Mortgage interest deduction could take a hit

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The Unified Framework proposed by the White House and congressional leaders last month (the so-called Big 6 tax plan) makes the mortgage deduction irrelevant for all but a small fraction of home owners, tax expert Len Burman explains in a blog.

Burman, cofounder of the Urban-Brookings Tax Policy Center, estimates that only 4% of households would claim the deduction, down from 21% under current law. The effective subsidy rate (tax savings as a percentage of mortgage interest) for those who still claim the MID would fall by nearly half.

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