The Effect of Tax Reform on the Owner-occupied Housing Market PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download The Effect of Tax Reform on the Owner-occupied Housing Market PDF full book. Access full book title The Effect of Tax Reform on the Owner-occupied Housing Market by Todd Michael Sinai. Download full books in PDF and EPUB format.
Author: Todd Michael Sinai
Publisher:
ISBN:
Category :
Languages : en
Pages : 308
Get Book Here
Book Description
Author: Todd Michael Sinai
Publisher:
ISBN:
Category :
Languages : en
Pages : 308
Get Book Here
Book Description
Author: Michael Ball
Publisher:
ISBN:
Category : Home ownership
Languages : en
Pages : 60
Get Book Here
Book Description
Author: Theodore M. Crone
Publisher:
ISBN:
Category : Housing
Languages : en
Pages : 34
Get Book Here
Book Description
Author: Denise DiPasquale
Publisher:
ISBN:
Category : Housing
Languages : en
Pages : 58
Get Book Here
Book Description
Author: John E. Anderson
Publisher:
ISBN:
Category :
Languages : en
Pages : 37
Get Book Here
Book Description
Public policy designed to encourage home ownership has operated primarily through the federal income tax system in the United States. With multiple incentives for home-ownership, the income tax system is the main tool by which the federal government encourages families to become home-owners and accumulate wealth in the form of real estate. Recent policy debate over reform of the tax system has questioned whether a mainstay of this system, the mortgage interest deduction (MID), is the best way to accomplish the stated objective. Last year the President's Advisory Panel on Federal Tax Reform recommended converting the MID into a 15% tax credit subject to regional caps related to median house prices, touching off a vigorous public debate on the importance of the MID. The purpose of this paper is to examine economic implications of that recommendation. We model how switching from the MID to a credit would affect housing finance choices between debt and equity and show how these changes would have changed the tax benefits for various households. Furthermore, we simulate the number of mortgage originations in 2004 (the most recent year which data is available) that would have been subject to the caps in the Panel's recommendation, and we identify the specific urban housing markets that would have been most severely affected. Finally, we conclude with policy discussion of the proposed credit alternative.
Author: Karl E. Case
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 152
Get Book Here
Book Description
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 168
Get Book Here
Book Description
Author: James M. Poterba
Publisher:
ISBN:
Category : Real estate investment
Languages : en
Pages : 28
Get Book Here
Book Description
Author: James R. Follain
Publisher: University Press of America
ISBN:
Category : Real estate investment
Languages : en
Pages : 268
Get Book Here
Book Description
Author: James M. Poterba
Publisher:
ISBN:
Category : Housing
Languages : en
Pages : 64
Get Book Here
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.
