The Mortgage Interest Deduction And The U.S. Housing Market

The Mortgage Interest Deduction And The U.S. Housing Market

The mortgage interest deduction is a key factor in many household budgets and the overall housing market. Who would be hurt and who would be helped if Congress changes the rules.

President Barack Obama seems to be, so far, holding firm on his campaign pledge to raise tax rates for those with taxable income above $250,000, but he has also not ruled out reducing or eliminating longstanding tax breaks including the mortgage interest deduction. It’s been in effect for almost a century, and now costs about $100 billion a year in lost tax revenues. For many upper income tax payers, its benefit is clear, and it’s also believed to encourage home ownership. Please join us to discuss who the mortgage interest deduction helps, who it hurts and what would change if the rules were modified.

Guests

Seth Hanlon

director of fiscal reform at the Center for American Progress.

Lawrence Yun

chief economist of the National Association of Realtors.

Eric Toder

fellow at the Urban Institute and co-director of the Urban-Brookings Tax Policy Center.

Ed Pinto

resident fellow at the American Enterprise Institute and former executive vice president and chief credit officer for Fannie Mae.

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