propose a tax deduction for individuals of 1/2 consumer interest paid on credit cards, car loans, etc.

Consumer debt is at an all-time high, due in part to unemployment and underemployment. Families have turned to credit cards to pay medical expenses, education expenses, and other essentials. Until the 1980s, individuals could deduct their consumer interest on their tax return. This petition proposes a new tax deduction of 1/2 interest paid; it could phase out at higher income levels, e.g. $250,000 AGI. For example, if someone paid $5,000 interest in a year (on a $20,000 credit card balance), he could deduct $2500 on Schedule A, and receive a refund of about $500 ($2500 x 20% avg. rate). That could be used to pay down his debt, or he could spend it on needed consumer goods. Returning this cash to the economy would also benefit businesses and create jobs.