A Modest Proposal: Make Credit Card Interest Deductable Again

ThomWV

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Wed Jan-30-08 05:23 PM
Original message

A Modest Proposal: Make Credit Card Interest Deductable Again

How's that for one to help out little people who are getting killed by credit card interest payments - make it tax deductable just like it used to be. It wasn't all that long ago either, wonder why you never hear anyone suggest bringing back that little tax break for the little guy?

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GodlessBiker

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Wed Jan-30-08 05:24 PM
Response to Original message

1. I think this would just encourage more people to go into debt.

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ThomWV

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Wed Jan-30-08 05:25 PM
Response to Reply #1

4. Or worse yet, help a few get out.

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jlake

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Wed Jan-30-08 05:24 PM
Response to Original message

2. It sounds good and helpful, but it promotes unhealthy debt that in the long term

would hurt the middle/lower classes.

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Donnachaidh

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Wed Jan-30-08 05:28 PM
Response to Reply #2

7. you mean like the unhealthy debt they deal with NOW just to keep going?

Oh please.....:eyes:

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jlake

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Wed Jan-30-08 05:29 PM
Response to Reply #7

8. Yes. Just like the unhealthy debt they have now. Why encourage people to add to it?

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dbackjon

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Wed Jan-30-08 05:25 PM
Response to Original message

3. And encourage more bad habits?

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CottonBear

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Wed Jan-30-08 05:25 PM
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5. Make it deductible for those who can't itemize.

I've owned a home since 1995 but have been able to itemize only once because I have no deductions other than the front-end tax deduction on my retirement plan at work.

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Donnachaidh

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Wed Jan-30-08 05:26 PM
Response to Original message

6. an even more modest proposal -- make prescription costs FULLY deductible

And lose the cap on medical deductions -- make them fully deductible.

I think any interest charges that go over single digit should be fully deductible. Then you'll see the government put the squeeze on banks to rein in their usury.

The little guy is only there to pay the taxes the big guy doesn't want to pay.

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GodlessBiker

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Wed Jan-30-08 05:43 PM
Response to Reply #6

11. Now that is good.

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rzemanfl

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Wed Jan-30-08 05:36 PM
Response to Original message

9. Go back to the tax rates (income and estate) in effect when

Eisenhower was President, adjusted for inflation. Those motherfuckers would squeal like little piggies when they paid 90 cents on the dollar to Uncle Sam.

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One_Life_To_Give

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Wed Jan-30-08 05:38 PM
Response to Original message

10. And make people receive an annual interest statement?

Just think the horror that would come from people actually receiving statements showing how much interest they paid over the course of a year. Why it might encourage more people to be "Dead Beats".
:sarcasm:

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