Trump's Tax Plan: A New Power Play

Donald Trump announced that if he wins the 2024 U.S. presidential election, he will make home generators purchased during disaster periods tax-deductible. This initiative would apply retroactively from September 1, 2024, allowing homeowners to deduct the full cost for income tax purposes.

Donald Trump has made a significant pledge that could impact many across states affected by natural disasters. The former president announced on Friday that, contingent upon his victory in the upcoming November 5 U.S. presidential election, the cost of home generators purchased in such states would be tax deductible.

The tax deduction would apply to purchases made between September 1, 2024, and August 31, 2025, providing financial relief to homeowners looking to secure backup power in times of crisis. Trump's proposal includes a full deduction of the total cost of the generator for income tax purposes.

The announcement was made via a Truth Social post, emphasizing retroactive eligibility starting from September 1, 2024. This move could serve as both a political strategy and a practical aid for those hit hardest by unpredictable weather events.

(With inputs from agencies.)