As the clock ticks to the election, expect more and more promises to sway the last voters.
The Democrat nominee Harris is now promising Republican representation in her cabinet.
Equal time to GOP nominee Trump, some of his recent promises:
- Interest on car loans will be fully tax-deductible.
- Intends to invoke the six-year renegotiation provision of the US-Mexico-Canada Agreement (USMCA).
- No Chinese EVs will ever drive on American roads
- Proposes a “detailed plan to save the American auto industry.”
- Vows to end double taxation for Americans living abroad. He is encouraging expats to register to vote.
- Promises to eliminate taxes on tips, Social Security benefits, and overtime pay.
- Proposes lifting the $10,000 cap on state and local tax deductions.
- Plans to extend individual income and estate tax provisions of the 2017 tax cuts law.
The problem with the interest on car loans is it applies to those that itemize deductions. Most American’s do not itemize deductions but take the lump sum amount each year.
This article was written by Greg Michalowski at www.forexlive.com.