Trump wants to make auto loan interest tax-deductible. It would mostly help the rich., experts say.
CBSN
Donald Trump is now pitching a new tax cut that, on the face of it, would seem to benefit almost every American who owns a car.
The former president on Thursday proposed making interest on auto loans tax-deductible, an idea that is similar to the mortgage interest deduction, which allows some homeowners to reduce their taxable income by the amount of money they pay in mortgage interest each year.
Since it was introduced more than a century ago, the mortgage interest deduction has helped boost homeownership in the U.S. by making real estate purchases more affordable to families — a theme that Trump echoed in his proposal to extend the idea to car purchases. Americans owe about $1.63 trillion in auto loans, making it the second-largest category of debt after home loans, according to Federal Reserve data.
Unlike the buoyant U.S. stock market, the dollar is sinking fast. Edited by Alain Sherter In:
Researchers at Oregon State University have collected new data about an elusive forest carnivore "renowned for its cuteness" that was nearly driven to extinction in the 20th cetury. In:
Washington — President Trump will sign an executive order Thursday afternoon to coordinate a federal government response to drug addiction and substance abuse. Jennifer Jacobs contributed to this report.
Some American citizens have begun carrying their passports in Minneapolis, fearful that they'll be mistaken for undocumented immigrants and detained amid a surge of federal agents to the city. In:
Another winter storm may be headed toward the East Coast of the United States this weekend, on the heels of a powerful and deadly system that blanketed huge swaths of the country in snow and ice. The effects of that original storm have lingered for many areas in its path, and will likely remain as repeated bouts of Arctic air plunge downward from Canada and drive temperatures below freezing. Nikki Nolan contributed to this report. In:
Paying for health care has become Americans' top financial worry after Congress failed last year to extend some Affordable Care Act subsidies, triggering premium spikes for millions, a new survey finds. Edited by Aimee Picchi In:
Immigration may have been a political liability for Democrats in 2024. But two years later, it's shaping up to be a top issue they're relying on to galvanize support and mobilize their base.
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Washington — Senate Homeland Security Committee Democrats are calling on Secretary Kristi Noem to testify before the panel "without delay," following the fatal shootings of two U.S. citizens by federal immigration agents in Minneapolis this month.
Washington — Democrats on Capitol Hill are raising concerns with the FBI's search of an elections office in Fulton County, Georgia, and warning that the operation is an example of President Trump using federal law enforcement to intimidate voters and undermine democracy.
Washington — The Senate is set to take a procedural vote Thursday morning on a package to fund the remaining government agencies and programs, with less than two days to avoid a partial government shutdown. But Democrats say they won't allow the package to move forward without reforms to immigration enforcement. Caitlin Huey-Burns contributed to this report.
Hyundai Motor America is recalling nearly 569,000 Palisade SUVs due to an issue with the vehicles' third-row air bags that could prevent them from deploying properly during a crash. Edited by Alain Sherter In:
Dow on Thursday said it is planning to cut approximately 4,500 jobs as the chemicals maker shifts its emphasis toward artificial intelligence and automation. In: