We are asking Congress ( state and Federal) to reinstate the interest deduction for credit card interest from Federal and State tax returns to increase disposable income for the 99% of Americans.
Why is this important?
Congress needs to reinstate the tax deduction for credit card interest as the banks should be counting this as income and paying taxes on this. Like interest on a home mortgage, this cost should be deductible from income on the tax return. It used to be a deduction, and now more than ever the 99% need tax relief as they are having more and more to live on their credit cards to make ends meet.
