Trump does not understand

[VitaMan]

I heard him comment at one of his podium appearances this week that the tax benefit on new car purchases is this: you get a full deduction on your tax bill with the interest you pay.


But.......not correct. You get to lower your taxable income by reducing it by the amount of interest you paid. You don't get a 1 for 1 deduction on the taxes you owe.


He keeps giving the wrong figures on tariffs. He says China and the foreign countries are bringing in money to the USA from tariffs.


But.....not correct. It the the American importers who pay the tariffs.


How does Trump get away with all this ? He insults the reporters that ask questions about it, and never answers the questions.


Side Note: Noem was being questioned at a Senate hearing last week, and didn't even address or answer the questions. A question was asked, and she would respond talking about something completely different.

[elghund]

He understands. He just will never answer a question truthfully.

elg…

[RX792P]

More on the auto loan tax deduction (not a tax credit)
i.e the deduction reduces the income that you pay taxes on, not your actual taxes.

For 2025–2028, individuals can deduct up to $10,000 in annual interest paid on loans for new, U.S.-assembled personal vehicles. The deduction, available for loans initiated after Dec. 31, 2024, phases out for incomes over $100,000 ($200,000 for joint filers) and does not apply to leases or used cars.
This deduction can be claimed whether or not one itemizes deductions.
Eligible Vehicles: New cars, SUVs, vans, or motorcycles (under 14,000 lbs) with final assembly in the U.S. Consult the vehicle's 'monroney sticker' for final assembly location.


So your Lincoln Nautilus assembled in Ontario Canada is not an eligible vehicle, but your Genesis GV70 assembled in Montgomery AL is an eligible vehicle.

OTOH, Trump also keeps saying no tax on Social Security...it does no...it is actually a tax deduction for 2025-2028 for seniors 65+ starting with the 2025 tax year, offering up to $6,000 for single filers and $12,000 for married couples.

finished preliminary 2025 tax return and guess what...I owe a bit of taxes on my Social Security (yeah, it's a first world problem)...

And the no tax on overtime only applies to the overtime premium (the half in time and a half), not the full amount received for overtime.