Senate OKs $15,000 tax break for homebuyers:
http://news.yahoo.com/s/ap/20090204/ap_on_go_co/congress_stimulus
Can’t they just call it what it is- a short term interest free loan? I’m tired of all of the real estate companies advertising the “$7500 tax credit”, when most people don’t realize they have to pay it back. They’ll have a field day with it doubled.
It sounds like the govt assumes it will be paid back by people’s tax refunds, but what if they’re not going to get one? Who pays then? What would stop someone from lowering their witholding so that they didn’t owe money? Will the gov’t really come calling for this?
The article goes on to say that the program will cost $19 billion. Ok,so we’re giving out money that has to be paid back, and it’s costing $19 billion. Are they just assuming it won’t be paid back, and if so, why not just make it a straight up tax credit that doesn’t have to be paid back (I am NOT favor of that, btw)?
The more they try to fix this stuff, the worse it sounds, and the more off the wall the proposals get. I bought my house in 2007, and I’m under water with it now. Yet, I’m paying on time every month because I’m 24, and I need the ability to borrow money to go back to school, so I can’t screw my credit rating. So, like most of you on ST, I’m trying to be responsible and ‘do the right thing’. I just don’t understand why they can keep doling out money that isn’t there, and won’t be there, while we have to continue to cough it up every month. The numbers keep getting bigger and bigger- $800 billion doesn’t work, so let’s throw more money at it?
Sorry, had to rant.