Tax Policy Center

mortgage interest deduction

: TaxVox
The Senate may soon send that retroactive tax-break bill to the President. The House passed it last week, and the Senate is expected to take up the measure this week. The House version would revive 50+ expired tax breaks only through the end of 2014. Tax Analysts reports that Dave Reichert, the
December 8, 2014Renu Zaretsky
Campaigns, Proposals, and Reforms: TaxVox
Unlike many previous Republican proposals to cut taxes, the Michigan congressman specifies how government would pay for them. This is critical, but it's not pretty. On Wednesday, U.S. Rep. Dave Camp (R-Mich.), chairman of the House Ways and Means Committee, unveiled an ambitious plan to overhaul
February 28, 2014William G. Gale
Federal Budget and Economy: TaxVox
Tax expenditures for homeownership, such as deductions for mortgage interest and property taxes and the partial exclusion for capital gains on the sale of a primary residence, have long been recognized as ineffective, regressive, and extraordinarily expensive —costing $121 billion in 2013 alone.
January 6, 2014Benjamin H. Harris
Individual Taxes: TaxVox
Who benefits from the tax credits, deductions and exclusions that have become such an integral part of the modern tax code? Nearly all of us. And that’s why any tax reform that eliminates or scales back many of these preferences in return for lower tax rates is so hard to do. The Tax Policy Center
December 19, 2013Howard Gleckman
Individual Taxes: TaxVox
Over the past week, Washington has been filled with news about tax reform—some reflecting necessary but painful truths and some just bad. In no particular order, here is where reform stands as Congress leaves town for its extended summer vacation: Big rates cuts are very expensive. The
August 6, 2013Howard Gleckman
Federal Budget and Economy: TaxVox
Max Baucus and Dave Camp, leaders of the Senate and House tax-writing committees, are on the road promoting tax simplification. One goal: cleaning out the mess of deductions, exclusions, credits, and other tax breaks that complicate the code. Done well, such house cleaning could make for a simpler
July 8, 2013Donald Marron
Individual Taxes: TaxVox
Two interesting new papers from the Congressional Research Service highlight a major challenge faced by any tax reform that reduces itemized deductions to help pay for lower tax rates—lots of middle-income people would lose at least some benefits from scaling back those deductions. It isn’t a new
May 28, 2013Howard Gleckman
Individual Taxes: TaxVox
It has become conventional wisdom in Washington that the just-announced retirement of Senate Finance Committee Chairman Max Baucus (D-MT) boosts chances for tax reform in the short term. I’m not so sure. The upbeat argument goes like this: By announcing that he will not run for reelection in 2014,
April 25, 2013Howard Gleckman
Federal Budget and Economy: TaxVox
Housing industry lobbyists often make the case that, whatever you think of the mortgage interest deduction, now would be a terrible time to eliminate or restructure the subsidy . After all, they say, the housing market remains so shaky that ending the deduction would send home prices back into a
March 28, 2013Howard Gleckman
Campaigns, Proposals, and Reforms: TaxVox
House Budget Committee Chair Paul Ryan (R-WI) has proposed a controversial plan to balance the budget in 10 years , entirely by cutting planned spending by $4.6 trillion. While Ryan includes lots of specific spending cuts, his tax agenda is far less clear. In some respects, the former GOP vice
March 12, 2013Howard Gleckman