Socialists’ Proposed Cap On Credit Card Interest Is A Tax On Poor People

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Denying Credit Access Is Just a Tax on Poor People Individuals not qualifying for credit within government-imposed interest rate limits may pursue illicit lending alternatives at unlawfully high interest rates out of sheer desperation.

Socialist Lawmakers’ Proposed Cap On Credit Card Interest Is A Tax On Poor People People who need higher-priced loans-those with the lowest incomes-will be the ones denied access to the.

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which last year brought in more than $113 billion from credit card fees and interest charged to consumers at average rates that far exceed their proposed cap. “Today’s loan sharks wear expensive suits.

to increase people’s confidence in the country’s banking system and to eliminate bank runs makes sure that if a bank closes or goes bankrupt, all of the bank’s customers will receive their deposits and interest earnings-up to a maximum limit for each person.

Take note, however, the exclusion applies only up to the amount by which you are insolvent. Example: Trisha owed $30,000 in credit card debt, which she settled by paying $5,000. She received a Form 1099-C showing canceled debt income of $25,000 ($30,000 minus $5,000). She had no other debts.

Capital gains tax rate. Ordinary taxpayers pay tax on their earnings at ordinary income tax rates up to 35 percent. The really rich, however, are different from you and me in that they tend to make most of their money via investments instead of standard paychecks – meaning most of their money is taxed at 15 percent.

BRIGHTON, England (Reuters) – Britain’s opposition Labour Party set out plans on Monday to nationalise billions of pounds of privately-funded infrastructure contracts, cap credit card interest charges.

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