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. Georgia prosecutor Yates tapped for No. 2 post in Justice Department
  2. Police: NYC cop killer invited people to watch shooting
  3. New York farmers lament lost opportunity for natural gas riches with fracking ban
  4. Florida officer slain; 1 charged
  5. Coal mines near record low in worker deaths
  6. Obama fires back on foreign policy on Cuba, Russia
  7. Veteran NBC newsman Brokaw says his cancer is in remission
  8. New York City subways slowly upgrading from 1930s-era technology
  9. IBM’s Watson supercomputing system to be applied to PTSD
  10. Tent city sprouts in shadow of downtown Detroit
  11. WikiLeaks releases purported CIA documents on operatives’ travel
Subscribe today! Click here for our subscription offers.