President Donald Trump doubled down on his proposal to make loan payments tax deductible for American-made cars.
Trump reiterated his vision during the joint address to Congress on Tuesday while speaking about his tax plan at large.
PRESIDENT TRUMP CALLS FOR: No Tax On Tips, No Tax On Overtime, No Tax On Social Security... And Interest Payments On Car Loans Tax Deductible If Car Is Made In America! pic.twitter.com/gEXbwK4OEU
— Bannon’s WarRoom (@Bannons_WarRoom) March 5, 2025
“I also want to make interest payments on car loans tax deductible, but only if the car is made in America,” he said.
Trump first made this proposal during his historic, sold-out Madison Square Garden rally in October, as Breitbart News reported at the time.
The president also detailed other aspects of his tax agenda Tuesday night, including his proposals to end taxes on tips, overtime, and social security.
“We’re seeking permanent income tax cuts all across the board,” Trump said. “And to get urgently needed relief to Americans hit especially hard by inflation, I’m calling for no tax on tips, no tax on overtime, and no tax on Social Security benefits for our great seniors.”
WOW — Democrats just made crystal clear where they stand on tax cuts for Americans.
— Rapid Response 47 (@RapidResponse47) March 5, 2025
They want YOU to pay even HIGHER TAXES! pic.twitter.com/KoZdKAK7PP
Trump added that he aims to cut taxes on production and manufacturing within the United States.
“And just as we did before, we will provide 100 percent expensing. It will be retroactive to January 20, 2025, and it was one of the main reasons why our tax cuts were so successful in our first term,” he said.
Trump added that companies that do not make products in America will be forced to pay tariffs. His 25 percent tariffs on imports from Canada and Mexico went into effect Tuesday.
