Republican presidential candidate and former President Donald Trump speaks at the Detroit Economic Club in Detroit, Michigan on October 10, 2024.
Bill Priano | Getty Images
Donald Trump said Thursday he supports making car loan interest fully tax deductible. This is the latest in a series of tax-cut promises made by Republican presidential candidates in the weeks leading up to Election Day.
In prepared remarks during a lengthy speech at the Detroit Economic Club, President Trump compared the plan to existing tax credits on mortgage interest.
He also vowed to ban Chinese-made self-driving cars from American roads if he defeats Democratic candidate Kamala Harris in the Nov. 5 election.
President Trump has repeatedly accused Vice President Harris of copying his economic policies. But the plan to keep Chinese cars out appears to mirror a recent proposal by President Joe Biden’s Commerce Department.
Any plan to change the tax code would have to pass Congress, which holds the power of the purse under the U.S. Constitution.
President Trump, in a speech Thursday, said if re-elected he would invoke a renegotiation clause in the U.S.-Mexico-Canada Agreement, the trade deal that replaces NAFTA, to address concerns about China’s efforts to build auto factories in Mexico. He also said that he intended to do so.
“That’s not going to happen,” Trump said in prepared remarks. “We will impose whatever tariffs are necessary – 100% if necessary.”
Mr. Trump has already expressed support for a number of other tax cuts on the campaign trail, including suspending taxes on tips for service workers and Social Security benefits for seniors.
He also vowed to reinstate state and local tax deductions capped in his 2017 tax law and further reduce the corporate tax rate to 15% for companies making products in the United States.
On Wednesday, President Trump told the Wall Street Journal that he supports eliminating “double taxation” on Americans living abroad.
Economists and tax experts have warned that President Trump’s economic plan, including his promise to impose steep tariffs on imported goods, will cost the federal government trillions of dollars in lost tax revenue.