W State Details--In 2014 Federal Income Tax Filers w Incomes $1M+ Got $1.38 Billion in Mortgage Interest Subsidies, $500 Per Month, $6,000 Per Year

Using 2014 IRS SOI data I constructed a PDF file HERE and embedded below which provides my state and US level estimates of the housing subsidies that filers with AGI of $1 million or more received as a result of mortgage interest deductions. 

Observations: 
Nationally

1. 229,000 filers with AGI of $1 million or more reported mortgage interest payments of more than $5 billion. 
2. Filers in this income category had an average tax rate of 27%.
3. Applying that tax rate to the amount of reported mortgage interest results in my calculation that these filers got a combined $1.38 BILLION in housing subsidies from the deduction of mortgage interest. 
4. That combined $1.38 billion in mortgage interest deductions works out to $503 per month, $6,031 in housing subsidies. 
5. This calculation does NOT include the value of property tax income reductions (stay tuned). 

In Oregon

1. 1,770 filers with AGI of $1 million or more reported mortgage interest payments of $34.2 million. 
2. Filers in this income category had an average tax rate of 26%.
3. Applying that tax rate to the amount of reported mortgage interest results in my calculation that these filers got a combined $8.8 million in housing subsidies from the deduction of mortgage interest. 
4. That combined $8.8 million in mortgage interest deductions works out to $417 per month, $4,998 annually in housing subsidies. 

Originally created and posted on the Oregon Housing Blog.