[quote=captcha]I was under impression that all interest used to be deductible. If that is the case the current deduction is really not a subsidy, but money not confiscated by the government. Yet.
And low-income renters do get some breaks like Section 8 and renter’s tax credit in some states (including CA).[/quote]
captcha is correct. Interest on credit cards and installment loans (e.g. car loans, furtniture loans, etc) were deductible before 1986 tax reform.
Personally, I’d rather see the US end other subsidies before this one. At least this one does impact working families (well, at least working families in expeinsve areas). What about the $70 Billion subsidies to big oil companies ?
Let’s cut that first.
