Before Ronald Reagan eliminated the deduction back in the early 1980s, Americans could write off the interest paid on credit card debt. With so many middle class people relying on credit cards (especially with the high gas prices) this proposal would be a "home run."
Just think how many people now use credit cards to make ends meet. Many folks are buying time (literally) by using credits cards to pay for gas & groceries. I would imagine with the foreclosure crisis some Americans are probably paying their MORTGAGES with a credit card.
Now let's think about it. Do RICH people carry credit card balances?
I'd wager that most young voters don't even know that at one time interest paid on credit cards was tax deductible.
Now is the time for Barack Obama to propose A RETURN to the tax deduction for interest paid on credit cards.