Pressure Congress to make credit card interest tax deductible.

[hector459]

Since their interest rates are so high thanks to "deregulation" by the Repug Congress we need a national movement to on this. Congress won't do anything about these interest rates unless they get pressure from thier constituents and I do mean hard pressure. They must do something about high credit card interest rates and scams or lose their jobs. The banks and credit card companies (one in the same) got the bankruptcy
bill but the people got screwed. It is now time to damand some action from this Congress to protect consumers or lose their jobs. This can be a single issue item that will cross all political line and even trump abortion. More people are affected by credit card debt than abortion.
Help get the message out to your Congress reps...Senators and Representatives. If the Dems don't grab this issue fast, the RW will and we won't have any issue to beat them on. I tell you, this is a hot one.

[Jon8503]

1. Actually I would be more inclined to get a movement for making

certain autos/pickups deductible. There are many parts of this country that do not have adequate mass transits for people to get to work.

The way I see it is in most cases, credit card debt could be avoided. I realize not in all cases as there are some who fall into certain situations where they have no alternative to get their medicine, food, clothes for school, etc. However, I feel that autos are not a choice but a necessity for us in this country, unlike Europe.

I do think that certain vehicles should be exempt from this deduction such as Hummers, SUVs. This should only apply towards normal vehicles for the use of necessary transportation. Hummers actually should have to pay a higher tax.

[hector459]

2. Lots of people don't have autos but they have credit card debt just to

survive.

[Jon8503]

3. Yeah, I know you are right Hector, there are those cases like I

mentioned. I know those who would not have the money for medicine with our problems of health care as well as all the other problems being created by these people. However, there are so many with the credit cards that do use them irresponsibly. No easy answers. For those working though and need to get to work with no other way, I just don't see most vehicles as a luxury item or a item of choice. It is a necessity in the majority of the US unfortunately.

[hector459]

4. Well, add gasoline costs to the list of deductibles. I'll support but

credit card use in some cases is irresponsible but so is gasoline and auto purchases. If you want to penalize people for being irresponsible then you have a lot of territory to cover. Whether people are irresponsible in using credit cards or not, the fact remains that credit card companies which are banks have been deregulated in three ways over the duration of this administration to the detriment of all working familes. Wealthy people are just as irresponsible as working men and women, it just doesn't cost them like it does us. I worked for a credit union once and believe me 98% of the defaulted loans that were forgiven or ignored were by the highest wage earners. They could afford attorneys and legal proceedures to avoid paying back the loans.

[Jon8503]

6. And I don't disagree with those cases. I guess I am just saying you

have to pick your battles and I think you would do better with the autos first which would help.

In all actuality, I would be in favor of making all interest tax deductible for those incomes under a given amount due to the fact as you say, those high or higher income workers or individuals could handle it based on the percentage of their incomes. However, those on the lower end, the interest is too high a percentage of what they take in and as you say in most cases, it is a necessity for them to survive.

[spooky3]

5. and it would just encourage the credit card companies

to raise interest rates further, since the deductibility would lower the cost.

I'd rather see the effort devoted to pressuring Congress for health care reform, especially with prescription drug costs going up incredibly and the profits and CEO pay in the pharmaceutical industry sky high.

[elehhhhna]

7. Nat'l HC would solve MANY current problems--

from halving the bankruptcies filed to ending age discrimination in the workplace, not to mention the obvious benefit in extending Health Care access to all Americans.

Corporations are ready for this, and if they'll push for it, we'll get it...

[AP]

8. I don't think taxpayers should subsidize bank profits. Let's try policies

that encourage people to save more and borrow less.

[Divernan]

9. Pressure should be to set limits on interest rates/late fees

Like one percent above prime, and a $5.00 late fee. You overlook a payment on even a $100 balance, and good ole MBNA is johnny-on-the-spot with a $35.00 fee. That's 35% per MONTH, or an annual penalty rate of 420%. And they still charge you 18/22% on the $100 balance.

[MindPilot]

11. MBNA once did that to me for a 75 cent balance!!

A balance I did know I had because I was assured the acccount was closed. They ultimately recinded the charge, but I'm stuck with a 30-day late for about five more years so any credit I get is at punishment rates.

[Jon8503]

14. Don't forget the part they put in the fine print where they can check

to see if you were late paying anyone else regardless if you have paid them on time every single payment. Then they can double your interest rate or more.

We need to elect people to congress who will stand up for individuals not corporations such as the credit card companies or banks.

[MindPilot]

10. if you want to give working people a tax break

Allow a deduction for commute mileage either as a fixed rate or actual costs. And make that a credit for anyone using public transportation, car pools, or hi-mileage vehicles.

[gristy]

13. You will end up encouraging people to live farther from work

That would not be a good thing. Actual costs?? Hummer vs Civic actual costs. Nuff said.

I believe in Germany they tax you more the farther you live from where you work.

[gristy]

12. Some consequences of this

1. Folks who can least afford it will be further motivated to run up credit card debt. This would be a bad thing. Remember that bankruptcy bill that just passed?
2. Our budget deficit would go up. This would be a bad thing.

Why not just make the federal tax system more progressive? Oh, I forgot - the pukes run the show.

[hector459]

15. This used to be a deduction before the Reagan administration and its

tax reform. When it was a deduction it did NOT cause more and more people to use credit cards. Nor has NOT having this deduction discouraged people from using credit cards. A certain percentage of the total deductions could be charged back to the credit card companies by Uncle Sam.

[NVMojo]

16. yep, I want this deduction BACK!! NOW!! BUSHIEGIRLYMAN!!!

You need to bend over for a little guys once in awhile!!! Bass-tard!!!