According to a 1989 study prepared by John Savacool for The WEFA Group of Bala Cynwyd, Pennsylvania, a loss of the mortgage interest deduction
would devastate the private housing sector and a weaken the entire American economy.
The geographic concentration in areas where property values and incomes tend to be higher is not surprising given the current structure of the mortgage interest deduction
Though the mortgage interest deduction
is the primary reason that taxpayers become itemizers, critics have unfairly attacked it as a tax loophole (despite the fact that more than 33 million households claim it) and a subsidy to the rich.
Change the Mortgage Interest Deduction
to a Tax Credit Targeted to Those Who Need It Most
68 percent of voters would oppose eliminating or reducing tax deductions such as the mortgage interest deduction
in exchange for a lower federal income tax rate if it meant that their final tax bill would be higher.
71 percent of voters oppose proposals to eliminate the mortgage interest deduction
, and 63 percent oppose efforts to reduce it.
In fact, the mortgage interest deduction
is the biggest personal tax deduction available to taxpayers.
Moran offered a balanced approach to the hearing, which explored in depth the advisability, and political will, to trim existing homeownership incentives, such as the mortgage interest deduction
But what I found troubling was that certain members of the Legislature wanted to go after the home mortgage interest deduction
On their 2005 joint federal income tax return, the Normans claimed an $88,507 home mortgage interest deduction
with respect to the Yorkshire property.
But what's arguably most important to the cap rate debate will be the fate of the home mortgage interest deduction
The mortgage interest deduction
was a principal concession--a feature of the tax system since 1913, it took on new importance as homeownership soared in the postwar era.