Today’s Monday Map looks at the percentage of taxpayers claiming the mortgage interest deductionThe mortgage interest deduction is an itemized deduction for interest paid on home mortgages. It reduces households’ taxable incomes and, consequently, their total taxes paid. The Tax Cuts and Jobs Act (TCJA) reduced the amount of principal and limited the types of loans that qualify for the deduction. in each state – a taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. break which could conceivably be reduced or limited by a fiscal cliff compromise. The state with the highest percentage is Maryland, with 36.79% of tax returns claiming the eduction; at the other end is neighboring West Virginia, where only 15.00% of taxpayers claim it.
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View previous Monday Maps here.
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