The Morning After

As Trump droned on to a completely silent audience, he told us we could now deduct auto loan interest from our taxes — a “first-time-ever” benefit, supposedly created by him. The lies come so easily to him, delivered with a straight face. But here’s the truth: we used to be able to deduct auto loan interest — along with credit card and other consumer loan interest — until the 1986 Tax Reform Act under Reaganomics eliminated it.