President Donald Trump doubled his proposal to make loan tax deductible on American-made cars.
Trump repeated his vision during his joint speech to Congress on Tuesday, speaking about his entire tax system.
“I also want to deduct car loan tax-deductible interest, but that's only if the car is made in the US,” he said.
Trump was the first to create this proposal in October during his historic sold-out Madison Square Garden Rally.
The president also detailed other aspects of his tax agenda on Tuesday night. This includes tips, overtime and his suggestion to end taxes on Social Security.
“We are seeking a full, permanent income tax cut,” Trump said. “And I have been hit particularly hard by inflation to get the urgently needed relief for Americans, so for the great seniors, there is no tax on tips, no tax on overtime, no tax on social security benefits.”
Trump added that he aims to cut taxes on production and manufacturing within the United States.
“And like before, we will provide 100% of the cost, which was retroactive to January 20, 2025 and was one of the main reasons that tax cuts were so successful in the first semester,” he said.
Trump added that companies that do not manufacture products in the United States will be forced to pay tariffs. His 25% tariff on imports from Canada and Mexico came into effect Tuesday.
