The extended incentives were designed to revive the housing market. But some estimates put the price tag for taxpayers at more than $10 billion.
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A cure for the housing market? Or a costly burden on taxpayers?
A cure for the housing market? Or a costly burden on taxpayers?
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No for two reasons:
1. Too costly and the government is racking up too many expenses already. Long term, this will hurt us more than it helps us financially as we’re passing the burden on to our children and grandchilden.
2. We have to let the housing market run its cycle– giving too many incentives will create another bubble and when those incentives are removed, we are setting ourselves up for another crash. We have to stop being so instant gratification oriented– artificially propping up the economy just means more problems down the road.
I’d rather see funds invested to help those in trouble– that may be necessary, this is not.
No – I think that it will be given to people who were waiting to buy a house anyways and there is already a tax incentive to own a home. This goes too far.
The first time home buyers credit was fine but extending it and adding additional credits is too much.
I like the idea of the fed returning taxpayer money to the taxpayer, but I would prefer to see acquisition costs as deductible expenses rather than taking from one taxpayer to give to another, which is essentially what a tax credit is. Besides, if the buyer is getting a tax credit, then the seller could increase the sales price, so who really benefits in the end? Ultimately, it’s the lenders and their cronies in washington – it’s all a shell game.
Hey – if you can get a tax credit — take it! We are taxed to death in California with state income tax, property taxes as well as sales tax. If the IRS wants to give a credit — so be it.
I agreed with j.p. and I pray that God be with them all in the IRS.
I’m not an economist, but I think inaction is better than action on this issue as we need to do something to help people buy homes in this economy. So, in the absence of a better plan, I think its a good idea.