Word: mortgagees
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To figure out the answer, we might look to an existing one: the mortgage-interest tax deduction. Each year we give up some $80 billion in tax revenues so that homeowners don't have to pay tax on the income spent on mortgage interest. The thing is, about half of...
The people who do see a meaningful benefit are, by and large, already rich. Economists James Poterba and Todd Sinai found that the tax savings from the mortgage-interest deduction for households earning more than $250,000 is 10 times the tax savings for households earning $40,000 to $75...
The other interesting bit about the mortgage-interest deduction is that policymakers never intended it to help promote homeownership - something that many people assume to be the case and use to help frame their thinking about the appropriateness of using the tax code to boost home-buying. Rather, the deduction...
Capitalism documents, very powerfully, sheriffs departments evicting families after their homes have been sold in foreclosure. Clearly, lots of people got put into bad mortgages by sleazeball operators. But didn't ordinary homeowners get greedy too? That's a completely a diversionary tactic- how greedy can you get that you...
The new hires came from Vegas and beyond - from New York City, from L.A., from small-town Ohio. They've come to be salon receptionists, bellmen, pit clerks, spa managers. Deborah Peterson, 38, had been out of work since April 2008. She was laid off from Mandalay Bay, where she...