Tax Deduction on Consumer Interest Debate
Who took the Consumer Interest Tax Deduction, Liberals, Conservatives or both ? 

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Who took the Consumer Interest Tax Deduction, Liberals, Conservatives or both ?

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Conservatives 1

The 1987 Reagan tax cut that the conservatives are so proud of  did cut taxes but mostly for the wealthy. One tax hike they quietly slipped in was the elimination of the deduction for consumer interest. Things like interest on car payments and credit cards. So while the wealthy got capital gains tax cuts the lower and middle class got a tax hike.

 

 

 

 

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