It's ironic that the United States Government is going to raise FDIC from $100,000.00 to $250,000.00. Which makes sense, since the limit has been at $100,000 for roughly 23 years and inflation has to be taken into account, with the cost of payrolls and doing business in 2008 dollars.
But, while you are at it, Mr. Senator and Ms. Representative, why don't you index the Alternative Minimum Tax, which has never been adjusted for inflation and is impacting people it was never intended to. AMT is hurting middle taxpayers today and should be adjusted for inflation, as well.
Finally, there are people in credit trouble who could benefit from elimination of one major flaw in our current Federal tax structure.
Previously, credit card interest was deductible, but it isn't anymore.
But, why is Uncle Sam going after consumers, when hard times it due to credit occurs from aggressive banks and credit card companies?
If a consumer negotiates a reduction of accrued credit card interest, why does Uncle Sam want to tax a piece of the unrealized savings, when zero of the interest expense was not eligible for a tax deduction in the first place?
If the Congress wants to help credit hurt consumers and taxpayers, eliminate all taxes on unrealized gains on accrued interest that are not deductible for tax purposes today. The aggressive banks and credit cards companies have hurt consumers enough, don't take from them when they are already down and struggling. This just appears to be common sense in today's tax structure.
Wake up Uncle Sam!
peace
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