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The No. 1 point to know: Many people aren't likely to benefit from this proposed deduction, even if they do take out a loan on their car and truck. It sort of sounds better than it really would ...
Car loans: You can get a car with a bad credit score, but it could cost $10,000 more "There is certainly a coherent case for making interest on car loans tax deductible," Hines said.
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For example, the buyer of a Tesla Roadster, a fully electric vehicle, will receive a much larger tax credit than the buyer of a standard hybrid, which will pollute much more during its lifespan. [9] The federal government now lists models that are pre-approved to receive a tax credit; some other models may qualify on an ad hoc basis.
The plan on car loans - which would treat interest paid on vehicle loans like home mortgages on federal tax returns - is the latest in a long string of potential tax cuts the former U.S. president ...
An employer in the United States may provide transportation benefits to their employees that are tax free up to a certain limit. Under the U.S. Internal Revenue Code section 132(a), the qualified transportation benefits are one of the eight types of statutory employee benefits (also known as fringe benefits) that are excluded from gross income in calculating federal income tax.
The Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, [2] Pub. L. 115–97 (text), is a congressional revenue act of the United States originally introduced in Congress as the Tax Cuts and Jobs Act (TCJA), [3] [4] that amended the Internal Revenue Code of 1986.
GREENSBORO, North Carolina (Reuters) -Republican presidential candidate Donald Trump said on Tuesday he would make interest on car loans fully tax deductible for cars built in the United States ...