push for EVs is pointless. So while I can't speak for anything beyond the decisions being made for the auto industry, I can appreciate what is being done here to kick start a push for American made things again.

 

[ipa0628]

A few bucks in deductions vs 1000's in tariffs. Are we winning yet?

 

[redriderbob]

While I'm hesitant to post a reply to this, I want to say this as "non politically" as possible. Specifically speaking on the topic of the Auto Industry, I can appreciate certain things that have happened under the current leadership we have right now. I can appreciate a push for people to start focusing more on utilizing American made products and the return of jobs to the country instead of everything always being outsourced. I can appreciate incentives on ownership of American vehicles and parts being made here because it means that jobs will be here for people to make parts and products here. I understand that alot has to get done in a limited amount of time so certain things need to be done aggressively so while things seem hectic, it makes sense. I can also appreciate the relaxing of that nonsensical push for a major expansion of the EV market in a short period of time. Not only do most people not want EVs for various reasons, the world isn't set up for a huge influx of EVs and that has nothing to do with the power grid or any of that. It has more to do with urban housing. Row homes don't offer alot of personal parking so charging at home is not going to be an option for alot of people in that scenario. Unless you're going to target the EV market for people in more affluent areas only, the huge push for EVs is pointless. So while I can't speak for anything beyond the decisions being made for the auto industry, I can appreciate what is being done here to kick start a push for American made things again.

Well said.

 

[cgseller]

While I'm hesitant to post a reply to this, I want to say this as "non politically" as possible. Specifically speaking on the topic of the Auto Industry, I can appreciate certain things that have happened under the current leadership we have right now. I can appreciate a push for people to start focusing more on utilizing American made products and the return of jobs to the country instead of everything always being outsourced. I can appreciate incentives on ownership of American vehicles and parts being made here because it means that jobs will be here for people to make parts and products here. I understand that alot has to get done in a limited amount of time so certain things need to be done aggressively so while things seem hectic, it makes sense. I can also appreciate the relaxing of that nonsensical push for a major expansion of the EV market in a short period of time. Not only do most people not want EVs for various reasons, the world isn't set up for a huge influx of EVs and that has nothing to do with the power grid or any of that. It has more to do with urban housing. Row homes don't offer alot of personal parking so charging at home is not going to be an option for alot of people in that scenario. Unless you're going to target the EV market for people in more affluent areas only, the huge push for EVs is pointless. So while I can't speak for anything beyond the decisions being made for the auto industry, I can appreciate what is being done here to kick start a push for American made things again.

Moving anything too fast is going to cause undue harm with little impact on the intended outcome especially in near term. This goes for all political agendas. This is where leadership is key (versus management)

A few bucks in deductions vs 1000's in tariffs. Are we winning yet?

From what I can gather, the situation with tariffs have impacted U.S. manufacturers/producers. So far, Cananda, Mexico, China, etc. have not felt the impact of this as the collection happens at ingress to the U.S.A., and many of those purchases happened weeks or months ago. So the immediate impact is on U.S. producers or consumers, not the origin countries, monetarily. The impact on those origins is on sentiment toward the U.S. or panic about the future as future orders for upcoming quarters may be impacted.

In a global economy - if you have 'rich' countries and less 'rich' countries, there will always be an incentive to move workloads off shore due to consumers value price over quality/origin. Closed economies don't fair well in today's modern lifestyle unlike the 1500s were shipping was not an option and we lived in very different conditions.

Leadership has a very difficult challenge to create a sustainable balance to avoid dumping or such imbalance to create a safety/sustainability/dependency problem for any given country. If only consumers valued quality/origin over price, this problem would be far different....