Detail An examination of tax expenditures for mortgage indebtedness: a policy analysis   Oleh:  Pilato, Biagio ; Silliman, Benjamin Rue Jenis: Article from Proceeding Dalam koleksi: American Society of Business and Behavioral Sciences (ASBBS) Proceedings: Feb 2014; Vol. 21 (1), page 531-540. Fulltext: 49 - ASBBS 2014 - p531.pdf (468.98KB) Isi artikel Given the challenges that consumers have been facing since 2009 in securing mortgage indebtedness, as well as in securing re-financing on existing residential mortgages due to the Credit Crisis, one of the central driving benefits realized by taxpayers who own residential real estate is the home mortgage deduction under Internal Revenue Code (IRC) §163 (h)(3). The home mortgage interest deduction is one of the largest tax expenditures in the Code (Howard, 1997). The purpose of this paper is to examine the mortgage interest deduction by examining the expenditure use ratio, a brief overview of the legislative history, the challenges to the deduction during the Tax Reform Act of 1986 debate, the arguments for repealing the deduction for second residences, and some prominent tax proposals to convert the home interest deductibility into a tax credit (National Commission on Fiscal Responsibility and Reform, 2010; President's Advisory Panel, 2005). As Congress begins to grapple with ways to raise revenues and clean up the U.S. Tax Code, this paper will make the arguments for and against placing additional limitations on deductibility of mortgage interest of primary residences as well as arguing for the repeal of deductibility of interest on second residences. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

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