In this paper, we begin with a description of the tax treatment of personal residences. Next, we review data about racial and ethnicity gaps in net wealth and homeownership and prior research on the reasons for those differences. We turn then to our empirical analysis of the impact of the HMID on tax liabilities, by income, race, and ethnicity under 2019 tax law and after the expiration of the TCJA and the return to 2017 law.
Authors
- Published in
- United States of America
