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?
State sales tax holidays are back just in time for back to school shopping.
From the popularity of Al Gore’s uber-Power Point “An Inconvenient Truth” to the explosion of hybrid and energy efficient vehicles, the US population is paying more attention to the environment. And Congress is finally catching on (well, sort of). One of the driving forces behind the interest in going green is the increase in oil…
Yesterday, the Lowe’s sale paper arrived at our house. The pictures of healthy plants on the front page convinced me to rush out and buy gardening stuff (granted, it doesn’t usually take much convincing). But instead of heading for the big box of Lowe’s, we went to Greensgrow Nursery, which I joke is my urban…
Oh c’mon. You totally knew that I was going to choose kickbacks, right? The rules governing illegal activity and taxes are some of the most entertaining bits of the Tax Code, not that the bar’s terribly high to begin with… The specific section of the Code that references kickbacks can be found under Itemized Deductions…
As the G8 Summit kicked off today, all eyes were on British Prime Minister David Cameron to set the agenda. He announced that three Ts, taxes, transparency, and trade, would be priorities as world leaders settled in for the two-day conference. G8 is the term for the Group of Eight, a group of the governments…
Last year, New York decided to aggressively pursue a sales tax rule already on the books by expanding the definition of venue to include companies with affiliates physically present in the state. Many vendors, Amazon.com included, made a lot of noise about pulling their affiliate program; interestingly, Amazon.com didn’t go anywhere. They did, however, challenge…
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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.