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

This video uses a simple analogy to describe how the average American is throwing away their money to the credit card companies. Visit for more information on credit card debt.

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Paying credit card interest on basic living expenses like food and clothing only makes it harder to live within your means, and is shifting from a tax on the poor to a tax on the. start to budget.

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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.

Cuba taxes about the same amount as Canada. "Cuba has a high income tax rate of 50 percent. The top corporate tax rate is 30 percent (35 percent for companies with entirely foreign capital). In the most recent year, tax revenue as a percentage of GDP was 44.8 percent.

The person paying 20 percent interest on a $10,000 car loan will pay $900 more each year on a 5-year loan compared to the person paying an interest rate of 5 percent on that same loan amount.

We must cap interest rates on consumer loans and credit cards. lower-income people with less stable finances. In essence, Sanders is proud of having eliminated useful financial tools for the poor.

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