Income Tax Provisions Affecting Owner-occupied Housing PDF Download
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Author: James M. Poterba
Publisher:
ISBN:
Category : Housing
Languages : en
Pages : 64
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Book Description
The mortgage interest deduction, the property tax deduction, the unique treatment of capital gains on owner-occupied homes, and the absence of taxation on imputed rent from owner-occupied homes all influence the effective cost of housing services. They also affect federal income tax revenues and the distribution of income tax liabilities. We draw on household-level data from the 2004 Survey of Consumer Finances to analyze how several potential reforms would affect incentives for housing consumption as well as the distribution of income tax burdens. Our analysis recognizes that changing the mortgage interest deduction would induce changes in household financial behavior. We estimate that repealing the mortgage interest deduction in 2003 would have raised income tax revenues by $72.4 billion in the absence of any portfolio adjustments, but by only $61.9 billion if homeowners responded by drawing down a limited set of financial assets to partially replace their mortgage debt. The revenue effects of changing the property tax deduction similarly depend on how state and local governments alter their mix of revenue instruments in response to federal tax reform. Our results underscore the importance of recognizing behavioral responses when calculating the revenue costs of income tax provisions relating to owner-occupied housing.
Author: James M. Poterba
Publisher:
ISBN:
Category : Housing
Languages : en
Pages : 64
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Book Description
The mortgage interest deduction, the property tax deduction, the unique treatment of capital gains on owner-occupied homes, and the absence of taxation on imputed rent from owner-occupied homes all influence the effective cost of housing services. They also affect federal income tax revenues and the distribution of income tax liabilities. We draw on household-level data from the 2004 Survey of Consumer Finances to analyze how several potential reforms would affect incentives for housing consumption as well as the distribution of income tax burdens. Our analysis recognizes that changing the mortgage interest deduction would induce changes in household financial behavior. We estimate that repealing the mortgage interest deduction in 2003 would have raised income tax revenues by $72.4 billion in the absence of any portfolio adjustments, but by only $61.9 billion if homeowners responded by drawing down a limited set of financial assets to partially replace their mortgage debt. The revenue effects of changing the property tax deduction similarly depend on how state and local governments alter their mix of revenue instruments in response to federal tax reform. Our results underscore the importance of recognizing behavioral responses when calculating the revenue costs of income tax provisions relating to owner-occupied housing.
Author: United States. Internal Revenue Service
Publisher:
ISBN:
Category : Income averaging
Languages : en
Pages : 8
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Book Description
Author: Joshua E. Greene
Publisher:
ISBN:
Category : Home ownership
Languages : en
Pages : 100
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Book Description
Author:
Publisher: Congress
ISBN:
Category : Law
Languages : en
Pages : 144
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Book Description
Author: Bill Archer
Publisher: DIANE Publishing
ISBN: 078818511X
Category :
Languages : en
Pages : 142
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Book Description
Describes 1997 law and various tax restructuring proposals with respect to individuals and families, and provides an analysis of issues relating to tax restructuring and the impact on individuals and families. Provides a description of present-law provisions relating to the individual income tax, payroll taxes, estate and gift taxes, and certain excise taxes. Describes the proposed tax restructuring alternatives. Analyzes issues relating to tax restructuring proposals and the taxation of individuals and families. Provides data on the marriage penalty or bonus under the Fed. income tax, and data on income and payroll tax liabilities of median income families.
Author: United States. Congress. Joint Committee on Taxation
Publisher: Joint Committee on Taxation
ISBN:
Category : Business & Economics
Languages : en
Pages : 532
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Book Description
NOTE: NO FURTHER DISCOUNT FOR THIS PRINT PRODUCT--OVERSTOCK SALE -- Significantly reduced list price This document, prepared by the staff of the Joint Committee on Taxation, provides a description and analysis of the revenue provisions modifying the Internal Revenue Code of 1986 (the "Code") that are contained in the President's fiscal year 2011 budget proposal, as submitted to the Congress on February 2010. The document generally follows the order of the proposals as included in the Department of the Treasury's explanation of the President's budget proposal. For each provision, there is a description of present law and the proposal (including effective date), a reference to relevant prior budget proposals or recent legislative action, and an analysis of policy issues related to the proposal.
Author: Joyce Yanyun Man
Publisher: Lincoln Inst of Land Policy
ISBN: 9781558442115
Category : Political Science
Languages : en
Pages : 260
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Book Description
This in-depth volume explains China's residential construction boom and reviews how some established trends are likely to challenge its housing market in coming years. It draws on household surveys and public data in China and provides important lessons about housing policy for China and other countries.
Author:
Publisher:
ISBN:
Category : Capital gains tax
Languages : en
Pages : 20
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Book Description
Author: D.E. Fair
Publisher: Springer Science & Business Media
ISBN: 9401126283
Category : Business & Economics
Languages : en
Pages : 437
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Book Description
The papers collected in this volume are those presented at the sixteenth Colloquium arranged by the Societe Universitaire Europeenne de Re cherches Financieres (SUERF), which took place in Lisbon in May 1991. The Society is supported by a large number of central banks and commer cial banks, by other financial and business institutions, and by personal subscriptions from academics and others interested in monetary and financial problems. Since its establishment in 1963, it has developed as a forum for the exchange of information, research results and ideas among academics and practitioners in these fields, including central bank officials and civil servants responsible for formulating and applying monetary and financial policies, national and international. A major activity of SUERF is to organise and conduct Colloquia on subjects of topical interest to its members. The titles, places and dates of previous Colloquia for which volumes of the collected papers were published are noted on the last page of this volume. Volumes were not produced for Colloquia held at Tarragona, Spain in October 1970 under the title 'Monetary Policy and New Developments in Banking' and at Strasbourg, France in January 1972 under the title 'Aspects of European Monetary Union'.
Author: United States. Congress. House. Committee on Ways and Means
Publisher:
ISBN:
Category : Income tax
Languages : en
Pages : 1058
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Book Description
