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PLEASE GIVE US BACK THESE 2 TAX DEDUCTIONS???

Discussion in 'Off Topic Threads' started by senior smoke, Mar 13, 2009.

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  1. senior smoke

    senior smoke Well-Known Member

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    HELLO:
    I believe when we lost the ability to claim charge card interest and auto loan interest of our income taxes, this not only hurt the tax payer, but also the auto industry. I believe if we were able to get these 2 deductions back, this would really help tax payers and the economy. What do you think?
    steve balistreri
     
  2. Barrelbulge(Fl)

    Barrelbulge(Fl) TS Supporters TS Supporters

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    Steve, I beleive you are right about the auto loan. It would help the consumer and the auto industry. Sort of another stimulus for the auto industry. Bulge.
     
  3. bigdogtx

    bigdogtx Well-Known Member

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    Most of the car loans in recent years had 0% interest not much to deduct....
     
  4. shannon391

    shannon391 Active Member

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    Bigdogtx,

    Are you sure about that?

    I don't think so, maybe for the few with perfect credit.
    The average loan is about6-8%

    Higher for used car loans.

    And yes the Gov. will just keep taking as long as the sheeple keep letting them have thier way. They are talking about removing the home interest deduction and making insurance bennies taxable.
     
  5. tj303

    tj303 Member

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    Why should some taxpayers subsidize other taxpayers borrowing habits? It is all this freakin' borrowing that has created this economic mess! Tony J
     
  6. willing

    willing Member

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    I use a home equity loan. I pay it off on my terms more one month less the next.

    Bill
     
  7. hunter44

    hunter44 Well-Known Member

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    When were these deductions taken from us?
     
  8. 635 G

    635 G Well-Known Member

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    These deductions were taken away during the Regan era. Also, by restoring these deductions it would put renters on equal footing with home owners who can use home equity loans & deduct the interst. To the people who know me, I'm definetly not a renter & I don't believe in paying any interest to anyone. Remember interest keeps poor people poorer & makes rich people richer.

    Phil Berkowitz
     
  9. bigdogtx

    bigdogtx Well-Known Member

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    shannon,,,,yep got 2 of them at 0% interest,,,,I also don't want the 70% tax bracket, 16% prime and 12% unemployment that goes with the deduction....

    interest on a HIGHLY depreciable asset also doesn't make sense....
     
  10. shannon391

    shannon391 Active Member

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    Good for you Bigdog.
    I'm sure you worked hard for what you have.
     
  11. Brian in Oregon

    Brian in Oregon Well-Known Member

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    Regardless of the merits and drawbacks of this, do you honestly think Lord Obama is going to cut taxes?
     
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