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Mortgage tax break skews to the more affluent

69% of the total mortgage interest tax deduction benefit in 2009 went to those making $100K or more.

Mortgage tax break skews to the more affluent

Though the mortgage interest tax deduction is defended as a popular benefit, 69% of the total benefit in 2009 went to filers earning $100,000 or more. As the housing market slumped, the deduction has meant less to fewer taxpayers: in 2007 the breaks totaled $491 billion, but in 2009 it was down to $420 billion, or $11,515 per filer on average.

For a Congressional Budget Office estimate of the revenue boost from a gradual phaseout of the mortgage interest deduction, see today’s infographic. Then join the discussion below: would a phaseout cool interest in homeownership even further?

What do others say?

  • : National Public Radio: “Why does the mortgage interest tax deduction still exist?” More

  • : Tax Policy Center: “Reforming the mortgage interest deduction” More

  • : Cato Institute: “Questioning homeownership as a public policy goal” More

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