President Donald Trump held an event at the White House on Thursday where he introduced James Benson, a third-generation autoworker from Michigan. Benson, who has worked for Ford Motor Company for 26 years, was highlighted as an example of a lifelong Democrat who has recently shifted his support to Trump. This change came after the announcement of new tax benefits for car loan interest payments, which Trump touted during his speech.
The event, described by Trump as a "big, beautiful event," took place in the East Room of the White House. It featured a diverse group of workers from various trades, including food delivery and farming, standing behind the president as he spoke. Trump emphasized the importance of supporting American manufacturing, stating that companies with plants in the U.S. would benefit significantly.
Benson’s story resonated with many in attendance. Trump noted that Benson had been a Democrat until 2017, when he began to see the advantages of the tax reforms introduced by the administration. The president praised Ford for its numerous plants in the U.S. and expressed his admiration for autoworkers, saying, “If you have plants in this country, you’re going to make a lot of money.”
During his speech, Trump outlined his latest plan to allow car owners to fully deduct interest on their vehicle loans from their taxes. This deduction would only apply to cars made in the U.S., reinforcing his administration’s focus on domestic manufacturing. The proposed tax benefits include a deduction of up to $10,000 for qualified passenger vehicle loan interest, which would phase out for taxpayers with an adjusted gross income over $100,000.
The vehicles eligible for this deduction would encompass a range of passenger vehicles, including cars, trucks, and motorcycles, as long as they are manufactured in the U.S. The plan aims to be in effect for tax years 2025 through 2028.
As he concluded, Trump reassured attendees that the tax benefits were designed to keep American auto factories thriving, particularly in Michigan. His administration continues to advocate for policies that support American workers and encourage local manufacturing, emphasizing a commitment to economic growth within the country.