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Reply #133: well, it is at the link [View All]

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hfojvt Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-04-08 06:18 PM
Response to Reply #121
133. well, it is at the link
http://www.nlihc.org/doc/cp04.pdf

But by the numbers, the federal government spent $27.7 billion on low income housing subsidies in 2005 and gave $121 billion in tax deductions for housing in 2003. Of that total $62.2 was for mortgage interest, $22.5 for property tax, $20.6 for capital gains, and $14.14 for investor deductions.

In 2004, of $119.3 billion in tax deductions, $57.2 billion (47.9%) of it went to the top quintile and $37.2 billion (31.1%) went to the next quintile. Thus 79% of those deductions are going to the richest 40%.
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