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Replace the Mortgage Interest Deduction with a Homeowner Tax Credit

Copyright
2021
Published Date
04/16/2021
Published By
Well Being In the Nation Network

The mortgage interest tax deduction adds up to more than $70 billion annually. This tax deduction tends to benefit higher-income families and white people more than black people. This is because higher home ownership rates in those groups. Seventy percent of this tax deduction goes to the top 20% of earners. Less than two percent goes to the bottom 40% of earners. Fixed, refundable tax credits would reduce the tax benefit of mortgages for higher-income households. These tax credits would maintain or expand the benefits for many lower-income households.

Resources & Tools


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Tax and Regulatory Reform Policy Guide
Resource - Guide/handbook
Published on 04/20/2021

Data & Metrics


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Advancing Equitable Economies Policy Library
Library
Published on 04/20/2021