Income Tax Provisions Affecting Owner Occupied Housing PDF Download
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Author | : James M. Poterba |
Publisher | : |
Total Pages | : 64 |
Release | : 2008 |
Genre | : Housing |
ISBN | : |
Download Income Tax Provisions Affecting Owner-occupied Housing Book in PDF, ePub and Kindle
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 | : Joshua E. Greene |
Publisher | : |
Total Pages | : 104 |
Release | : 1981 |
Genre | : Home ownership |
ISBN | : |
Download The Tax Treatment of Homeownership Book in PDF, ePub and Kindle
Author | : Paul Edward Merz |
Publisher | : |
Total Pages | : 174 |
Release | : 1961 |
Genre | : Housing |
ISBN | : |
Download The Income Tax Treatment of Owner-occupied Housing Book in PDF, ePub and Kindle
Author | : Richard K. Green |
Publisher | : |
Total Pages | : 27 |
Release | : 1995 |
Genre | : Home ownership |
ISBN | : |
Download Increasing Homeownership Opportunities Through Modification of the IRS Rules Affecting Owner-occupied Housing Book in PDF, ePub and Kindle
Author | : Krister Andersson |
Publisher | : International Monetary Fund |
Total Pages | : 38 |
Release | : 1990-10-01 |
Genre | : Business & Economics |
ISBN | : 1451948808 |
Download Investment in Housing in the United States Book in PDF, ePub and Kindle
It is well known that the preferential tax treatment of housing induces an inefficient allocation of saving and investment. This paper analyzes, in a portfolio framework, how eliminating the deductibility of mortgage interest payments for federal income tax purposes might affect investment in housing. Expected rate of return and risk is estimated for three assets, bonds, housing, and stocks. The possibility that assets are imperfect substitutes is explicitly recognized in one section of the paper. The model suggests that the share of housing is likely to decrease by 4 to 9 percentage points if mortgage interest payments are not deductible. This may call for careful phasing of the change in policy.
Author | : Patric H. Hendershott |
Publisher | : |
Total Pages | : 42 |
Release | : 1982 |
Genre | : Capital levy |
ISBN | : |
Download Taxes and the User Cost of Capital for Owner-occupied Housing Book in PDF, ePub and Kindle
Owner-occupied housing is said to be favored in the tax code because mortgage interest and property taxes can be deducted in the computation of one's income tax base in spite of the fact that the returns from owner- occupied housing = not taxed. The special tax treatment reduces the user cost of capital for owner-occupied homing. The issue treated in this paper is the measurement of the tax rate to be employed in the user cost calculations. It is argued that different tax rates am appropriate for the tenure choice and quantity-demanded decisions, and that these values depend on the detailed tax position of the household and the method of finance. Average 1977 tax rates for households in different income ranges are calculated using the NBER TAXSIM microeconomic data file on individual tax returns.
Author | : Richard E. Slitor |
Publisher | : |
Total Pages | : 176 |
Release | : 1968 |
Genre | : Cities and towns |
ISBN | : |
Download The Federal Income Tax in Relation to Housing Book in PDF, ePub and Kindle
Author | : Harvey S. Rosen |
Publisher | : |
Total Pages | : 102 |
Release | : 1983 |
Genre | : Housing policy |
ISBN | : |
Download Housing Subsidies Book in PDF, ePub and Kindle
This paper surveys the effects of two of the most important federal policies toward housing: the "implicit subsidy" for owner-occupied housing in the income tax code, and the provision of housing for low income families at rents below cost. Emphasis is placed on the methodological problems that arise in attempts to assess the efficiency and distributive implications of these programs. Section 1 critically discusses the rationalization for a government housing policy. Section 2 investigates the econometric problems associated with estimating the effects of government policy upon housing decisions. The federal tax treatment of owner-occupation and how it affects the cost and demand for homeownership are discussed in Section 3. In Section 4, the positive and normative implications of U.S. policies for low income housing are evaluated. The conclusion notes that the policies under concern have led to a greater than efficient amount of housing consumption, and have on net probablyl ed to a more unequal distribution of income
Author | : Michael A. Stegman |
Publisher | : |
Total Pages | : 56 |
Release | : 1968 |
Genre | : Housing |
ISBN | : |
Download Variations in Property Taxes and Investment in Owner-occupied Housing Book in PDF, ePub and Kindle
Author | : D.E. Fair |
Publisher | : Springer Science & Business Media |
Total Pages | : 437 |
Release | : 2012-12-06 |
Genre | : Business & Economics |
ISBN | : 9401126283 |
Download Fiscal Policy, Taxation and the Financial System in an Increasingly Integrated Europe Book in PDF, ePub and Kindle
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'.