TID: Mystic BBS 1.12 A47
TZUTC: -0400
MSGID: 1:120/616 dd3822fb
-=> Arun Sahadeo wrote to All <=-

 AS> Why did the Tax Reform Act of 1986 remove the tax deduction for
 AS> interest on car loan payments?

That's a good question.

Reagan was President at the time, so this is not something he would push for.

Guessing:
Most people were keeping their cars for a long time.  They would buy it new,
pay it off over 5 years, and then keep it for 5+ more years.

So most people would only get the benefit for the 5 years they were paying the
car off.

The rich, however, could afford to buy a new car all the time.  So they were
taking advantage of this.


... It is always darkest just before you turn on the lights.
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