Ce Digital Ce ? sta-0002 ta, ECON 2304-Summer 2018 Home Discussion The Design of

Question

Ce Digital Ce ? sta-0002 ta, ECON 2304-Summer 2018 Home Discussion The Design of the Tax System: Algorithmic End of Chapter Graded Assignment | Read Chapter 12 | Back to Assignment Due Sunday 07 29.18 at 1145 PM Attempts: Keep the Highest:1 6. Problems and Applications Q6 The Tax Reform Act of 1986 eliminated the deductibility of interest payments on consumer debt: (mostly credit cards and auto loans) but maintained the deductibility of interest payments on mortgages and home equity loans. True or False: As a result of this tax reform, consumer debt increased and home equity debt decreased. O True ? False

Explanation / Answer

ANSWER:

The correct answer is false as this act eliminated the deductibaility of interest payments on consumer debt but deductibility of interest payments on mortgages and home equity loans was maintained and as a result consumer debt decreased and home equity debt increased.

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