Texans Have Most Auto Loan Debt in US

House Bill’s Deduction for Car Loan Interest Would Not Offset Tariff-Related Auto Price Increases for Most Buyers

Summary This analysis examines the extent to which a temporary income tax deduction for vehicle loan interest that recently passed the U.S. House of Representatives would be able to offset higher vehicle prices caused by recent increases in U.S. tariffs. Many buyers would be ineligible for the deduction. The lowest and highest income families would typically be ineligible for the auto loan interest deduction and thus would face the full tariff …

Texans Have Most Auto Loan Debt in US

If you didn’t buy a car during this year’s annual Memorial Day sales, you may want to wait until 2029 before copping a new set of wheels. President Donald Trump’s 25% tariffs on imported automobiles have driven up the costs, pun intended, of any car that isn’t American-made and even some that are…