TribLIVE

| USWorld


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Congress has reasons to keep tax break

Daily Photo Galleries

By Bloomberg News
Tuesday, July 23, 2013, 6:06 p.m.
 

Congress has reasons to keep tax break

WASHINGTON — Only a small percentage of taxpayers benefit from the ability to deduct mortgage interest on a second home. That group just happens to include many of the people who craft the nation's tax laws.

Members of the congressional tax-writing committees are eight times more likely than the average American to own a second home with a mortgage, casting doubt on their eagerness to curb the tax break, according to data compiled by Bloomberg.

Lawmakers are an ideal market for second homes: They're wealthier than the typical person and they live and work in two places — their home states and Washington. That will shape their approach to revising the tax code, said Bill Allison, editorial director of the Sunlight Foundation in Washington, which promotes government transparency.

“What you end up seeing out of Washington is a real disconnect between how Congress lives in Washington as one of the most affluent areas now, and how the rest of the country lives,” Allison said.

 

 
 


Show commenting policy

Most-Read Nation

  1. Scathing report says college trustees fail in mission
  2. White House ricochets in nonprofits’ birth control coverage fray
  3. NASA expected to hire private rocket
  4. U.S. could have done better, says brother of slain journalist
  5. Ferguson residents fear return of rioting, looting
  6. His murder-arson conviction overturned, man walks free 24 years later
  7. Reid apologizes for jokes at Asian business event
  8. Daughters more diligent than sons about elder care, study says
  9. Hackers hit 25,000 government workers
  10. Kentucky firefighters recovering from ice stunt shocks
  11. Retailers warned about software
Subscribe today! Click here for our subscription offers.