GREENSBORO, NC — Former President Donald Trump announced Tuesday that his plan to make interest incurred on car loans fully tax deductible will only apply to vehicles manufactured in the US.
“I don’t want it to benefit other countries,” Trump said at a rally in Greensboro, NC, where he delivered a nearly two-hour-long campaign speech.
“I want it to benefit us,” the Republican nominee added.
4 Trump announced Tuesday that his plan to make interest incurred on car loans fully tax deductible will only apply to vehicles manufactured in the US. REUTERS
“So it’s deductibility of interest is great, but only if the car is manufactured in the United States,” Trump pledged. “Is that a great idea?”
Trump, 78, noted that he feared if the plan was not limited to US-made cars it would inadvertently help China “make more cars.”
“Why the hell would we give them taxes if they manufacture the car in China or Japan, or lots of other places that stole our business over the years?” he said.
Trump unveiled his plan to end taxes on auto loan interest earlier this month at the Detroit Economic Club, but at the time he did not specify that it would only apply to domestically manufactured cars.
The plan is part of a sweeping set of proposals from Trump aimed at boosting domestic auto production, which include reducing the tax rate to 15% for companies who make their products in the US; tariffs of up to 200% on cars imported from Mexico; and expanded research and development tax credits of American carmakers.
4 Trump told his supporters, “I don’t want it to benefit other countries.” AP
“I think that’s going to be great for Detroit,” Trump said at the Greensboro rally, noting that he’s “leading in Michigan,” another critical swing state.
“Who would think of that?” the 45th president later said of his domestic car loan interest deduction plan, comparing it to the invention of “the paperclip.”
Kim Riddle, 45, of Mount Airy, NC, attended Tuesday’s rally and told The Post that she believes Trump’s proposal will “put money back into the American people’s pockets so that they can take better care of their families and really live that American Dream.”
4 Trump said that if the plan were not limited to just cars only manufactured in the U.S., it would possibly lead to China to “make more cars.” Getty Images
Former Hawaii Congresswoman Tulsi Gabbard was also present at the event and announced that she was joining the Republican Party because of Trump.
“The Democrat Party has no home for people like us, but we do have a home in the Republican Party — where we are welcomed with open arms by President Trump and so many of you who love our country,” Gabbard, a former Democrat and independent, told the crowd.
“And it is because of my love for our country and specifically because of the leadership that President Trump has brought to transform the Republican Party and bring it back to the party of the people, and the party of peace, that I’m proud to stand here with you today, with President Trump, and announce that I’m joining the Republican Party,” she declared.
4 The latest polls conducted by RealCelarPolitics show Trump leading Vice President Kamala Harris in North Carolina by less than a percentage point as he held his latest rally in the state with two weeks to go until Election Day. AP
Trump later noted that he was surprised by Gabbard’s announcement.
“Wow, that was a surprise,” the former president said, calling it a “great honor” to have influenced Gabbard to join the ranks of the GOP.
There are 16 Electoral College votes up for grabs in North Carolina in November.
Trump leads Vice President Kamala Harris in the state by less than a percentage point, according to the latest RealCelarPolitics average of polls.
Trump says car loan interest deduction will only apply to US-made vehicles
