As the election approaches, expect more and more promises to sway the last voters.
Democratic candidate Harris now promises Republican representation in her government.
Meanwhile, for Republican Party candidate Trump, some of his latest promises:
- Interest on car loans will be completely tax deductible.
- He intends to activate the six-year renegotiation clause in the United States-Mexico-Canada Agreement (USMCA).
- No Chinese electric cars will ever drive on American roads
- He proposes a “detailed plan to save the American auto industry.”
- Pledges to end double taxation for Americans living abroad. It encourages expatriates to register to vote.
- Promises to eliminate taxes on tips, Social Security benefits and overtime pay.
- He proposes lifting the $10,000 cap on state and local tax deductions.
- Plans to extend the individual income and estate tax provisions in the Tax Cuts Act of 2017.
The problem with interest on car loans is that it applies to those with itemized deductibles. Most Americans do not itemize deductions but take a lump sum each year.