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Mortgage Interest Deductibility: An Unfair Subsidy for the Rich

The MID is as inequitable as it is inefficient. It is the quintessential “upside-down subsidy: the greater the need, the smaller the subsidy.” It provides 10 times the tax savings for households with income exceeding $250,000 compared to households earning between $40,000 and $75,000. It is effectively worthless for low- and middle-income households, such that repealing it would significantly increase the progressivity of the income tax. Words: 812

March 2nd, 2010 | Posted in Real Estate | Read More »

 

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