The Sensitivity of Homeowner Leverage to the Deductibility of Home Mortgage Interest

Mortgage interest tax deductibility is needed to treat debt and equity financing of homes equally. Countries that limit deductibility create a debt tax penalty that presumably leads households to shift from debt toward equity financing. The greater the shift, the less is the tax revenue raised by

抵押贷款利息税收抵扣（Mortgage interest tax deductibility）的存在旨在实现住房债务融资与股权融资的平等待遇。限制该抵扣政策的国家会形成债务税惩罚效应（debt tax penalty），这可能促使家庭从债务融资转向股权融资。这种转变的程度越大，由此产生的税收收入就越少。