The Tax Reform Act of 1986 eliminated the deduct·ibility of interest payments on consumer d.Wt (mostlycredit cards and auto loans) but maintained thedeductibility of interest payments on mortgages andhome equity loons. What do you think happened tothe :relative amounts of borrowing through consumerdobt and home equity debt?

The Tax Reform Act of 1986 eliminated the deduct·ibility of interest payments on consumer d.Wt (mostlycredit cards and auto loans) but maintained thedeductibility of interest payments on mortgages andhome equity loons. What do you think happened tothe :relative amounts of borrowing through consumerdobt and home equity debt?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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