Fix the Tax Code Friday: Credit Card Debt
It’s the post holiday season, which means post credit card season. A lot of folks would love to deduct the interest on personal credit cards on their own taxes. Years ago, you could: personal loan interest was completely deductible. That was eliminated in the late 1980s. Today’s Fix the Tax Code Friday question is:
Should the interest on credit cards and personal loans again be made deductible on your personal income taxes?
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POSTED IN: fix the tax code friday, individual, tax policy
1 opinion for Fix the Tax Code Friday: Credit Card Debt
Joseph J. Gleason, Jr.
Jan 8, 2007 at 2:59 pm
I would vote “nay”. The last thing that taxpayers need is a statutory incentive to spend beyond their means.
Our members of Congress do a great job with that already.
BTW—keep up the good work with the site.
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