What would be the problem with bringing back the personal interest tax deduction especially for credit cards?
Yes we were able to once upon a time deduct the interest on credit cards as well other sorts of personal interest such as a car loan. Back then the excuse for eliminating this was that they did not want to promote spending. Well that was a bunch a crap in my book. That is all we heard recently to get the economy back on the roll – go out and spend. The government wouldn’t have to bail us out just allow for this type of deduction to be taken once again. Depending on how much debt someone is in would determine the overall amount that could be deducted. Some more some less. As for the banks having any say with this, they are at our mercy now and with this we would like to see some of our life line money they know all to well how to spend be once again back in our wallets. With that a credit card charging 30% interest would become a thing of the past. With the hudge bailouts that the banks got without our approval and with our money this is the least that could be done to help the backbone (middle class) of this economy.

Technorati Tags: backbone, banks, car loan, crap, credit card, credit cards, economy, excuse, interest tax, middle class, money, personal interest, sorts, tax deduction, wallets