Implications of a Mortgage Interest Credit for the United States

IF 0.5 Q4 ECONOMICS

PUBLIC FINANCE REVIEW Pub Date : 2021-07-01 DOI:10.1177/10911421211028821

Austin J. Drukker

引用次数: 1

Abstract

The US mortgage interest deduction (MID) allows homeowners to deduct the interest paid on their mortgages from their federal tax returns, provided that they itemize deductions. Since the benefit depends on a taxpayer’s marginal tax rate, which increases with income, the MID is an “upside-down subsidy” that becomes more valuable for higher-income homeowners. I analyze the implications of converting the US MID to a mortgage interest credit (MIC) and evaluate the effects on federal revenue and the distribution of income. I argue that a MIC could be better targeted at low- and middle-income taxpayers on the margin of homeownership while also being more progressive and less expensive than the current MID.

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抵押贷款利息信贷对美国的影响

美国抵押贷款利息扣除（MID）允许房主从联邦纳税申报单中扣除抵押贷款的利息，前提是他们逐项列出扣除额。由于福利取决于纳税人的边际税率，而边际税率随着收入的增加而增加，MID是一种“倒置补贴”，对高收入房主来说更有价值。我分析了将美国MID转换为抵押贷款利息信贷（MIC）的影响，并评估了对联邦收入和收入分配的影响。我认为，MIC可以更好地针对拥有住房的中低收入纳税人，同时也比目前的MID更进步、更便宜。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

PUBLIC FINANCE REVIEW ECONOMICS-

CiteScore

1.30

自引率

0.00%

发文量

期刊介绍： Public Finance Review is a professional forum devoted to US policy-oriented economic research and theory, which focuses on a variety of allocation, distribution and stabilization functions within the public-sector economy. Economists, policy makers, political scientists, and researchers all rely on Public Finance Review, to bring them the most up-to-date information on the ever changing US public finance system, and to help them put policies and research into action. Public Finance Review not only presents rigorous empirical and theoretical papers on public economic policies, but also examines and critiques their impact and consequences. The journal analyzes the nature and function of evolving US governmental fiscal policies at the national, state and local levels.