Who actually pockets the tax code’s
generous subsidies to homeowners? When the joint tax committee examined
distribution of mortgage interest preferences during 2004, it found that people
in the very highest income bracket, with $200,000 in annual incomes and above,
represented less than one-half of 1 percent of homeowners who took mortgage
interest deductions. But they received 22 percent of the $70.2 billion in
mortgage interest tax write-offs that year.
That shouldn’t be shocking.
After all, those homeowners tend to pay the biggest mortgage bills, and are in
the highest tax brackets, where deductions provide heftier
Sort of a no-brainer,
but nice to see it in print (especially in the WP!) Watch this carefully, folks,
Just because the NAR believes we have won this battle for now
does not mean that it is over!