Car Loan Deduction in GOP Tax Bill Is No Gift: David Zipper

On July 4, US President Donald Trump signed the $3.4 trillion fiscal package that is a cornerstone of his legislative agenda. The sweeping “One Big Beautiful Bill Act” contains a plethora of tax cuts that largely benefit the wealthiest Americans while ramping up border security, nixing clean energy subsidies and slashing Medicaid.

Within the 330 pages of this megabill is a provision presented as aid to the $1.6 trillion US auto industry. For the first time, Americans will be able to deduct interest payments on new car loans when calculating their taxes.

But most car buyers will see little, if any, financial benefit ...