Trump vows to make car loan interest tax-deductible

by Dillon Burroughs

Photo: Alamy

President Donald Trump promoted his economic plans in a Detroit speech on Thursday that vowed to make car loan interest tax-deductible.

Trump shared the new policy during his remarks at the Detroit Economic Club in which he outlined his plan to make America prosperous again.

“I am announcing that as part of our tax cuts, we will make interest on car loans fully deductible,” he stated.

Trump also said that “by the end of my term” the entire world will be talking about “the Michigan miracle.”

He labeled the economic plan as an industrial revolution to the car-making city, stating, “When we do all of this, you will witness nothing less than the launch of a new American industrial revolution.”

Trump added that, “Thousands of factories will open up all across our land. Great-paying blue-collar jobs will lift up those who have suffered so terribly over the past four years… Inflation will come down fast. American cars and products will be exported and admired throughout the world again. Young people will move from the coasts and big cities into the heartland to build their fortunes on the new frontier of the American Midwest.”

The 45th president also blasted the electric vehicle mandate under President Joe Biden and Vice President Kamala Harris.

“Kamala’s EV mandate is one of the most demented regulations that’s been conceived… It will destroy U.S. auto manufacturing immediately. It will destroy our trucking-based supply chain, destroy our electric grid, destroy our military, destroy our roads and bridges with vehicles that are far too heavy… destroy the state of Michigan, and it will totally destroy our Middle Class,” Trump argued.

Trump’s message also advocated for building in America, emphasizing Detroit and its surrounding Michigan cities in his effort to win the state in the upcoming presidential election.

“When foreign leaders and CEOs call me up to complain about our tariffs, my answer will be very simple: Build it in America… Build it in Detroit… Build it in Dearborn, or Lansing, or Grand Rapids, or Flint,” he added.

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