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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Tim Healey grew up around the auto-parts business and has always had a love for cars — his parents joke his first word was “‘Vette”. Despite this, he wanted to pursue a career in sports writing but he ended up falling semi-accidentally into the automotive-journalism industry, first at Consumer Guide Automotive and later at Web2Carz.com. He also worked as an industry analyst at Mintel Group and freelanced for About.com, CarFax, Vehix.com, High Gear Media, Torque News, FutureCar.com, Cars.com, among others, and of course Vertical Scope sites such as AutoGuide.com, Off-Road.com, and HybridCars.com. He’s an urbanite and as such, doesn’t need a daily driver, but if he had one, it would be compact, sporty, and have a manual transmission.
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