WhyTheHeck

The average American adult owes more than $7000 in revolving debt, at interest rates that would make anybody not in the Tax Refund Anticipation or payday loan businesses gag.   At a 16% interest rate, over six years that debt costs you about the same amount in interest as the principal you owe…but at the end [...]

My bill would allow the withdrawl of a Qualified Savings Plans (401k’s and the like) for the sole purpose of paying off your primary residence mortgage loan. The withddrawl has a 15% long term tax rate for the federal government, no other taxes. No 10% penalty no state tax just the 15% long term capital [...]