Former President Donald Trump has revised the details of his proposal to give car buyers a tax break.
Trump, speaking at an Oct. 22 campaign rally in Greensboro, N.C., said that anyone who takes out a car loan would be able to deduct those payments “fully” from federal taxes, but “only if the car is manufactured in the United States.”
In response, the crowd at the 5,000-seat Greensboro Complex chanted, “U.S.A.! U.S.A.!”
Limiting deductibility for loans on domestically produced cars would likely incentivize people to buy cars made in America, thus boosting U.S. automakers, Trump said, who has pledged to enact a number of tax-relief measures if he wins reelection on Nov. 5….
