The Income Tax Treatment of Owner-occupied Housing
Author | : Paul Edward Merz |
Publisher | : |
Total Pages | : 174 |
Release | : 1961 |
Genre | : Housing |
ISBN | : |
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Author | : Paul Edward Merz |
Publisher | : |
Total Pages | : 174 |
Release | : 1961 |
Genre | : Housing |
ISBN | : |
Author | : James R. Follain |
Publisher | : |
Total Pages | : 32 |
Release | : 1993 |
Genre | : Home ownership |
ISBN | : |
Author | : James M. Poterba |
Publisher | : |
Total Pages | : 64 |
Release | : 2008 |
Genre | : Housing |
ISBN | : |
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 | : Krister Andersson |
Publisher | : International Monetary Fund |
Total Pages | : 38 |
Release | : 1990-10-01 |
Genre | : Business & Economics |
ISBN | : 1451948808 |
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 | : Joshua E. Greene |
Publisher | : |
Total Pages | : 100 |
Release | : 1981 |
Genre | : Home ownership |
ISBN | : |
Author | : Larry J. Ozanne |
Publisher | : |
Total Pages | : 51 |
Release | : 2012-12-26 |
Genre | : Home ownership |
ISBN | : 9781457835834 |
Author | : United States. Congress. Joint Committee on Taxation |
Publisher | : |
Total Pages | : 56 |
Release | : 1979 |
Genre | : Housing |
ISBN | : |
Author | : Harvey S. Rosen |
Publisher | : |
Total Pages | : 54 |
Release | : 1983 |
Genre | : Home ownership |
ISBN | : |
Modern empirical work on the choice between renting and owning focuses on the concept of the "user cost" of housing, which integrates into a single measure the various components of housing costs. The standard approach implicitly assumes that households know the user cost of housing with certainty. However, the ex post user cost measure exhibits substantial variability over time, and it is highly unlikely that individuals believe themselves able to forecast these fluctuations with certainty. In this paper, we construct and estimate a model of the tenure choice that explicitly allows for the effects of uncertainty. The results suggest that previous work which ignored uncertainty may have overstated the effects of the income tax system upon the tenure choice.
Author | : Henry J. Aaron |
Publisher | : |
Total Pages | : 24 |
Release | : 1971 |
Genre | : Income tax |
ISBN | : |
Author | : Michael A. Stegman |
Publisher | : |
Total Pages | : 56 |
Release | : 1968 |
Genre | : Housing |
ISBN | : |