Another audience, another tax carve out

[Mik]

Why not? The Dems have been promising gimmes forever. At least that benefits domestic manufacturing.

[LuFins Dad]

@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.

https://www.reuters.com/world/us/trump-propose-making-car-loan-interest-tax-deductible-speech-2024-10-10/

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.

1. 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.

2. So German cars don’t exist now? Plus there are still models of the Japanese and Korean manufacturers not made in the US.

3. Good lord, this just makes income taxes more and more difficult when it should get simpler.

4. Ultimately, most people will still be taking the standard deduction.

5. You’re actually rewarding poor credit. Those with poor credit are financed at higher rates, meaning they get more of a deduction.

6. 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…

[LuFins Dad]

@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.

[Jolly]

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.

[jon-nyc]

It’s old and new. Remember when all interest was tax deducible?

[George K]

@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.

[jon-nyc]

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.

[George K]

@jon-nyc I did. All local taxes on phone, utilities, etc. Deducted them all.

[George K]

[George K]

Another audience, another giveaway.

Seems vaguely racialist to me.

[jon-nyc]

Seems vaguely racialist to me.

It’s carefully written, e.g., “For Black Men (sic*) and others…”. They seem to have learned about the 14th amendment sometime in the last four years.

*Capitalization error in the original

[LuFins Dad]

Wait, is she not so subtly saying “we’re going to set you up as legal dope dealers”?

[Mik]

Pretty much.

[jon-nyc]

[George K]

Jesus.

[LuFins Dad]

Uh, no.

[Horace]

Gross.

[Jolly]

Won't happen

Next ...

[Doctor Phibes]

I don’t know why he doesn’t just promise to remove tax for anyone who votes for him

[LuFins Dad]

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.