Why tax deductions are not always a good idea. From Eric Peters at ericpetersautos.com:
Some things sound good but maybe aren’t. The Made In America Motors Act might be one such thing. It is a proposal to enact a tax deduction for interest paid on new car loans – if those cars are made in America, the latter defined as vehicles chiefly assembled in America.
The deduction would be as high as $10,000 – depending upon the amount of taxes paid. The proposal has the support of President Trump and carries the signatures of Senator Bernie Moreno of Ohio and Rep. Bill Huizenga of Michigan.
The latter says “The Made in America Motors Act is a win for American taxpayers, autoworkers and Michigan. Making interest on car loans tax deductible was a key campaign promise made by President Trump. The Made in America Motors Act delivers on this promise by giving individuals and families a financial incentive to buy American, which in turn supports good-paying automotive jobs in Michigan and across the nation.”
Italics added. Explanation follows.
On the one hand, anything that returns money to the person from whom it was taken is just. This money is not a gift or some kind of grift. It is recompense for a wrong done. It’s a measure of our acceptance of indenture that we even use terms such as “deduction” and “refund” in the context of legalized robbery, for that is what being compelled by threats to pay what are styled “your” taxes are. An honest mafiosi would never say such a thing. He would say – pay up! – and forget “deductions” and “refunds.”
My favorite is the tax on Social Security.
Artificial Idiot says only 9 states tax and most are CPUSA (D) strongholds.
Those countries that took all US manufacturing as they got trucked and shipped in will be sending them back?
The sailfawn finger generation can’t wait to work on a shop floor?
Remember Ross Perot and Pat Buchanan warning that this would happen with all the globalist free trade agreements?
Honk, honk.