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Reinstate the consumer interest deduction on IRS income taxes.

Created by R.A. on December 31, 2012

The consumers ability to report interest paid and have it deducted from their IRS tax bill is needed as a means to place money back into the consumers pocket. The interst paid is income to various financial businesses and is reported by them in their IRS tax submissions. The financial institutions can claim deductions for expenses IE: salaries, profit/loss, daily maintenance expenses, etc.. Which is derived from the interest paid by consumers. They have the advantage over consumers in being able to lower their taxes on this income. The consumer should have the same advantage as the financial institutions to claim a valid deduction. The consumers would then have more money in hand to be able to help get the economy running better again. Why this deduction was stopped I do not know.

Budget & Taxes
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