President Donald Trump proposed making interest payments on car loans tax deductible specifically for vehicles made in America, as revealed during a rally in North Carolina. This idea is part of a series of tax breaks suggested by Trump, including eliminating taxes on tips, overtime pay, and Social Security benefits. Trump emphasized the importance of passing tax cuts for all in order to achieve a thriving economy during a formal address to Congress. The House recently advanced the GOP plan for Trump’s legislative agenda, initiating a process that could extend previous tax cuts and introduce new cuts totaling $4.5 trillion over the next decade. The potential impact of Trump’s proposed tax relief for auto loan interest remains uncertain, with estimates indicating that an unlimited deduction could cost up to $10 billion annually, according to the Tax Policy Center. As Trump’s tax reform plans progress, the implications of these proposed changes on the economy and taxpayers will need to be carefully evaluated.