President Donald Trump on Friday proposed a new tax deduction that would allow Americans to deduct interest payments on car loans — but only for vehicles manufactured in the United States.
“This is something that has never been done before in this country,” Trump said from the Oval Office, after discussing the idea with Senate Majority Leader John Thune and House Speaker Mike Johnson.
The deduction would apply solely to U.S.-made vehicles, with the president emphasizing it targets middle-income Americans. “The rich people usually get all the deductions, but this is for the everyday American,” he said.
Trump suggested the plan could “pay for itself” and spur economic growth by incentivizing domestic car purchases. He added that automakers like Honda, Nissan, Hyundai, and Rolls-Royce are already shifting production to the U.S. in response to his administration’s tariffs.
While the proposal lacks a formal timeline, Trump said the anticipated boost in domestic manufacturing and jobs would produce “numbers the likes of which you’ve never seen before.”
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