WWL>Topics>>3-25 9:10am Tommy, mortgage deduction changes?

3-25 9:10am Tommy, mortgage deduction changes?

Mar 25, 2014|

Tommy talks to Andrew Hanson, a Prof. of Economics at Marquette & an Associate Fellow at the R Street Institute, about whether the mortgage interest deduction is helpful or hurtful

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Automatically Generated Transcript (may not be 100% accurate)

Andrew Hanson right now an associate professor. Of economics said mark had an associate professor of fellow I think in the Austrian institute good morning professor. Morning I'll be feeling better understanding -- health trouble. I had -- we're doing well off aren't here today. Hang in and it's -- tell me what your study showed as far as. The home enters the home mortgage interest deduction and who would really benefits and I guess affects the economy as well. I'm not sure who will work on these are actually is that. Almost all the benefit from the very generous tax policy. Accrue to those who are earning over a 100000 dollars a year and living basically in suburbs a large I'm metro area. And just be clear it's not limited to an income level which is that's what you found. It benefits most from a. It pretty clear in the policy on the rules of it are not limited and anyway that's just the way that. The tax code and the working document that benefits -- So if you -- -- it make if if you make 70000 miles a year and you buy a 140000. Dollar house. You're -- in the interest deduction that you're gonna get is not gonna help -- out that much. Well now. Cup you know that mark to market Tokyo at all there's something called standard deduction note and -- reduction in the eating so much. That among them that -- -- tax situation even though that you rate talent the fire and say hey -- that much interest. It actually turned out with that introduction at Morgan itemized deduction for the and that just getting into production. How did we -- to have this initially -- professor I would come they have. You the home mortgage interest deductible how did that happen. Well it's actually an artifact from the ways how the tax code worked for -- it's an option which is that all interest deductible car. And then attacks are foreign you know eventually get -- of mobile all other types of interest and then that really happened. First and final area and 86 tax reform bill sort of the last one Indians. Mortgage interest. Get the ball. Was that an economic decision -- political decision in your opinion. I can't see how I am not a reason not about political 20 not too sure. Because wing -- there's going to add that into that -- when it comes a home. You mortgage interest and you come out something that is. -- at least you may have heard me talk about the way I was raised that was drilled in a lot of people's heads that. You know if you rent you're throwing away money if you buy. You have equity in -- at the tax deduction. Com anything you on a professor and started to deliberately connecting with yet anything that the study showed that that you'd like to share. Chuckle when the important important -- people at the net production but it actually related to ownership rates and actual findings by the year. And gen Iraq at the benefit is not related to ownership great but it's related to that the either on the people that and -- -- -- -- Larger home to not go from -- to only the result of deduction. Interesting thank you professor I -- I enjoyed talking Indians are we were so rushed.