Part 5/14:
The hosts explore recent legislative changes, notably the new interest deduction on auto loans for personal vehicles. Unlike the previous EV tax credit—which effectively lowered the upfront cost of EVs—this deduction allows consumers to reduce income taxes based on the interest paid over the life of the loan. For example, on a $35,000 vehicle financed over 72 months at 7-9%, interest payments could total between $8,000 and $10,300, of which up to $10,000 annually is deductible.