From car loans to credit card interest rate to income tax, what Donald Trump has promised
Donald Trump has placed tariffs and tax cuts at the forefront of his economic plan, appealing to voters who largely view the economy as the leading issue in the 2024 election. Analysts estimate Trump's tax cut proposals could add between $3.6 trillion to $6.6 trillion to the federal deficit over ten years. In comparison, Democratic candidate Kamala Harris' proposals would have a smaller impact, potentially even reducing the deficit by up to $400 billion.
Income Tax
Donald Trump has reportedly suggested eliminating the federal income tax if elected. During an interview last week with podcast host Joe Rogan, Trump responded to a question about abolishing income tax with, «Yeah, sure, why not?» He proposed that the lost revenue could be offset by implementing extensive tariffs. Trump claims he is actively working on plans to phase out the federal income tax, believing that America thrived economically before the tax existed. He argues that despite current taxes, Americans still lack essential resources and face significant challenges.
Car loan
Earlier during his October 10 speech in Detroit, Donald Trump had proposed making car loan interest tax-deductible.
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Trump has also pledged to cap credit card interest rates at around 10% during a Sept. 18 rally. At an Oct. 27 rally in New York’s Madison Square Garden, Trump expressed support for a tax credit for family caregivers, though details remain unspecified.
Tariffs on Imports
Trump has proposed blanket tariffs of 10% to 20% on nearly all
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