Tax Expenditures for Asset-Building: Costly, Regressive, and Ineffective

By :: April 9th, 2014

Most federal subsidies aimed at helping households accumulate financial and tangible assets are delivered through tax expenditures—spending through the tax code. In 2013, these deductions, deferrals, and credits aimed at encouraging such asset building totaled over $350 billion, most devoted to homeownership and retirement saving incentives. Yet, these tax incentives do a remarkably poor job.

In contrast to government appropriations, which at least sometimes are scrutinized though the congressional budget process and are currently limited by statutory caps, many tax expenditures grow automatically and are subject to little oversight.

The mortgage interest deduction, for example, has been part of the income tax since its beginning in 1913. Even though there is much evidence that it is an inefficient tool to encourage home ownership,  American taxpayers  annually spend roughly $70 billion on the mortgage interest deduction—about the amount expected to be spent on food stamps. But while policymakers have just concluded an intense debate over whether to cut food stamps, few ask whether the mortgage interest deduction and other tax expenditures that support asset development achieve this goal.

In a new paper, my colleagues Gene Steuerle, Signe-Mary McKernan, Caleb Quakenbush, Caroline Ratcliffe, and I reviewed the academic evidence and found that many of these tax expenditures fail to promote asset development. The mortgage interest deduction is not alone.  For instance, retirement saving subsidies do little to increase total overall wealth of lower-income households.

Tax subsidies for activities such as home ownership and retirement savings benefit those at the top of the income distribution more than those at the bottom. Most come in the form of current deductions from income or as deferral of taxable income, which are typically worth more to taxpayers with higher marginal tax rates and can be worth little or nothing to taxpayers in the lowest tax brackets. For instance, about 70 percent of the tax savings from the mortgage interest and property tax deductions accrue to the households in the top 20 percent of income. Just 8 percent goes to middle-income households, and almost nothing to the bottom 40 percent.

Similarly, roughly 70 percent of the tax subsidies for employer-based retirement savings and 65 percent of IRAs benefit the highest-income 20 percent of households. Although education subsidies are more progressive, the size of these tax expenditures is dwarfed by those for housing and retirement.

The evidence from years of research is pretty clear: Current tax subsidies for asset building are poorly designed. They fail to increase savings much and overwhelmingly benefit the highest-income taxpayers who are least likely to need these incentives. When it comes to tax reform, they are low-hanging fruit.

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  1. Elliott Dubin  ::  12:45 pm on April 9th, 2014:

    The mortgage interest deduction does not necessarily exert the greatest influence on a household’s decision regarding the purchase of their residence or renting. However, once the decision to purchase is made, the mortgage interest deduction can influence the degree of leverage or the value/size of the property purchased. Thus, the mortgage interest deduction can indirectly influence asset building and asset allocation for the household.

  2. AMTbuff  ::  1:29 pm on April 9th, 2014:

    The tax subsidy for retirement savings is a deferral, not an exclusion. All that money is taxed in full later, including all investment gains. Deferral is, in effect, a consumption tax treatment of retirement savings.

    I am skeptical of calculations of revenue gains from ending income tax deferrals for retirement savings. Those calculations invariably fail to account for the lost revenue beyond the 10th year, and that’s where all the revenue is lost.

    Eliminating this deferral is yet another one-time revenue trick. We need sustainable improvement, not more quick fixes which cost even more money later.

    Mortgage interest and property tax deductions are a different matter entirely. They are exclusions, which should not be lumped in with deferrals like retirement savings. Mortgage interest and property tax deductions are largely capitalized into current home prices. Changing the rules will alter home prices, and there are strong constituencies opposing that.

  3. Eugene Patrick Devany  ::  3:05 pm on April 9th, 2014:

    Consider eliminating all tax expenditures when they expire and converting the necessary ones to need based spending programs to be reviewed with future budgets. The key word here is “need”. By definition, corporations with deferred foreign profits that have not been repatriated, corporations with CEO earning over $5 million, corporations that buy back their own stock, businesses that outsource jobs, individuals with above average net wealth, etc., etc. do not need the money.

  4. Michael Bindner  ::  11:16 am on April 10th, 2014:

    The tax subsidies identified may be low hanging fruit logically, but are not that way poltically. Campaign finance reform or a new popularity for socialism would be needed to change any of these. How would socialism or libertarian socialism transform these tax breaks? The mortgage interest (and property tax) deductions would be replaced by a larger Child Tax Credit – made refundable for everyone and paid with payroll. The savings deduction would be ended and the FICA employer contribution (which is also regressive) would be dramatically altered by crediting this contribution equally to each worker and distributing at least part of it to the purchase of employer voting stock (some of which would be traded to an insurance fund holding all such stock to prevent losing retirement savings). Likewise, ERISA distributions would be accumulated on an equal basis rather than as a percentage of income and with no waiting period.

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