Open AccessHistorical Federalist Perspective On The Home Mortgage Interest Deduction For Federal Income Tax
Author(s) -
Dennis S. Ortiz
Publication year - 2010
Publication title -
journal of business and economics research
Language(s) - English
Resource type - Journals
eISSN - 2157-8893
pISSN - 1542-4448
DOI - 10.19030/jber.v8i6.738
Subject(s) - federalist , tax reform , economics , perspective (graphical) , public economics , state income tax , law and economics , politics , tax deduction , ad valorem tax , indirect tax , accounting , gross income , political science , law , computer science , artificial intelligence
This paper contributes to the on-going federal income tax debate by bringing to light the consequences of the tax laws and regulations under which our economic system operated during the post-Regan era. Specifically, this study offers a federalist perspective on one of the largest personal federal tax expenditures - the deduction for home mortgage interest (HMI). Discussion also includes background, current status, and proposed changes to the tax code for of the HMI deduction. This paper analyzes current national political rhetoric from a federalist perspective (i.e., with consideration given to the right of states to equal treatment). The distribution of the HMI deduction tax benefit between states is introduced here as a possible missing consideration in the national level political debate that dominates current discussion of the HMI deduction.