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Housing tax breaks give an outsized benefit to the wealthiest homeowners
Seven different housing tax breaks cost the government $221 billion of annual revenue.
September 10, 2014
The Committee for a Responsible Federal Budget examines a report by the Corporation for Enterprise Development entitled “Upside Down: Homeownership Tax Programs.”
The report finds that, from the seven tax breaks given to homeowners, a sum of $221 billion is lost from annual revenue. This number is larger than the budget for nine Cabinet level agencies combined – including the Department of Housing and Urban Development. The report also noted that incentives to support homeownership are much larger than those for affordable housing, such as the Low-Income Housing Tax Credit.
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