Income tax deductions for mortgage interest

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If the US federal income tax deductions for mortgage interest and state and local property taxes are eliminated (with no other change in federal tax laws), many taxpayers will have to pay more tax. Describe how the tax increases would be distributed across income classes. Would taxpayers with higher taxable income have bigger increases in their taxes than taxpayers with lower taxable incomes? Would average tax rates of taxpayers with higher taxable income rise more than average tax rates of taxpayers with lower taxable incomes? Explain.

Reference no: EM13772328

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