Majority of Americans oppose elimination of mortgage deduction

A new Gallup poll shows that about 60 percent of Americans want to keep the mortgage interest deduction as part of the federal tax code.

The poll asked respondents if they would favor eliminating certain tax deductions in order to lower the overall income tax rate or to reduce the federal budget deficit. Only 31 percent favored cutting the mortgage interest deduction to lower the tax rate (61 percent opposed it and 8 percent were unsure). Sixty percent said they opposed eliminating the deduction to reduce the deficit.

The poll also asked about the credit for state and local taxes and credits for charitable contributions. About 60 percent of respondents were against eliminating state and local tax credits and nearly 70 percent opposed eliminating credits for charitable contributions.