Promises Made, Promises Kept

Floor Speech

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Mrs. FEDORCHAK. Mr. Speaker, this microphone isn't picking up that well, but I thank the gentlewoman for this opportunity.

I had a really hard time deciding what to talk about tonight because there are so many great things about the One Big Beautiful Bill Act. Should I talk about student loan reform and the impact that is going to have on driving down the costs of education and minimizing the amount of loan debt that people have when they graduate from college, or investments in the air traffic control system? Maybe we should talk about the death tax increases and how we doubled the value that businessowners and farmers can pass down to the next generation after they have already paid tax on all of that income before they invested it, or I could talk about farm bill investments or bonus depreciation. There are so many amazing things about the One Big Beautiful Bill Act that it is hard to keep track of them, and it is hard to decide what to lead with.

Today, I am going to talk about something that I think has been largely overlooked, and that is the lowering of the taxes on interest on car loans for American-made cars.

I recently had the chance to visit with Dan McGee. This is Dan right here. He is the general manager of M.J. McGuire Auto Dealership and also a farmer in Rugby, North Dakota.

With the One Big Beautiful Bill Act now law, Americans can take advantage of a new interest deduction when purchasing an American-made vehicle. This provision can really help small-town car dealers like M.J. McGuire.

For a family buying a $50,000 vehicle, Dan explained to me what this would mean. He said the interest in just the first year might run about $3,500. Under this new law, that interest is now deductible, a huge savings for hardworking American families.

This isn't just relief for companies or big corporations, like many of the Democrats are claiming. It is for everyday North Dakotans and everyday Americans across the Nation.

Dan also pointed out the broader benefits in the bill, like the expansion of the 199A small-business deduction, tax relief that allows entrepreneurs like him to reinvest in their businesses, or raising the death tax exemption so farmers like him can grow and pass on their land to the next generation.

Dan said it best: There are so many good things in this bill that it is hard to keep track of them all.

That is what this law is all about: real, practical help for hardworking Americans.

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