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Federal Budget and Economy

How the TCJA Affected the Housing Market

March 30, 2022 –

When the Tax Cuts and Jobs Act (TCJA) was enacted, critics claimed that reducing the tax subsidy for mortgage interest would hurt home values ...

Individual Taxes

Key Questions Biden Will Need to Answer About His First-Time Down Payment Tax Credit

November 30, 2020 –

There are many benefits to a first-time homebuyer tax credit, such as the one proposed by President-elect Joe Biden. However, the transition from the...

Biden’s First-Time Homebuyer Tax Credit Is A Big Improvement Over The Mortgage Interest Deduction

October 22, 2020 –

A $15,000 tax credit to help new homebuyers with their down payment is a significant improvement over today’s primary subsidy for homeowners.

Individual Taxes

How Would Paydown Affect The Reform Of Home Mortgage Interest Deduction?

July 21, 2020 –

Reforming the mortgage interest deduction (MID) could raise federal tax revenue and make the tax system more progressive. But some taxpayers, especially those with high...

State and Local Issues

Critics Argue The Property Tax Is Unfair. Do They Have A Point?

March 9, 2020 –

Last month, an Idaho lawmaker called the property tax “ inherently evil ” and suggested the state repeal it and replace the foregone revenue with...

How Income Taxes Interact With Racial Disparities

January 30, 2020 –

Because the IRS does not ask for a tax filer’s race or ethnicity on tax forms, examining the relationship between race and the tax system...

Tax Expenditures Feature

TPC Launches A New Resource For Understanding Tax Expenditures

January 28, 2020 –

Would you be surprised to learn that in addition to the $1.3 trillion the federal government will spend on Medicare, Medicaid , and related health...

The Tax Cuts And Jobs Act Reduced Tax Expenditures But By Much Less Than The 1986 Tax Reform Act

December 10, 2019 –

For years, tax reformers have advocated reducing marginal tax rates, broadening the tax base, and eliminating provisions that provide special benefits to select forms of...

Homeowners, Can You Pay Down Mortgage Debt Through Asset Rebalancing?

November 20, 2019 –

Several changes in the Tax Cuts and Jobs Act (TCJA) significantly reduce the tax benefits of taking out a home mortgage (though these changes are...

The TCJA’s Cap On Mortgage Interest Deductions Tells Us That Taxes Matter, Up To A Point

September 13, 2019 –

When Congress passed the Tax Cuts and Jobs Act in December of 2017, it made a number of changes to the individual income tax (almost...