Health, housing get greatest federal subsidies
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By ANDREW TAYLOR
Associated Press
WASHINGTON (AP) -- A study of federal subsidies of various sectors of the economy says that health care and housing combined to reap almost $1 trillion in support in the most recent year for which data was available.
The study funded by the Pew Charitable Trusts said that taxpayers subsidized health care by $743 billion in 2010, while a set of generous tax breaks was the main driver in $227 billion worth of subsidies for the housing industry.
The Pew study says that various federal subsidies like tax breaks, federal grants and other government contracts totaled $1.4 trillion.
The group says $460 billion of the subsidies come as tax breaks like the mortgage interest deduction. Such breaks are called tax expenditures, which are defined as spending that's done through the tax code.
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