By Dona DeZube, HouseLogic News Editor
A majority of Americans oppose the elimination of tax deductions including the mortgage interest deduction, according to a Gallup poll released this week.
Whether eliminating the deductions is described as a way of increasing taxes or lowering the deficit doesn’t matter; the public doesn’t back the idea regardless of the way it’s positioned, the pollster found.
Surprisingly, even groups that don’t itemize their deductions were opposed to getting rid of federal income tax deductions.
A whopping 61% of survey respondents opposed eliminating the mortgage interest deduction “to lower the overall income tax,” while 58% were opposed to eliminating the deduction “to reduce the federal budget deficit.”
The strongest support for the mortgage interest deduction comes from those who take advantage of it. More than three-quarters of those taking the deduction oppose its elimination, the poll found.
Americans do split on the issue by political party. Republicans are more likely to support the mortgage interest deduction (72%) than Democrats (59%).