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The Distributional And Revenue Consequences Of Reforming The Mortgage Interest Deduction

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  • Cole, Adam J.
  • Gee, Geoffrey
  • Turner, Nicholas
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    Abstract

    The mortgage interest deduction (MID) is costly, and half the benefits accrue to the top 10 percent of taxpayers. This paper analyzes how five modifications to the MID would affect federal individual income tax revenue and the distribution of the tax burden. Under full repeal, federal individual income tax revenue is estimated to increase by up to $1.3 trillion, equal to 0.7 percent of GDP, between 2012 and 2021. Converting the deduction to a 15 percent non-refundable credit could increase federal individual income tax revenue by up to $599 billion, equal to 0.3 percent of GDP, over this period.

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    Bibliographic Info

    Article provided by National Tax Association in its journal National Tax Journal.

    Volume (Year): 64 (2011)
    Issue (Month): 4 (December)
    Pages: 977-1000

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    Handle: RePEc:ntj:journl:v:64:y:2011:i:4:p:977-1000

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    1. Christian A. L. Hilber & Tracy M. Turner, 2010. "The Mortgage Interest Deduction and its Impact on Homeownership Decisions," SERC Discussion Papers 0055, Spatial Economics Research Centre, LSE.
    2. Hendershott, Patric H. & Pryce, Gwilym, 2006. "The sensitivity of homeowner leverage to the deductibility of home mortgage interest," Journal of Urban Economics, Elsevier, vol. 60(1), pages 50-68, July.
    3. Martin Gervais & Manish Pandey, 2005. "Who Cares about Mortgage Interest Deductibility?," University of Western Ontario, Economic Policy Research Institute Working Papers 20059, University of Western Ontario, Economic Policy Research Institute.
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