Biggest houses and the highest incomes recieve the largest share of federal tax benefits for housing.
"Congress's bipartisan Joint Committee on Taxation recently" estimated that "homeowners will receive more than $116 billion in direct tax subsidies" in 2005. "Tax preferences for homeownership represent a significant chunk of the federal deficit, but they are so ingrained into home prices, mortgage affordability, housing construction and even local revenue systems that almost no politician on Capitol Hill -- or in the White House -- suggests publicly that they need to be pared back or terminated."
Thanks to Kurt Paulsen
Read the full story: Tax Benefits Still Generous for Homeowners, But Biggest Incomes Earn the Biggest Share
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