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Reply #155: High interest rates will hurt [View All]

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customerserviceguy Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-23-10 09:19 PM
Response to Reply #141
155. High interest rates will hurt
much more than they will bring in to Federal tax revenues. Rich people can already avoid getting ordinary interest, they have at least a dozen schemes out there to disguise interest income as some tax-favored other form of income. I used to do taxes as an enrolled agent, I'm pretty aware of this.

A lot of ordinary interest income is generally earned by seniors who often don't have any other taxable income besides a small pension, many of them are in the very lowest tax brackets, if they're taxed at all.
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