Former President Donald Trump announced a plan to make interest on car loans fully tax deductible during a speech to the Detroit Economic Club on Thursday.
Trump said the move would “stimulate massive domestic auto production and make car ownership dramatically more affordable for millions and millions of working American families.” The idea is similar to others Trump has proposed, such as eliminating the tax on tips, overtime work, and Social Security benefits, in a bid to keep more money in Americans’ wallets.
The former president also said Thursday he would seek to renegotiate the 2020 U.S.-Mexico-Canada trade agreement and reiterated his call to impose tariffs on foreign cars. Trump said, “I want German car companies to become American car companies. I want them to build plants in America. Otherwise, I’d rather not have their cars here.”
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