In the News Popular tax break just helps wealthy people buy bigger houses
Today in Ways the United States Tax Code Benefits the Rich: a new study indicates that the politically popular mortgage-interest deduction is useful mostly for helping affluent people buy larger homes.
Most politicians love the mortgage-interest deduction, because it is seen as “promoting home ownership,” which is seen as “promoting the American Dream,” both of which are things assumed to be good until you think about them for a few minutes. Here is the actual outcome of the policy, via the Wall Street Journal:
