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• W1515390080 abstract "ABSTRACT The purpose of this paper is to propose a home mortgage interest credit (HMIC) as an alternative to the current home mortgage interest deduction (HMID). The proposed HMIC will encourage homeownership among lower income taxpayers and create a more equitable distribution of tax benefits. We use simulated tax returns for taxpayers at the 20th, 40th, 60th, 80th, and 95th percentiles of 1999 household income to show the effect of the proposed HMIC and the current HMID on taxpayers at different income levels. We show that the HMID provides very little tax benefit to lower- and middle-income households. The majority of the tax benefit goes to taxpayers above the 80th percentile of household income. A 20 percent HMIC would leave all but the highest income taxpayers better off, and the tax benefits to lower- and middle-income households would make homeownership a more affordable option. INTRODUCTION The U.S. Department of Housing and Urban Development (HUD) recently submitted its Strategic Plan for FY 2000 - FY 2006 to Congress. In this document, HUD reports that while the United States is currently enjoying the longest economic expansion in its history, the availability of affordable housing has actually decreased in recent years (FY 2000-FY2006 Strategic Plan). This shortage of affordable housing primarily affects very -low-income (family income of less than 30 percent of the area median) and low-income (family income of less than 50 percent of the area median) families. This affordability also appears to be moving up the income scale. Stegman, et al. (2000) suggest that this critical housing problem increased by 17 percent among working families between 1995 and 1997. They suggest that not only is this a threat to the families involved, but also to the communities in which they live. For instance, the inability of middle-class working families to obtain affordable housing might cost a community a substantial number of its policemen, firemen, and teachers over time. Among its other responses to this problem, HUD has called for an increase in national homeownership rates from 67.2 percent in the second quarter of 2000 to 70 percent in 2006 (FY 2000-FY2006 Strategic Plan). HUD hopes to accomplish this goal by reducing the homeownership gap between minorities and non-minorities (by 15 percent) and between higher-income and lower-income householders (by 25 percent). Historically, one method used by Congress to increase housing affordability (and thus homeownership rates) has been to provide various subsidies to homeowners through the Internal Revenue Code (IRC). Examples of these subsidies including the home mortgage interest deduction (HMID), the deduction for state and local property taxes, and since May, 1997, an exclusion of any capital gains on the sale of a personal residence for all but the wealthiest of taxpayers. Green and Vandell (1996) suggest that two basic justifications are commonly cited as public-policy grounds for these types of tax subsidies for homeownership. The first is based on the theory that an increase in homeownership will result in an increase in household wealth accumulation over time. This increase in household wealth, in turn, should produce a number of positive benefits for the overall economy. The second is based on the theory that an increase in homeownership will result in greater neighborhood stability and upkeep. It is assumed that owners take better care of their homes than renters (it is the owner's investment) and tend to stay in their homes longer. Such long-term stakeholders will presumably take the necessary action to maintain property values and the standard of living in such neighborhoods. This article focuses on one of these tax subsidies: the HMID. We report findings suggesting that the changes made by the Tax Reform Act of 1986 (TRA86) resulted in a HMID that is not equitably distributed among taxpayers. Worse yet, the HMID has become worthless to most, if not all, lower-income taxpayers. …" @default.
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• W1515390080 date "2004-01-01" @default.
• W1515390080 modified "2023-09-24" @default.
• W1515390080 title "The Tax Reform Act of 1986 and the Housing Affordability Crisis: Is It Time for a Home Mortgage Interest Credit?" @default.
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