With just over a month to go until Election Day, former President Donald Trump announced a new tax break proposal on Thursday, aimed at stimulating the automotive industry. Speaking at the Detroit Economic Club, Trump revealed that he would make the interest paid on car loans tax deductible, a move he believes will have a significant impact on the industry.
“This will revolutionize your industry,” Trump said, addressing the audience of automotive industry leaders. “It will stimulate massive domestic auto production and make car ownership dramatically more affordable for millions and millions of working American families.” He touted the proposal as a “phenomenal thing,” suggesting that it could have a major impact on the industry.
The announcement follows Trump’s pledge earlier this week to address the issue of double taxation affecting Americans living abroad. He stated that he supports ending the practice, which has been a long-standing concern for many expatriates.
The new tax break proposal is seen as a significant move by Trump to appeal to voters in the key battleground state of Michigan, where the automotive industry plays a significant role in the economy. By targeting the industry with a tax break, Trump is attempting to demonstrate his commitment to supporting American workers and businesses.
The details of the proposal are still unclear, but Trump’s announcement has sent shockwaves through the industry, with many analysts speculating about the potential impact on car ownership and domestic production. As the election campaign heats up, Trump’s latest move is likely to be closely watched by voters and industry leaders alike.
