U.S. ↔ mortgage interest deduction

Relations (1)

cross_type 2.32 — strongly supporting 4 facts

The mortgage interest deduction is a tax policy implemented within the U.S. that impacts federal revenue [1], disproportionately benefits specific demographic and income groups within the country [2], [3], and is subject to potential reform by the U.S. government [4].

Facts (4)

Sources

The Role of Taxation in Family Inequality: Possibilities for Reform ncfr.org National Council on Family Relations 4 facts

perspectiveTo address inequities in the mortgage interest deduction (MID), the United States government could eliminate the deduction, reform it to allow non-itemizing low- and moderate-income homeowners to claim a portion, or establish a new renter tax credit.

measurementThe mortgage interest deduction (MID) in the United States results in up to $47 billion in foregone federal revenue annually.

measurement84% of the tax reduction from the mortgage interest deduction (MID) in the United States accrues to White households.

measurement79% of the tax reduction from the mortgage interest deduction (MID) in the United States accrues to the top 10% of all earners.