Trump offered this last night and I think it's genius. A car is the 2nd largest purchase most people make and it's a depreciating asset. A car is also a necessity in most of the country with the lack of good public transportation and our car dependent infrastructure.

Average car loan is about $2$,000. On a 5 year note it's about $2,400 in interest payments. It's about $500 in annual tax savings. $500 can represents 3 months of gasoline covered. $500 can be a month of groceries for a person. That will go a long way in helping consumer confidence which while giving a boost in cars manufactured in America promoting job growth.

Get it done Trump!!! This is real tax cut for the middle class who are constantly getting screwed.

I don't love it. Not at all.

That sounds like a credit, not a deduction. Unless I just forgot math. Which is possible.

If it's a deduction, a $500 deduction isn't really helping people that much.

Bad Trump. Government choosing winners and losers is a bad idea.
Why not do the same thing for credit card debt?

What will happen is that car companies will raise prices even more, and people will buy even more cars they can't afford.

This is Clash for Clunkers, Part 2.

Quit piddling around the tax code and encouraging debt.

It's past time for a flat tax with a single, large exemption (expecting income tax to never be replaced).

Making taxes MORE COMPLICATED by adding more BS carve-outs is not what is needed.

deddog said:

---

Bad Trump. Government choosing winners and losers is a bad idea.
Why not do the same thing for credit card debt?

What will happen is that car companies will raise prices even more, and people will buy even more cars they can't afford.

This is Clash for Clunkers, Part 2.

---

What if a bomb drops on your head right now? The government is already choosing winners. If we're already in the business let's do it for something that will have a positive impact and directly help middle class

---

deddog said:

---

Bad Trump. Government choosing winners and losers is a bad idea.
Why not do the same thing for credit card debt?

What will happen is that car companies will raise prices even more, and people will buy even more cars they can't afford.

This is Clash for Clunkers, Part 2.

---

Dan Scott said:

What if a bomb drops on your head right now? The government is already choosing winners. If we're already in the business let's do it for something that will have a positive impact and directly help middle class

---

Like i said, cash for clunkers , part 2. Lets encourage even more Americans to go into debt.

Quote:

---

The government is already choosing winners. If we're already in the business let's do it for something that will have a positive impact and directly help middle class

---

So since the government is doing dumb things, we should have it do more dumb things?

flashplayer said:

---

That sounds like a credit, not a deduction. Unless I just forgot math. Which is possible.

If it's a deduction, a $500 deduction isn't really helping people that much.

---

It's $500 more than you were getting before on something you were going to buy anyway

Looks like the mortgage interest tax deduction is off the table in here as well

deddog said:

---

Bad Trump. Government choosing winners and losers is a bad idea.
Why not do the same thing for credit card debt?

What will happen is that car companies will raise prices even more, and people will buy even more cars they can't afford.

This is Clash for Clunkers, Part 2.

---

It's nothing but a bunch of targeted, populist BS like Dems do to buy votes. Like the no tax on tips stuff.

Make good, sensible structural changes and cut spending!

TexasAggiesWin said:

---

Looks like the mortgage interest tax deduction is off the table in here as well

---

Does that deduction apply to certain homes?!

Maybe make a good vehicle first?

BTKAG97 said:

---

It's past time for a flat tax with a single, large exemption (expecting income tax to never be replaced).

Making taxes MORE COMPLICATED by adding more BS carve-outs is not what is needed.

---

I've pretty much given up on the concept of a low tax USA anymore. High progressive income taxes, now tariffs, property taxes, sales taxes, various fees for registrations and licenses, franchise taxes, FICA, probably missing a few.

---

Quote:

---

The government is already choosing winners. If we're already in the business let's do it for something that will have a positive impact and directly help middle class

---

CanyonAg77 said:

So since the government is doing dumb things, we should have it do more dumb things?

---

Yes. We're not getting rid of all deductions and we're not going to a flat tax. That doesn't mean you sit back and do nothing. You can make incremental improvements.

CanyonAg77 said:

---

Quit piddling around the tax code and encouraging debt.

---

If you want more of a behavior, subsidize it. If you want less of a behavior, tax it.

We subsidize debt and tax income.

There's good Trump and bad Trump.

More good than bad.

This is bad Trump. We don't need more carve outs. Stop picking winner and losers.

Flat tax for those above the poverty level with no exemptions of any kind.

Carried interest treated as ordinary income, because that's what it is.

Pick a tax rate... 15%. If you make $100 over poverty level, you contribute $15. You make $1 billion over poverty level, you contribute $150 million. Simple and fair.

---

TexasAggiesWin said:

---

Looks like the mortgage interest tax deduction is off the table in here as well

---

Logos Stick said:

Does that deduction apply to certain homes?!

---

Ones built in the United States, yes

I laughed

---

flashplayer said:

---

That sounds like a credit, not a deduction. Unless I just forgot math. Which is possible.

If it's a deduction, a $500 deduction isn't really helping people that much.

---

4 said:

It's $500 more than you were getting before on something you were going to buy anyway

---

And where is that $500 coming from? Fellow Americans and in this case, American children since it will add to national debt. Do you also support a $500 deduction for student loans? Maybe we should just forgive all car debt at the same time.

No subsidies for any business.

Why is the "middle class" the most noble cause? What is middle class? I suspect I'm a member but this won't help me because I don't finance vehicles.

This is dumber than no-tax-on-tips and only slightly less dumb than tax-free overtime. But

---

CanyonAg77 said:

---

Quit piddling around the tax code and encouraging debt.

---

VegasAg86 said:

If you want more of a behavior, subsidize it. If you want less of a behavior, tax it.

We subsidize debt and tax income.

---

Politicians: "People are not saving enough money."

Also Politicians: "Here's a tax deduction on money you spend, and we're taking a cut of your savings."

---

---

+ 1 more quotes (click to expand)

TexasAggiesWin said:

---

Looks like the mortgage interest tax deduction is off the table in here as well

---

Logos Stick said:

Does that deduction apply to certain homes?!

---

TexasAggiesWin said:

Ones built in the United States, yes

---

Ah, so everybody gets one. That's the point.

---

---

+ 1 more quotes (click to expand)

Quote:

---

The government is already choosing winners. If we're already in the business let's do it for something that will have a positive impact and directly help middle class

---

CanyonAg77 said:

So since the government is doing dumb things, we should have it do more dumb things?

---

Dan Scott said:

Yes. We're not getting rid of all deductions and we're not going to a flat tax. That doesn't mean you sit back and do nothing. You can make incremental improvements.

---

Sorry.

"Let's do more dumb stuff" is a terrible policy.

---

deddog said:

---

Bad Trump. Government choosing winners and losers is a bad idea.
Why not do the same thing for credit card debt?

What will happen is that car companies will raise prices even more, and people will buy even more cars they can't afford.

This is Clash for Clunkers, Part 2.

---

Logos Stick said:

It's nothing but a bunch of targeted, populist BS like Dems do to buy votes. Like the no tax on tips stuff.

Make good, sensible structural changes and cut spending!

---

Preach!!!!1

lead said:

---

Why is the "middle class" the most noble cause? What is middle class? I suspect I'm a member but this won't help me because I don't finance vehicles.

This is dumber than no-tax-on-tips and only slightly less dumb than tax-free overtime. But

---

I strongly disagree. Tax free overtime is just as dumb as the other two.

flashplayer said:

---

That sounds like a credit, not a deduction. Unless I just forgot math. Which is possible.

If it's a deduction, a $500 deduction isn't really helping people that much.

---

Especially since 95% of the people that have a car loan probably will just use the standard deduction.

---

---

+ 1 more quotes (click to expand)

Quote:

---

The government is already choosing winners. If we're already in the business let's do it for something that will have a positive impact and directly help middle class

---

CanyonAg77 said:

So since the government is doing dumb things, we should have it do more dumb things?

---

Dan Scott said:

Yes. We're not getting rid of all deductions and we're not going to a flat tax. That doesn't mean you sit back and do nothing. You can make incremental improvements.

---

We should do nothing that creates more people without or with very little skin in the game. That is the core problem with our tax and voting structure.

Dan Scott said:

---

Trump offered this last night and I think it's genius. A car is the 2nd largest purchase most people make and it's a depreciating asset. A car is also a necessity in most of the country with the lack of good public transportation and our car dependent infrastructure.

Average car loan is about $2$,000. On a 5 year note it's about $2,400 in interest payments. It's about $500 in annual tax savings. $500 can represents 3 months of gasoline covered. $500 can be a month of groceries for a person. That will go a long way in helping consumer confidence which while giving a boost in cars manufactured in America promoting job growth.

Get it done Trump!!! This is real tax cut for the middle class who are constantly getting screwed.

---

Perhaps, once upon a time. But now, with the higher standard deduction, which came about under Trump, not that many people itemize anymore. I used to do 250 to 350 tax returns a year and it went from around 65% to 70% who itemized to less than 20%. Those who did generally were people who made huge charitable contributions, and most in that group didn't finance vehicles to begin with.

Couple the higher standard deduction with low interest loans or zero percent interest loans used to get people to buy a vehicle, and I don't think the impact is going to be anywhere near helping consumer confidence or promoting job growth.

---

flashplayer said:

---

That sounds like a credit, not a deduction. Unless I just forgot math. Which is possible.

If it's a deduction, a $500 deduction isn't really helping people that much.

---

4 said:

It's $500 more than you were getting before on something you were going to buy anyway

---

A $500 deduction does not save you $500. That is my point. It's $100 or less to most people, unless you're wealthy in which case it would be slightly more. But ok.

Looking forward to the new callers to Dave Ramsey who think they can get him to approve their car loan on the air.

Protectionism.

---

---

+ 1 more quotes (click to expand)

flashplayer said:

---

That sounds like a credit, not a deduction. Unless I just forgot math. Which is possible.

If it's a deduction, a $500 deduction isn't really helping people that much.

---

4 said:

It's $500 more than you were getting before on something you were going to buy anyway

---

flashplayer said:

A $500 deduction does not save you $500. That is my point. It's $100 or less to most people, unless you're wealthy in which case it would be slightly more. But ok.

---

That could be a 10% tax cut for many Americans.

I've said this about mortgage interest as well...

If $0.20 on the $1 is your justification to be able to afford something you cannot afford it.