As the Senate examines existing tax policies as part of its “blank slate” approach to tax reform, and as the House Ways and Means Committee continues its review of the tax code, it is appropriate to keep in mind the importance of the mortgage interest deduction (MID) as a middle-class tax provision that makes it possible for many families to achieve homeownership. It is also useful to review some of the claims against the MID to determine if those claims are valid. Over the past few years, using data from the IRS and the Census Bureau as well as estimates from other sources, we have assessed the validity of these claims.
Claim #1: The wealthy get most of the benefit from the mortgage interest deduction.
Read full article at National Association of Home Builders “Eye on Housing.”