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. Boy with fake gun shot by officer dies
  2. Ohio dairy farmers cashing in on gas well boom
  3. Vatican prosecutor did not report abusive Catholic priest
  4. Tension, anxiety mount in Ferguson as grand jury ruling awaited
  5. 32 horses killed in stable fire near Chicago
  6. Florida man who ambushed police held anti-government beliefs
  7. Report: College judicial boards work secretively
  8. Nevada speaker-elect steps down amid criticism
  9. Tufts center study: It costs $2.6B to get drug to market
  10. Admiral denies role in counterfeiting casino chips
  11. Graham rejects GOP Benghazi report as ‘garbage’
Subscribe today! Click here for our subscription offers.