Prior to 1986, all consumer interest expense was deductible. In 1986, Congress eliminated the deduction for consumer

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Prior to 1986, all consumer interest expense was deductible. In 1986, Congress eliminated the deduction for consumer interest expense, including interest paid on car loans and credit card balances. Why do you think Congress made this change?

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Taxation For Decision Makers 2014

ISBN: 9781118654545

6th Edition

Authors: Shirley Dennis Escoffier, Karen Fortin

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Question Posted: Mar 22, 2016 03:54 AM

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Prior to 1986, all consumer interest expense was deductible. In 1986, Congress eliminated the deduction for consumer

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Congress needed to eliminate some deductions in 1986 to pay for other tax cuts in the tax ...View the full answer

Taxation For Decision Makers 2014

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