Home builders gettiing 6 billion in Senate bill. (credit card, buy, companies)

[70Ford]

Hrmmm... it's expected to pass, too.

The Senate began debate Thursday on a bill that leaders have pitched as much-needed relief for distressed homeowners, but would give an estimated $6 billion in tax breaks to help the home-building industry.

The tax provision to aid the home-building industry would allow builders and other businesses affected by the housing slump to charge off losses this year and next against taxes already paid for the four previous years, instead of the two years currently allowed.

The provision was sought by the National Assn. of Home Builders, whose political action committee ranked third among PACs in contributions to federal candidates in the 2006 election cycle, donating $2.9 million, according to the Center for Responsive Politics. Since the 2000 election cycle, the PAC has contributed $11.3 million to federal candidates and parties.

But earlier this year, the association's PAC halted all campaign contributions to lawmakers, complaining that they "had not adequately addressed the underlying economic issues that would help to stabilize the housing sector and keep the economy moving forward."

[HappyTexan]

Well then next must be the credit card companies to help them out because of the fallout due to distressed homeowners not paying their credit card bills.

And after that, lets fix the auto industry cause the fallout made consumers not buy new cars this year.

[Wild Style]

this is disgusting. Where id the public out cry? Cry when the govt wants to help the little man but sit back when business owners get bailed out? Come on.

[UpperPeninsulaRon]

Originally Posted by 70Ford

[i]

The tax provision to aid the home-building industry would allow builders and other businesses affected by the housing slump to charge off losses this year and next against taxes already paid for the four previous years, instead of the two years currently allowed.

Just so I can understand the proposal, if a business paid 2 million in taxes each year for the last four years, and lost 3 million this year and broke even next year, what exactly happens? Is there a reference you have to the specific legislation?

[HappyTexan]

Here's a link
L.A. Land : Los Angeles Times : The stealth bailout in the works for homebuilders

I think there would be more of a public outcry IF THIS STUFF WAS IN THE PAPERS or ON TV NEWS. But buried in an online edition somewhere will not get noticed by most Americans.

[Catsofthebase3]

Best way to solve a problem in congress is to throw non-existent money at it while surrounded by sad looking victims of some tragedy or another.

All right!

[tallrick]

When will the world finally lose faith in the financial system here so they have no more money to bail their rich buddies out?

[CouponJack]

Is anyone REALLY surprised at this???

You're not naive enough to believ congress acts in favor of the hardworking american who follows the rules, do you?

[Wild Style]

now this is the question I have also. I wonder if that day will come. If it does, look out!

Originally Posted by tallrick

When will the world finally lose faith in the financial system here so they have no more money to bail their rich buddies out?

[HappyTexan]

Saving Joe sixpack won't save the system. Saving the banks, brokers, builders and any other business will save the system.

What Joe sixpack will get out of this are credit counseling credits. Yup..great help to find out you can't afford the house you are in but don't worry, those counselors will figure out something.