Should Obama push for credit card interest to be tax deductable?

I heard it used to be, but someone changed the tax laws.





If credit card and line of credit interest was tax deductable like mortgage interest was, how much would that help out the middle class who is living day to day with a deficit?

Should Obama push for credit card interest to be tax deductable?
Credit card interest? Hell, they are already talking about ending the mortgage deduction. Ending the 401K tax deferment, adding a manditory additional (not in place of) 5% federal retirement plan. Hey, did promise change didn't they?
Reply:Not hardly. This will only encourage people to assume more debt on their cards. I believe people that need credit card debt the least would be the ones to take advantage of this.





This is far from the solution to our economic crisis and I don't see this being a positive contributor to the overall cause, either.
Reply:No, IMO, It used to be that way, but if they did it now I think that would still encourage people to live beyond their means.
Reply:Works for me.





Clearly removing the deductibility did nothing to encourage people to stop using their cards.
Reply:At one time it was deductible. A democratic congress took that away. I don't believe it will change under Obama's admin.
Reply:Are you kidding me? He wants all the taxes he can get is grubby hands on. do you really think he will introduce a new loophole?
Reply:no he shouldn't

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