As income? It would have to be a much much lower rate than that. And how would you make sure this doesn’t harm middle and lower class borrowers? Mortgages, car financing, home improvement, debt consolidation loans, etc? Normal people get loans too. It would make homeownership completely impossible for anyone not a multimillionaire.
So if you get a loan for 100k, and pay back 100k + interest, what are you taxed on?
The 100k loan
As income? It would have to be a much much lower rate than that. And how would you make sure this doesn’t harm middle and lower class borrowers? Mortgages, car financing, home improvement, debt consolidation loans, etc? Normal people get loans too. It would make homeownership completely impossible for anyone not a multimillionaire.
I literally said in the thing that primary residence mortgages and primary vehicle car loans would be exempt.
Are you actually reading anything I posted here or are you just trying to sealion for the billionaires?