Fighting for a U.S. federal budget that prioritizes peace, economic security and shared prosperity
The fact that this [Home Mortgage Interest Deduction] existed did not impact our decision to buy a house, and it did not impact the price we decided we could pay. It was more just like a nice little bonus at the end of the year when we got our check back.Becky from Northampton, MA | Map
...I don’t know that we were typical. We could itemize our deductions, since Philadelphia takes a lot of money out in taxes which we are then able to claim – which kicks us over the threshold of where it makes sense to itemize versus just taking a standard deduction. My brother and his wife own a home valued at about the same as ours was in Philadelphia, and they can’t take advantage of the HMID because they don’t itemize their deductions.
...I think [the home mortgage interest deduction] is benefiting people who probably would buy a house anyway. I would have bought a house anyway. This didn’t factor into it. I don’t think it’s helping people who are just barely able to scrape by get a home.
I don’t like the general idea of [HMID] because I don’t know why the government writes checks to help people with their rent (you know, we have rental assistance programs) but why subsidizing home ownership is hidden in the tax code. I think it’s an inherent unfairness. … Spending through the tax code is so buried, and it’s hard to track – no one sees it. And it’s really hard to change or get rid of. So I also object to the HMID on those grounds.
Stories and opinions presented in Faces of the Federal Budget are those of the individual who submitted them, and are not necessarily the opinions of National Priorities Project. NPP reviews story submissions for appropriateness prior to posting and does not modify content beyond review for spelling and typos.