Another audience, another tax carve out
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@LuFins-Dad said in Another audience, another tax carve out:
@Jolly said in Another audience, another tax carve out:
@jon-nyc said in Another audience, another tax carve out:
Trump in Michigan yesterday. Proposes to make car loan interest tax deductible.
Only if the car is made in America.
Nice free market-consumer choice that you have there.
Well, they make Hyundai, Toyotas, Hondas, etc in the U.S.
@Jolly said in Another audience, another tax carve out:
@LuFins-Dad said in Another audience, another tax carve out:
@Jolly said in Another audience, another tax carve out:
@jon-nyc said in Another audience, another tax carve out:
Trump in Michigan yesterday. Proposes to make car loan interest tax deductible.
Only if the car is made in America.
Nice free market-consumer choice that you have there.
Well, they make Hyundai, Toyotas, Hondas, etc in the U.S.
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So what? It’s still restricting and manipulating the free market. Not because of necessity, but because of a desired outcome. That always bites you in the ass.
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So German cars don’t exist now? Plus there are still models of the Japanese and Korean manufacturers not made in the US.
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Good lord, this just makes income taxes more and more difficult when it should get simpler.
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Ultimately, most people will still be taking the standard deduction.
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You’re actually rewarding poor credit. Those with poor credit are financed at higher rates, meaning they get more of a deduction.
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How pissed do you think the average Joe is going to be when he finds out the Ford Focus he bought isn’t eligible while his neighbor’s Nissan Versa is…
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Why not? The Dems have been promising gimmes forever. At least that benefits domestic manufacturing.
@Mik said in Another audience, another tax carve out:
Why not? The Dems have been promising gimmes forever. At least that benefits domestic manufacturing.
No, it punishes foreign. On a larger scale, this is like giving grade bumps to disadvantaged students. This doesn’t promote excellence but instead promotes mediocrity.
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Not entirely. The proposal revolves around where the vehicle is manufactured. If a foreign company wants to pursue the American market, build your vehicles in America.
Give you an example...Hyundai and LG are dropping over $7B in Georgia to build a battery plant and a vehicle assembly plant: https://www.msn.com/en-us/money/companies/hyundai-begins-producing-electric-suvs-at-its-76-billion-plant-in-georgia/ar-AA1rRq6I?ocid=BingNewsSerp
Between the two, they're talking 8500 jobs at max capacity. And don't forget the construction jobs.
Now, Trump may be just be engaged in campaign spitballing and it may be DOA in congress, but it is innovative.
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@jon-nyc said in Another audience, another tax carve out:
It’s old and new. Remember when all interest was tax deducible?
Remember when sales tax, or any other tax, was deductible?
Losing deductions was supposed to be the tradeoff for lower rates.
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I didn’t pay income taxes back then but I remember my friends mother kept any and all receipts. She’d have hundreds at the end of the year for her accountant to tally up.
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Wait, is she not so subtly saying “we’re going to set you up as legal dope dealers”?
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Uh, no.
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Won't happen
Next ...
“Cry havoc and let slip the DOGE of war!”
Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton
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I don’t know why he doesn’t just promise to remove tax for anyone who votes for him
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I only just discovered that Social Security wasn’t taxed until the 80’s and Sleepy Joe was one of the Senators that put the bill together.
