Categories: Cars

QOTD: Should Car Loans Be Tax-Deductible?

qotd should car loans be tax deductible

Former president and current Republican nominee for president Donald Trump threw out a proposal for auto loans to be tax-deductible for cars built in America.

Putting aside the specific merits of this proposal *, I am curious if car loans in general should be tax deductible?

As Michael points out, only those who itemize will benefit, and that's a small amount of taxpayers. Not to mention that those who are wealthier tend to benefit more from deductions.

*As an aside, does this proposal go based on where the car is built or where the company is based? Since, you know, American automakers build cars overseas and foreign-based automakers build cars in the U.S.? It's unclear from the Reuters piece.

For the purposes of this QOTD, put aside Trump's “built in America” requirement, as well as your personal feelings about him, Kamala Harris, or either party. Take the partisan blinders off and think it through — should car loans (all, not just loans on cars built in the U.S.) be tax-deductible? Why or why not?

Yes this is a political policy question two weeks out from a huge election in a divided country. So, please, please, please, please, please play nice. The banhammer is halfway unsheathed. Stick to the question, avoid the partisan mud-slinging and insults, be adults, and try to reason your way through your answers.

With that in mind, sound off below.

[Image: PanuShot/Shutterstock.com]

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Source: The Truth About Cars