We previously published economic analysis of claims made against the mortgage interest deduction (MID). In those findings, we noted that polling typically finds popular support for the MID, including renters. A new survey confirms the broad base of support the MID holds among the public.
The United Technologies/National Journal Congressional Connection Poll asked respondents to rate the importance of various tax rules. Among those rules was the MID.
The results indicated that 61% of respondents said that it was “very important” to keep the MID, with 86% of individuals saying it was either “very important” or “important.”
This placed the MID second in their list, falling behind only tax preferred retirement accounts, such as 401(k)s, which scored a 63% “very important” ranking.
The MID beat out other popular tax rules including the employer paid health insurance exclusion (59%), the charitable giving deduction (39%), and the preferred rates on capital gains and dividends (27%).
The results are consistent with prior polling on the topic. For example, a 2012 poll conducted by Republican and Democratic firms Public Opinion Strategies in Alexandria, Va., and Lake Research Partners in Washington, D.C. on behalf of NAHB found that 73 percent of voters oppose eliminating the mortgage interest deduction. These figures held firm across the political spectrum, with 77 percent of Republicans, 71 percent of Democrats and 71 percent of Independents against doing away with the mortgage interest deduction.
That poll also found that a majority of voters were also against proposals to reduce the mortgage interest deduction, eliminate the deduction for interest paid for a second home, limit the deduction for those earning more than $250,000 per year, scale back the deduction for home owners with mortgages above $500,000 and do away with the deduction for interest paid on home equity loans.