Kudos for U.S. Sen. Bernie Sanders' relentless efforts to help level our growing wealth and power disparity (“Sanders lays out an ambitious plan on affordable housing,” Sept. 15).
There are few housing provisions in the U.S. tax code that benefit low-income Americans, particularly renters. The mortgage-interest deduction helps homeowners, but most of the benefits go to wealthier households. From our 2017 tax code, the wealthiest 1% get an average of $61,090 in tax cuts per household in 2020, while the lowest 20% get an average of $70, according to the Center on Budget and Policy Priorities.
A renters' tax credit would cap the amount of rent and utilities a low-income household would pay (about 30% of its income) and would provide a tax credit for the balance.
One million schoolchildren were homeless in our wealthy country in the 2016-’17 school year, per the U.S. Department of Education. We need a renters' tax credit.