The Shame of the Mortgage-Interest Deduction

It might be one of the most important policies in the U.S. economy, but the mortgage-interest deduction sounds esoteric to most people. Perhaps that's because, for most people, it's completely irrelevant. Although about two-thirds of American households own a home, only one-quarter of them claim the deduction, which sometimes gets abbreviated to MID. As Matthew Desmond, a sociologist at Harvard University, explains in a magisterial essay on the MID in the New York Times Magazine , this little fact has played an outsized role in the United States' yawning wealth inequality. Federal housing......(read more)

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