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Thread: Extension of Home Buyer Tax Credit

  1. #1
    Senior Member Gerry Clinchy's Avatar
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    Default Extension of Home Buyer Tax Credit

    http://public.remax.net/public-News/...Extension.aspx

    Looks like the current $8000 tax credit might be extended; even expanded beyond just first-time buyers.

    If that happens, this article predicts a loss of $30 billion in tax revenue.

    Though not specified, this might be in addition to the cost of the existing stimulus cost?
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    Senior Member dnf777's Avatar
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    If that's calculated as a direct loss, if you do the math, that would require 3.75 million home sales. Granted, those would likely not all be new homes, but if you look at the number of jobs those home sales provide, building materials, etc...that would surely offset most of the $30 billion mentioned? There's a LOT of ancillary issues surrounding home owning, that generate jobs and taxes. (mostly unnecessary, IMHO!)
    God Bless PFC Jamie Harkness. The US Army's newest PFC, but still our neighbor's little girl!

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    Senior Member luvmylabs23139's Avatar
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    Oh, great, more redistribution of wealth. SOCIALISM!!!!!!!
    Whatever happened to saving up your money to buy a home?
    The politicians blame the banks for bad lending and the mortgage meltdown, but Washington is as much if not more to blame.

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    Senior Member dnf777's Avatar
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    Quote Originally Posted by luvmylabs23139 View Post
    Oh, great, more redistribution of wealth. SOCIALISM!!!!!!!
    Whatever happened to saving up your money to buy a home?
    The politicians blame the banks for bad lending and the mortgage meltdown, but Washington is as much if not more to blame.
    I think you've gone full circle on this! We're talking a tax-break. Are you against that? Isn't that the same as being for MORE taxes? I thought it was best to leave money in the hands of the people, not the gov't?
    God Bless PFC Jamie Harkness. The US Army's newest PFC, but still our neighbor's little girl!

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    Senior Member Bruce MacPherson's Avatar
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    Quote Originally Posted by dnf777 View Post
    I think you've gone full circle on this! We're talking a tax-break. Are you against that? Isn't that the same as being for MORE taxes? I thought it was best to leave money in the hands of the people, not the gov't?
    Believe it or not I'm with you on this. It's technically a tax credit which is money directly to the buyer. I would go further and cover more than just first time buyers, probably up to a certain income level, to stimulate more than just the level entry housing market.
    "The longer you let a dog go in the wrong direction the more they think they are going in the right direction" Don Remien.

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    Senior Member dnf777's Avatar
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    Quote Originally Posted by Bruce MacPherson View Post
    I would go further and cover more than just first time buyers, probably up to a certain income level, to stimulate more than just the level entry housing market.
    What? You want to punish those who happen to be successful, make more money, and drive this economy?

    You guys are WAY too liberal for me!

    Sorry, couldn't resist. Really though, the OP mentioned the tax break would cost $30 billion. Bush's tax cuts cost $2.48 trillion? (give or take a few billion) The argument was that it would stimulate far more in jobs, tax revenue, etc... Why is that argument supported for the wealthiest only, and not the middle-class Joe Plumber trying to put his family in a house?
    God Bless PFC Jamie Harkness. The US Army's newest PFC, but still our neighbor's little girl!

  7. #7
    Senior Member luvmylabs23139's Avatar
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    Quote Originally Posted by dnf777 View Post
    I think you've gone full circle on this! We're talking a tax-break. Are you against that? Isn't that the same as being for MORE taxes? I thought it was best to leave money in the hands of the people, not the gov't?
    No, I'm for cutting income tax rates, not special credits that mean that my tax dollars are paying for someone's house, car, child care, or whatever.
    Refundable tax credits are redistribution of wealth!

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    Senior Member WaterDogRem's Avatar
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    Please correct me if I'm wrong, isn't this tax credit more like a 0% 15 year loan (unless the house is sold before the 15yrs) from the gov.? And the home owner must pay it back unless the home is sold with no profit?

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    Senior Member luvmylabs23139's Avatar
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    Quote Originally Posted by WaterDogRem View Post
    Please correct me if I'm wrong, isn't this tax credit more like a 0% 15 year loan (unless the house is sold before the 15yrs) from the gov.? And the home owner must pay it back unless the home is sold with no profit?
    No,the original lower amount ones were a loan. The current $8000 ones are refundable tax credits.

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