A majority of Americans support changing the mortgage
interest deduction to make it more targeted to middle- and
low-income homeowners, according to a new poll.
Fifty-six percent of those surveyed favor replacing the
mortgage interest deduction with a tax credit that would
provide the same percentage benefit for all households
regardless of income. Sixty-three percent support
capping the size of mortgages for which one can get a tax
break at $500,000.
The poll, conducted in August for the National Low
Income Housing Coalition (NLIHC) by Belden Russonello
Strategists, LLC, surveyed 1,006 adults.
“The mortgage interest deduction is very
popular, but the American people understand that it can be
improved to help more middle- and low-income homeowners. At
the same time, the savings from reform can be used to end
homelessness and create jobs by building more rental homes
that low income families can afford,” said NLIHC
President and CEO Sheila Crowley. “The American
public is ahead of policymakers on this issue. It is time
to enact reforms that will stop the subsidy of
million-dollar houses and use the savings to help middle-
and low-income families who need it most.”
Americans also believe that the housing needs of
Americans are going unmet, according to the NLIHC.
Sixty-eight percent believe that not being able to find
affordable housing is a large or very large national
problem. Sixty-nine percent favor, including 37 percent who
strongly favor, expanding a federal program to build new or
rehab existing homes that low-income people can afford to
rent.