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

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credit card interest

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?
If they take away the mortgage tax deduction I and 100 million other people are screwed. With housing prices in the toilet, its the one redeeming point of owning a house right now. Otherwise why invest money in something that will decrease over time?

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Thursday, December 4th, 2008 at 10:08 am. Posted in Credit Card Interest. Tags: , , , , . You can follow this web articles through the RSS 2.0 feed.

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7 Responses to “Should Obama push for credit card interest to be tax deductable?”

  1. ღ♥THE.WAY.IT.IS♥ღ on December 6th, 2008 at 9:43 pm

    no he shouldn’t

  2. 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?

  3. 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.

  4. 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.

  5. At one time it was deductible. A democratic congress took that away. I don’t believe it will change under Obama’s admin.

  6. Works for me.

    Clearly removing the deductibility did nothing to encourage people to stop using their cards.

  7. 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?

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