[quote=FormerSanDiegan][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.
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Yeah, he’s right on the first sentence. The second sentence is a logical fallacy of some sort. I’m not sure which kind. It makes no sense whatsoever.
