President Donald Trump recognized a third-generation autoworker from Michigan Thursday while speaking at the "big, beautiful event," noting he was a lifelong Democrat who now supports the president because of vehicle loan interest tax benefits.
The president spoke about the "big, beautiful bill" from the East Room of the White House with a group of people standing behind him who represented various trades, including food delivery, farmers and automotive workers.
One of the workers standing behind Trump was James Benson, a third-generation autoworker from Belleville, Michigan, who has been with Ford Motor Company for 26 years.
Trump introduced Benson, noting that Ford has "a lot of plants" in the U.S.
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President Donald Trump speaks at an event to promote his domestic policy and budget agenda in the East Room of the White House Thursday in Washington, D.C. (AP Photo/Mark Schiefelbein)
"If you have plants in this country, you’re going to make a lot of money," the president said, adding that he loves autoworkers.
Trump also said Benson was a lifelong Democrat until 2017, when he saw the benefits of the tax laws.
Trump then spoke about his latest plan to benefit car owners by making interest on car payments fully tax-deductible.
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Workers on an assembly line at the Ford plant in Louisville, Ky., in 2017. (AP Photo/Timothy D. Easley, File)
But the deduction would only be for cars made in the U.S., Trump said, adding if it was made someplace else, "we don’t care."
Trump’s "big, beautiful bill" would create a new deduction of up to $10,000 for qualified passenger vehicle loan interest in a given taxable year. The deduction would phase out when a taxpayer’s modified adjusted gross income exceeds $100,000.
Applicable passenger vehicles include cars, trucks, vans, SUVs and motorcycles that have been manufactured for use on public streets, roads and freeways and for which the final assembly occurs in the U.S.
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A 1040 income tax form and W-2 wage statement with a Federal Treasury refund check. (iStock)
The bill defines the final assembly as the process by which the manufacturer produces a vehicle and delivers it to a dealer with all the parts necessary for operation.
As is the case with the overtime and tips deductions, the auto loan provision would be in effect for tax years 2025 through 2028.
Trump reiterated to those in attendance that the tax benefit is only for vehicles made in the U.S.
"Remember that, James. We’re going to keep those Michigan auto factories roaring," the president said.
FOX Business' Eric Revell contributed to this report.