In Michigan, during remarks before the Detroit Economic Club, former President Trump vowed to make interest on car loans fully tax deductible, a proposal that would be a boon to the automobile industry in Michigan and elsewhere – and which is merely the latest promise in what has become a pattern.
Trump told voters in Nevada that he would eliminate taxes on tips earlier this summer. The Republican nominee followed that up this fall by promising to restore the state and local tax deduction, a key tax deduction that he and congressional Republicans eliminated while president and which, if restored, would be a benefit to suburban voters in states like New York, New Jersey, and California. Trump has also called for making Social Security benefits tax-free.
Seniors, who would benefit from that last proposal, live, well, everywhere. While Americans over 50 are the largest voting bloc, the beneficiaries of the latest tax slash are much smaller: Citizens living abroad.
“I support ending the double taxation of overseas Americans,” Trump told The Wall Street Journal Thursday, a reference to his plan to lower the tax burden of the small number of citizens who pay both federal taxes and taxes to the foreign government where they reside. As the Journal reported, it was a play to win support from an often-overlooked group of voters.
All the proposed tax slashing has left some heads reeling. […]
— Read More: www.zerohedge.com
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