How thick is the bubble that covers liberal America? It’s a legitimate question after this heinously foolish piece about Donald Trump’s proposal on car loans was announced: the former president wants to make the interest tax-deductible. CBS News alleges that the so-called experts say such a tweak will only benefit the rich. Talk about being out-of-touch with the people, folks.
The rich don’t need car loans, you idiots.
Yes, because it’s the rich who take out auto loans.
— Bonchie (@bonchieredstate) October 12, 2024
Never change, CBS News. https://t.co/TTkUxCC0KU
Median married couple family household income is 119k, which James thinks makes you "rich". https://t.co/vcdaUm66PI
— Ben Domenech (@bdomenech) October 13, 2024
Via CBS News:
The former president on Thursday proposed making interest on auto loans tax-deductible, an idea that is similar to the mortgage interest deduction, which allows some homeowners to reduce their taxable income by the amount of money they pay in mortgage interest each year.
[…]
While Trump didn't disclose details about how the plan would be implemented, tax experts say it would likely provide the most benefits to wealthy Americans while offering little aid to those who need it most — low-income workers.
If the plan mirrored the mortgage interest deduction, car owners would need to itemize their borrowing costs — making it a tax benefit that would mainly help high-income Americans, tax experts said. That's due to Trump's Tax Cuts & Jobs Act, which greatly expanded the standard deduction starting in 2018, which in turn limited write-offs for millions of low- and middle-income Americans.
Currently, only about 1 in 10 taxpayers itemize, the majority of whom are high-income earners. For instance, more than 60% of people earning over $500,000 itemize, versus 4% of those earning between $30,000 to $50,000, according to the Tax Policy Center.
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The great thing about this story is that it’s facially untrue. The experts are wrong—they have been for quite some time—and until they stop acting like Democratic Party operatives, ignore what they have to say. From tax policy to COVID, the experts were wrong—the best way to give them a choleric temper is to ignore them. Then, do it more because the rich don’t take out car loans.
🤷♂️ pic.twitter.com/zVpWZjNf0p
— Defiant L’s (@DefiantLs) October 14, 2024
Also, the Trump tax cuts benefitted most Americans. Even Bernie Sanders admitted this when they passed, and that’s why there’s been no push to repeal them.
.@jaketapper: “Next year, 91% of middle income Americans will receive a tax cut. Isn’t that a good thing?”@BernieSanders: “Yeah, it is a very good thing. And that’s why we should’ve made the tax cuts for the middle class permanent” #CNNSOTU https://t.co/ei8xTHGo1E
— CNN Politics (@CNNPolitics) December 24, 2017
Same analysis finds that 75.5% would see a tax decrease in 2025 compared to current law. The average decrease is $2530. 8.9% would see a tax increase. https://t.co/RopZNFqZPW pic.twitter.com/ewdM4vLtUd
— AG (@AGHamilton29) December 19, 2017
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