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president Donald Trump Speaking at the Big, Beautiful Event on Thursday, he recognized Michigan’s third-generation Autobot and noted that he was a lifelong Democrat who now supports the president due to the interests of vehicle loan interest taxes.
The president talked about the “big and beautiful bill” in the East Room of the White House, with a group of people standing behind him representing a variety of industries, including food delivery, farmers and auto workers.
One of the workers standing behind Trump is James Benson Belleville, Michiganhas worked for Ford Motor Company for 26 years.
Trump introduced Benson and pointed out Ford has “many plants” In the United States
President Donald Trump speaks on a domestic policy and budget agenda held in the East Room of the White House in Washington, D.C. on Thursday (AP Photo/Mark Schiefelbein)
“If you have plants in this country, you’ll make a lot of money,” the president said, adding that he loves automatic workers.
Trump also said Benson was a lifelong Democrat until 2017 when he saw the benefits of the tax law.
Trump then talked about his latest plan to make the most of the full tax deduction for car payments to benefit car owners.
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Workers on an assembly line at the Ford factory in Louisville, Kentucky in 2017. (AP Photo/Timothy D. Easley, File)
But the deduction can only be used for cars made in the United States, Trump said, adding whether it is from elsewhere, “we don’t care.”
Trump’s”Big, beautiful Bill“New deductions of up to $10,000 will be created for the interest on qualified passenger car loans in a given taxable year. The deductions will be phased out when the taxpayer’s revised adjusted total income exceeds $100,000.
Suitable passenger cars include cars, trucks, vans, SUVs and motorcycles that have been used on public streets, roads and highways
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A 1040 income tax form and a W-2 wage statement and a federal fiscal refund check. (iStock)
The bill defines the final components as the process by which a manufacturer produces a vehicle and delivers it to a dealer and provides all the parts required for all operations.
Like overtime pay and tip deductions, car loan offerings will come into effect from 2025 to 2028.
Trump reiterated those present, tax benefits only apply to vehicles made in the United States
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“Remember, James. We’re going to keep those Michigan Automobile Factory Roaring,” the president said.
Eric Revell of Fox Business contributed to the report.
