Mortgage deduction
6Mar06:
I read an article today that stated that 30% of USA income tax filers do not take the mortgage deduction, and half of the home owners don’t take it. I would suppose that those are lower income home owners that use the “standard” rather than the “itemized” deduction method.
The deduction itself is regressive. It grants fewer deductions, (both by amounts and by proportion of income) to poorer tax payers. I don’t know if it proportionally grants more or less deductions to wealthier rather than middle income earners.
The President’s (Bush’s) committee for tax simplification concluded that it’s not feasible to significantly and revenue neutrally reduce our income tax rates without eliminating the mortgage deduction.
Please submit your comments regarding this blog.
Respectfully, Supposn
I read an article today that stated that 30% of USA income tax filers do not take the mortgage deduction, and half of the home owners don’t take it. I would suppose that those are lower income home owners that use the “standard” rather than the “itemized” deduction method.
The deduction itself is regressive. It grants fewer deductions, (both by amounts and by proportion of income) to poorer tax payers. I don’t know if it proportionally grants more or less deductions to wealthier rather than middle income earners.
The President’s (Bush’s) committee for tax simplification concluded that it’s not feasible to significantly and revenue neutrally reduce our income tax rates without eliminating the mortgage deduction.
Please submit your comments regarding this blog.
Respectfully, Supposn
posted by supposn at 6:08 AM
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