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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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.