Trump says he’ll make car loan interest tax deductible

The 2024 presidential election will go down in history as a time when we saw last-minute troop withdrawals, two assassination attempts, and a plethora of bizarre events. While the substance has largely been set aside, Donald Trump recently raised an interesting idea while speaking at the Economic Club of Detroit.

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In a speech that lasted nearly two hours, the former president said he would make auto loan interest tax deductible. Trump did not reveal specifics, but it sounds similar to the home mortgage interest deduction that has been around for more than a century.

MORE: Trump now threatens 200% tariffs on Mexican-made cars

The move will help reduce costs for borrowers and make purchasing a vehicle more attractive. Trump noted that the Detroit Free Press quoted him in his speech as saying, “This will spur massive domestic auto production and make car ownership more affordable for millions of American working families.”

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The wide-ranging speech also covered a variety of other topics, but Trump pushed automakers to build vehicles in the United States. He also suggested that tariffs on imported cars would be used to pay down the national debt.

Trump went on to criticize Detroit, which dominated discussions about his visit to the city. According to CNN, Trump said that if Kamala Harris is elected, “our entire country will end up like Detroit.” He also compared the city to developing countries and said its long-promised revitalization “never really materialized.”

Detroit filed for bankruptcy in 2013 but has experienced something of a rebirth in recent years. However, its iconic skyline may soon change, as the Renaissance Center may be demolished following General Motors’ exit.

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