Economics @ ITT

The Myth of the Middle Class Mortgage Deduction

Posted in economics, Taxation by ittecon on July 17, 2012

When considering the actual tax savings of the mortgage interest deduction, the benefits to the middle class become even more meager. The average tax savings for households with income between $40,000 and $75,000 is just $152 a year. Thats $12.66 a month. Compare that to the highest earners, those making $200,000 or more, who see an average of $1,862 a year off their tax bills because of the MID benefit.

via The Myth of the Middle Class Mortgage Deduction – Reason.com.

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