Zach Hawley Articles

Who Benefits from the Mortgage Interest Deduction?

Wealthy suburbanites.
1:45 PM, Dec 21, 2011

One of the costliest tax deductions in the IRS code is the one that allows homeowners to deduct their mortgage interest from their income. The $477 billion in deductions taxpayers claimed last year (which includes second homes and home equity loans, and covers mortgages up to $1 million) is highly skewed to upper income households concentrated in the suburbs of a few major metropolitan areas and along the coasts.

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