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CBS News Evaluates Newly Announced Trump Policy
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CBS News Evaluates Newly Announced Trump Policy

How thick is the bubble surrounding liberal America? It must be pretty impenetrable if CBS News is any indicator. The latest case in point: a bizarre critique of Donald Trump’s proposal to make auto loan interest tax-deductible. According to CBS and their so-called "experts," this move would supposedly only benefit the rich, which suggests they’re completely out of touch with how everyday Americans live and spend their money.

Let’s break this down. Trump’s proposal draws a parallel to the mortgage interest deduction, allowing Americans to deduct the interest they pay on car loans from their taxable income. In a time when the cost of living is skyrocketing and many families rely on auto loans to afford basic transportation, this seems like a commonsense idea. So, why are the “experts” so adamantly against it?

CBS cites tax specialists who claim that because most low- and middle-income Americans don’t itemize their deductions—opting instead for the expanded standard deduction under Trump’s 2017 tax cuts—this proposal would disproportionately help the wealthy. They argue that only those who itemize, and therefore tend to be higher-income earners, would see real benefits. But here’s the problem with that argument: it’s based on the assumption that the rich are the ones taking out car loans, which is completely off base.

In reality, the wealthy aren’t financing cars—they’re buying them outright. The people taking out auto loans are primarily middle-class and working-class Americans, the very demographic that would benefit the most from this tax deduction. The idea that this change wouldn’t benefit those who need it most is simply not grounded in reality.

Moreover, the critics conveniently overlook the fact that Trump’s Tax Cuts and Jobs Act was designed to benefit most Americans, not just the wealthy. Even figures like Bernie Sanders admitted that the tax cuts helped the middle class when they were passed in 2017. That’s why, despite all the political posturing, there’s been no serious attempt by Democrats to repeal them.

But here’s the kicker: the so-called “experts” making these claims have a track record of being wrong. Remember when they pushed lockdowns during COVID, only for it to wreak havoc on the economy while ignoring the actual science? Or how they consistently back policies that disproportionately hurt the middle class under the guise of helping it? It’s the same playbook here. Their arguments don’t hold water, and it’s time people stopped taking their word as gospel.

What Trump is proposing with this tax deduction is exactly the kind of policy that could offer real relief to Americans who are feeling the squeeze of inflation, soaring interest rates, and stagnant wages. Instead of dismissing it as a gift to the rich, the media should be asking how this kind of relief could benefit working families struggling to make ends meet.

Written by Arthur Higgens - October 15, 2024