TribLIVE

| USWorld


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

Congress has reasons to keep tax break

Email Newsletters

Click here to sign up for one of our email newsletters.

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.

Subscribe today! Click here for our subscription offers.

 

 


Show commenting policy

Most-Read Nation

  1. House demands details of Taliban detainees swap for Bergdahl
  2. Study a surprise: Commercial bees unfazed by pesticides
  3. 15 buffalo that escaped from farm killed in upstate N.Y.
  4. ‘Organic’ tag on water-raised produce raises ire
  5. Magma chamber spied under Yellowstone volcano
  6. Florida fraternity members spit on disabled veterans at retreat
  7. Hostility at VA lingers, panel told
  8. Unhappiness over plan to unfreeze billions in oil revenue for Iran threatens nuclear bill in Senate
  9. House panel OKs fast-track trade bill
  10. Holder delivers farewell address
  11. Residents guide geese out of town