Homebuyers tax credit extended (real estate, health insurance, mortgage broker)

[Diffy Q]

WRAPUP 1-US lawmakers close in on extending housing support - News - CNBC.com

[jsherman9901]

Originally Posted by DvlsAdvc8

While you're at it, dump the mortgage interest deduction too.

And the deduction for contributing to a church or other religious organization (except those which provide direct relief, like Salvation Army)

[sskkc]

I don't begrudge helping people get into their first time home

Yeah... except that the credit is for people who haven't bought/owned a home in the past 3 years, or never had one exclusively in their name.

Like everything else about the current goverment, using the phrase "first time" is designed to deceive people who don't want to look beyond headlines and popular catch phrases.

[friday13]

Originally Posted by jsherman9901

And the deduction for contributing to a church or other religious organization (except those which provide direct relief, like Salvation Army)

Sure, and also give the child-less taxpayer the portion of his taxes that goes to school funding
Ang give my portion of the bailout money back too.

[ionlife]

We might lose all those deductions anyway--look to the Great White North for the reason why: socialized medicine. Not only do they not have a tax credit for the house mortgage, they PAY TAXES, LUXURY taxes for their homes. This varies from province to province. In Alberta, there is no tax over and above the country's taxes. But British Columbia is going to a flat tax on stuff that will add 12% to the purchase of a home. Right now I think it is something like 5-8% now (I'll have to confirm that number with my mole in the north).

I like have the mortgage deduction and not paying a school tax because one is childless sounds wonderful in theory, but the greatest factor affecting poverty is poor education. If we don't educate our nation's children, then we'll really be like a third world country. Women, in particular, would suffer. Look to some of the Muslim countries and African countries to see the lives those poor girls lead.

They are old before they are 25.

I'm sure that the comment regardling the child-less taxpayer receiving a portion of his taxes back for school funding was facetious, but never underestimate the power of education.

Our country's opportunities when utilized by people willing to work hard, despite what the political bobbleheads up north say, is why people still want to immigrate (legally and illegally). But give the current gov't a few more years, or don't overturn the Senate in 2010, and we may be rid of that issue.

[friday13]

Originally Posted by ionlife

I'm sure that the comment regardling the child-less taxpayer receiving a portion of his taxes back for school funding was facetious, but never underestimate the power of education.

yes , it was, but I still want my bailout money back

[ionlife]

Me too, Friday13, me too!! What a travesty... they still don't know where the money went!

[Diffy Q]

Where Did All the Bailout Money Go?

[DvlsAdvc8]

Originally Posted by jsherman9901

And the deduction for contributing to a church or other religious organization (except those which provide direct relief, like Salvation Army)

Absolutely. Heck, I don't think most of the credits and deductions out there should exist. I'm all for progressive taxation, and even government incentives for certain things... but I don't see a the sense in offering tax incentive to buy a home, give to religious groups (or even charities - isn't that, government effectively subsidizing the charity?). IMO, if the gov wants to offer an incentive it should have to be something transformative - like incentives to move from fossil fuels to [insert energy source here]. Something of net benefit to society but not much benefit to the individual initially - like solar panels whose cost right now make them hard to justify but perhaps if they were produced in quantities necessary to cover everyone's roof would be cheaper.

Amazing to me that the tax code has been this ugly for so long, with everyone hating it, and yet its still never on the top of the list of things to reform.

[Diffy Q]

Maybe they don't know where to start.