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Old 02-09-2009, 04:03 PM
 
3,576 posts, read 5,909,684 times
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Quote:
Originally Posted by Dopo View Post
I bet more than 95% of them already have a house and are not "1st time home buyers"
This is not a 1st time homeowner housing stimulus bill that's trying to be passed.

Most of the problem we ran into with the housing boom was with first time homebuyers in combination with either the subprime mess or using those negative amortization or interest only loans.

This is a housing stimulus tax credit for everyone. There are a lot of "move up" homeowners waiting to buy and cannot sell their current homes.

If you were to put an income limit on who can claim the tax credit, you are still going to leave lots of housing inventory on the market.

I think your main complaint is that families who make less than 92K who want to buy a home and happen to qualify for the 15K housing credit would not be able to claim that entire credit. Well that's the problem most people have with the Earn Income Tax Credit. These people (they pay into SS and payroll/medicare taxes); but these people have zero federal tax liability. So what you essentially want to happen is for a family of four with less than 92K to not to have a tax liability (after the housing tax credit is applied) but also to get an "extra" refund. That's flies in the face of what "Democrats want" Everyone should pay their "fair share" I think that's being a little hypocritical of people who think this way.

Last edited by aneftp; 02-09-2009 at 04:13 PM..
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Old 02-09-2009, 04:54 PM
 
397 posts, read 735,532 times
Reputation: 498
I feel sorry for the ones that bought last year (after July) but make just a little too much to get ANY of the $7,500 credit! (Like my DD)
Where we live you sure as heck NEED to have 2 people earning more than $150K to buy a small but decent house!!

Anyway, yes, no matter what passes when, someone will be out of the picture...I guess "it-is-what-it-is" so let's be happy for those that CAN benefit and HOPE that the economy starts a turn-around!
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Old 02-09-2009, 05:20 PM
 
Location: Martinsville, NJ
6,159 posts, read 10,907,180 times
Reputation: 3939
I was only able to get through seven pages of posts on tis thread before I was just about nuts with amazement. Why is it that so many people see this tax credit as a gift of some sort? As a handout of money to you from the government? IT'S YOUR MONEY! This bill simply says that buying a house will reduce your obligation to pay some of YOUR MONEY to the government. Stop acting grateful that the government is letting you keep something that's already yours, and say it's about time the government stopped taking every penny they can grab of YOUR MONEY. This is simply a reduction in taxes! (Which by the way, is what conservatives have been saying FOR YEARS is the best way to stimulate the economy.)
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Old 02-09-2009, 05:21 PM
 
14,818 posts, read 18,836,041 times
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Quote:
Originally Posted by aneftp View Post
That's flies in the face of what "Democrats want" Everyone should pay their "fair share" I think that's being a little hypocritical of people who think this way.
I would reply to that, but I'll just leave it alone.

I'll just say that I don't think the government should help people based on how much they paid on taxes.
It should be on "who needs help"
BTW, that's called "Patriotism"
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Old 02-09-2009, 05:25 PM
 
Location: Martinsville, NJ
6,159 posts, read 10,907,180 times
Reputation: 3939
Quote:
Originally Posted by Dopo View Post
I would reply to that, but I'll just leave it alone.

I'll just say that I don't think the government should help people based on how much they paid on taxes.
It should be on "who needs help"
BTW, that's called "Patriotism"
No, it's calle Marxism, or Socialism, or even Communism.
Karl Marx said it famously; "From each according to his ability, to each according to his need."
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Old 02-09-2009, 05:28 PM
 
Location: Martinsville, NJ
6,159 posts, read 10,907,180 times
Reputation: 3939
Here's a link that will bring you to the full text of the Senate Bill.

Go to the bottom of page 434, I believe.

Last edited by Bill Keegan; 02-09-2009 at 06:40 PM.. Reason: corrected the page #
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Old 02-09-2009, 06:09 PM
 
50 posts, read 263,641 times
Reputation: 49
Quote:
Originally Posted by Bill Keegan View Post
I was only able to get through seven pages of posts on tis thread before I was just about nuts with amazement. Why is it that so many people see this tax credit as a gift of some sort? As a handout of money to you from the government? IT'S YOUR MONEY! This bill simply says that buying a house will reduce your obligation to pay some of YOUR MONEY to the government. Stop acting grateful that the government is letting you keep something that's already yours, and say it's about time the government stopped taking every penny they can grab of YOUR MONEY. This is simply a reduction in taxes! (Which by the way, is what conservatives have been saying FOR YEARS is the best way to stimulate the economy.)
i am excited because i am getting MY MONEY BACK. Wont you be happy to get it????????
yes its a gift or sort of it - because this gift wasnt there last year r later..

i hope i will get..closing on april 3rd week
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Old 02-09-2009, 06:27 PM
 
3,576 posts, read 5,909,684 times
Reputation: 1431
I'm all about "helping those in need". The issue is how. But this is supposed to be a stimulus package for the economy. The Democratic controlled House had included lots of "pet" projects that did little to "stimulate" the economy like the prevention of the flu project. I know the Senate eliminated some of the pet projects because while "helpful" a lot of those programs to help those in need will do nothing to stimulate the economy. Maybe help in 5 years down the road but it does nothing because as President Obama said, we need to get this package passed NOW.

If there is a 15K tax credit against income tax liability, than this frees up people to spend that money.

As soon as I move into my new home, I am immediately going to replace all the carpets in the bedrooms (going to cost $5500-7000). Than I am going to spend $1000-1500 on landscaping plus another $500-1000 for swimming pool supplies. Sure, I can still afford to spend that money without a stimulus credit. However, I'd probably wait about 6 months to 1 year to upgrade all of those things in my new home if their were no stimulus credit available. That's the purpose of the stimulus credit. If it's available, I'd be more likely to spend it NOW instead of waiting to build up more cash reserve. Me spending money helps out that carpet small business/pool business/landscaping business. It'll all trickle down and yes it will help those in need because those small businesses can than hire more employees and put people to work. And I would be spending my money much sooner if I knew I would get the stimulus tax credit.
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Old 02-09-2009, 06:43 PM
 
Location: Martinsville, NJ
6,159 posts, read 10,907,180 times
Reputation: 3939
Quote:
Originally Posted by sathyakamaraj View Post
i am excited because i am getting MY MONEY BACK. Wont you be happy to get it????????
yes its a gift or sort of it - because this gift wasnt there last year r later..

i hope i will get..closing on april 3rd week
I hope you get it too. Third week of April should be within the range, if the Senate can get things together.
I'm not buying a house, so I don't get this tax reduction. I just think that taxes should be reduced for everone who pays taxes. Letting people keep more of their own money, and letting government have control of less of it, is the best stimulus, in my opinion.
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Old 02-10-2009, 10:04 AM
 
Location: SE Michigan
1,213 posts, read 4,244,725 times
Reputation: 674
Do I have any hope in getting this tax credit???

I was due to close Feb 6, last friday... had to delay due to other issues... but I am really trying to hold out for this tax credit.

How long can you push back and delay a closing? 1 week, maybe 2?

Any new word on how close this bill is to getting to sign?

I would hate to sign papers then NEXT week, I miss out on this tax credit.
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