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The largest tax break for most Americans is the mortgage interest tax deduction, which allows home owners to deduct from their taxable income the amount
The largest tax break for most Americans is the mortgage interest tax deduction, which allows home owners to deduct from their taxable income the amount of money they pay in interest to finance their homes. The tax break is intended to encourage home ownership. Compare that tax deduction to replacing it with a 20 % tax credit for interest paid for home ownership on both equity and efficiency grounds, Use the current tax laws and make the comparison to replacing the deduction with the credit.
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