Trump wants to make auto loan interest tax-deductible. It would mostly help the rich., experts say.
CBSN
Donald Trump is now pitching a new tax cut that, on the face of it, would seem to benefit almost every American who owns a car.
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.
Since it was introduced more than a century ago, the mortgage interest deduction has helped boost homeownership in the U.S. by making real estate purchases more affordable to families — a theme that Trump echoed in his proposal to extend the idea to car purchases. Americans owe about $1.63 trillion in auto loans, making it the second-largest category of debt after home loans, according to Federal Reserve data.
Sloths weren't always slow-moving, furry tree-dwellers. Their prehistoric ancestors were huge - up to 4 tons - and when startled, they brandished immense claws.
Washington — The Biden administration is canceling federal student loans for another 55,000 workers through an existing program known as Public Service Loan Forgiveness.
Sloths weren't always slow-moving, furry tree-dwellers. Their prehistoric ancestors were huge - up to 4 tons - and when startled, they brandished immense claws.
The details of the murder are still shocking today, nearly three decades later. On Dec. 26, 1996, the 6-year-old daughter of John and Patsy Ramsey, a well-to-do couple living in Boulder, Colorado, was found dead in the family's basement. JonBenét Ramsey, an outgoing child who performed in local beauty pageants, had been bludgeoned and strangled.
A Utah mother who police believe was shot and killed by her husband along with three of their children was a refugee who fled violence in Myanmar and dreamed of thriving with her family in the U.S., relatives said Thursday.
Donald Trump's victory in the 2024 election set in motion a race against time by President Biden to safeguard his environmental legacy in his remaining days as president.
Although 2024 is winding down, the U.S. housing crisis lives on. But even as steep home prices and elevated mortgage rates sideline many would-be homebuyers, some real estate markets around the country continue to attract buyers.
Roger Carstens, the Biden administration's top official for freeing Americans held overseas, on Friday arrived in Damascus, Syria, for a high-risk mission: making the first known face-to-face contact with the caretaker government and asking for help finding missing American journalist Austin Tice.
Deportations by U.S. Immigration and Customs Enforcement soared to a 10-year high in fiscal year 2024 under the Biden administration, surpassing the Trump-era high recorded in 2019, according to a government report released Thursday.
New Jersey officials have debunked claims that drones were deployed to search for missing radioactive material from a shipping container, following social media speculation linked to reports of mystery drone sightings.
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