Arun Sahadeo wrote to All <=-

Why did the Tax Reform Act of 1986 remove the tax deduction for
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.
___ MultiMail/Linux v0.52

--- Mystic BBS/QWK v1.12 A47 2021/12/25 (Windows/32)
* Origin: cold fusion - cfbbs.net - grand rapids, mi (1:120/616)