Mortgage interest deduction for car loans
Great in the news today: the ‘Big Beautiful Bill’ by President Trump has been accepted in both the Senate and the House of Representatives. The series of measures also has major consequences for the situation on the second largest car market in the world, where the purchase of an EV is no longer stimulated.
The ‘One Big Beautiful Bill Act’ (yes, that is the official name) is intended to implement all kinds of large -scale reforms with the US government. A lot of extra money is spent on entering or maintaining tax discounts, to the Ministry of Defense and to reducing illegal immigration, but there is also a lot of saving. For example, on subsidies for electric cars, and that can take a lot of it.
Trump has been calling for years that he wants to get rid of the federal EV subsidy, which generates buyers from plug-in cars up to $ 7,500. Under Bidens ‘Inflation Reduction Act’, those subsidies are set up in such a way that they should only promote EVs that are at least partly made in the US. That is quite ‘America First’, but Trump wants to get rid of it completely. Now that the One Big Beautiful Bill has been adopted, that will also happen. And soon too, because the subsidy is finished on 30 September.
That can have quite a major consequences for EV adaptation in the US, and therefore worldwide. After all, the United States are still the second largest car market in the world, so what happens here counts heavily for many car manufacturers. It is now becoming more attractive for those car builders to use fuel engines again. In that context, the ‘Bill’ offers another advantage, because they are no longer fined if the national emission goals are not achieved. These rules thus become a toothless tiger, apparently says Automotive News.
Mortgage interest deduction for car loans
And then there is something else: interest on car loans will be deductible under certain conditions. Yes: a kind of mortgage interest deduction, but for cars. This is temporary, applies up to and including 2028 and seems primarily intended to give the American car industry a boost, because American final assembly is one of the requirements to be eligible for this.
MortGage Interest Deduction for Car Loans
Big News Today: President Trump’s ‘Big Beautiful Bill’ Has Been passed in Both the Senate and the House of Representatives. The Series of Measures also has major consequences for the situation in the World’s Second-Largest Car Market, Where the Purchase of an EV is no longer being stimulated.
The ‘One Big Beautiful Bill Act’ (Yes, that is the official name) is intended to implement All Kinds of Large-Scal Reforms in the American Government. A lot or extra money is to spent on introducing or maintenance tax cuts, on defense and on reducing illegal immigration, but significant Savings are also being made. For example, on subsidies for electric cars, and that can have a major impact.
Trump Has Been Saying for Years that is to get rid of the federal EV subsidy, which provides buyers of plug-in cars with a subsidy or up to $ 7,500. Under Biden’s ‘Inflation Reduction Act’, these subsidies are designed in Such A Way That, If All Goes Well, they only promote Evs are at least partial made in the us. That is QUITE ‘America First’, But Trump Still Wants To Get Rid or It Completely. Now that the one Big Beautiful Bill Has Been passed, that is going to happen. And soon, because the subsidy will end on September 30.
That could have major consequences for EV adaptation in the US, and Therefore Worldwide. After all, The United States is Still the Second Largest Car Market in the World, So What Happens Here Counts Heavily for Many Car Manufacturers. It is now Becoming More Attractive for Those Car Manufacturers to Focus on Fuel Engines Again. In that context, the ‘Bill’ sacrifices Another Advantage, because they will no longer be fined if the national emission targets are not with. These Rules are Therefore a toothless Tiger, Automotive News Apparently Rightly States.
MortGage Interest Deduction for Car Loans
And then there is Something Else: Interest on Car Loans is deductible under Certain Conditions. Yes: A Kind of MortGage Interest Deduction, But For Cars. This is Temporary, Applies Until 2028 and Seems Mainly intended to give the American Car Industry a Boost, because American Final Assembly is one of the requirements to Qualify for this.