Trump proposes tax breaks, with no specifics, for overseas citizens and auto buyers
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Donald Trump proposed tax breaks for overseas citizens and auto buyers on October 11, 2024, during a speech at the Detroit Economic Club; he suggested allowing interest on car loans to be tax-deductible to stimulate domestic auto production; Trump aims to appeal to voters in a tight race against Vice President Kamala Harris; his tax break proposals lack specifics on implementation and budget impact; economic analyses estimate costs of previous tax cuts between $6 trillion and $10 trillion over 10 years; average new car prices have risen nearly 18% since early 2021; average auto loan rates reached 8.4% in Q3 2024; Marc Goldwein estimates Trump's proposals could reduce tax revenues by over $100 billion over 10 years; Trump's overseas tax break aims to end double taxation for U.S. citizens abroad; Solomon Yue, CEO of Republicans Overseas, supports Trump's commitment; Trump's statements have previously linked overseas voters to unfounded fraud accusations; attendees at the event expressed mixed views on Trump's tax proposals.
#Trump #TaxBreaks #AutoBuyers #OverseasCitizens #Detroit #2024Election #Economy #Politics #KamalaHarris #RepublicansOverseas
https://www.pbs.org/newshour/politics/trump-proposes-tax-breaks-with-no-specifics-for-overseas-citizens-and-auto-buyers
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