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Promoting Wealth Building through Homeownership

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  • Kelly Edmiston
  • Kenneth Spong
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    Abstract

    Current tax policies, while commonly thought to promote homeownership, have generally left low-income homeowners behind other homeowners. Using a number of simplifying assumptions, our estimates of lifetime homeowner tax subsidies suggest that the average homeowner in the lowest-income quintile may receive cumulative tax subsidies that are roughly one-thirteenth the size of those received by someone in the highest-income quintile. From an asset- and wealth-building perspective, the tax system thus places low-income households at a very large disadvantage – both in their quest to become homeowners and in what happens after they achieve homeownership status.

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    File URL: http://indstate.edu/business/NFI/leadership/papers/2012-WP-04_Spong_Edmiston.pdf
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    Bibliographic Info

    Paper provided by Indiana State University, Scott College of Business, Networks Financial Institute in its series NFI Working Papers with number 2012-WP-04.

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    Length: 33 pages
    Date of creation: Jun 2012
    Date of revision:
    Handle: RePEc:nfi:nfiwps:2012-wp-04

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    1. Follain, James R. & Ling, David C., 1991. "The Federal Tax Subsidy to Housing and the Reduced Value of the Mortgage Interest Deduction," National Tax Journal, National Tax Association, vol. 44(2), pages 147-68, June.
    2. Kelly D. Edmiston & Kenneth Spong, 2012. "Tax Incentives for Homeownership and the Provision of Local Public Services," Public Finance Review, , , vol. 40(1), pages 116-144, January.
    3. Green, Richard K. & Vandell, Kerry D., 1999. "Giving households credit: How changes in the U.S. tax code could promote homeownership," Regional Science and Urban Economics, Elsevier, Elsevier, vol. 29(4), pages 419-444, July.
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