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Biden wants to give a $15k tax credit for first time homebuyers so they won't have to pay a down payment. I guess he didn't learn anything from the Bush and Obama years? This will be like the subprime mortgage crisis all over again. If people can't even afford a down payment, how will they be able to afford repairs in the future? This will no nothing but cause tons of foreclosures when homeowners realize how much it costs for a new roof , hvac unit, etc.. On the flip side, it's good for investors like myself who buy up these foreclosed properties.
Quote:
Help families buy their first homes and build wealth by creating a new refundable, advanceable tax credit of up to $15,000. Biden’s new First Down Payment Tax Credit will help families offset the costs of homebuying and help millions of families lay down roots for the first time. Building off of a temporary tax credit expanded as part of the Recovery Act, this tax credit will be permanent and advanceable, meaning that homebuyers receive the tax credit when they make the purchase instead of waiting to receive the assistance when they file taxes the following year.
And if you are a renter that makes too much for section 8, he wants to give you a tax credit to make sure you don't pay more than 30% of your income for rent. So where's the motivation to even try to better yourself and make more money if the government pays your rent.
Quote:
Create a new renter’s tax credit to help more low-income families. Biden will work with Congress to enact a new renter’s tax credit, designed to reduce rent and utilities to 30% of income for low-income individuals and families who may make too much money to qualify for a Section 8 voucher but still struggle to pay their rent. He will allocate $5 billion in federal funding for the tax credit every year.
...similar to the $7,500 tax credit created by the Housing and Economic Recovery Act signed by President George W. Bush in July 2008. The credit was raised to $8,000 the following year in a bill signed by President Barack Obama. The programs expired in 2010.
... Biden proposal specifies the credit is “up to” $15,000. The Bush and Obama programs gave a credit equal to 10% of the purchase price of the home, capped at a maximum of $7,500 or $8,000, depending on when the purchase was made.
Hey, Joe, I'll take you up on that. Make your check out to _______ _______ and mail it to me at the address I'll send you.
Your check is good, right? I heard your family has taken in a lot of money over the years, from various sources. And from your super-lavish lifestyle, I'd guess those stories are true.
We could decide to stop artificially stimulating the housing market and even lose the mortgage interest deduction and then maybe home prices would come out of the stratosphere. oh oh, here comes the hate
Biden's plan is modeled after the 2008-2010 tax credits which both Bush and Obama signed, respectively.
It wasn't free money. The entire tax credit had to be paid back to the IRS. It was intended to allow more people to buy homes, because the down payment was often the stumbling block, especially during the great recession during that time. It also helped revive the economy and helped with the recovery of the real estate crash that occurred the prior year.
Biden's plan is modeled after the 2008-2010 tax credits which both Bush and Obama signed, respectively.
It wasn't free money. The entire tax credit had to be paid back to the IRS. It was intended to allow more people to buy homes, because the down payment was often the stumbling block, especially during the great recession during that time. It also helped revive the economy and helped with the recovery of the real estate crash that occurred the prior year.
Unh-uh. The headline said "give". Joe isn't going back on his word already, is he?
Biden wants to give a $15k tax credit for first time homebuyers so they won't have to pay a down payment. I guess he didn't learn anything from the Bush and Obama years? This will be like the subprime mortgage crisis all over again. If people can't even afford a down payment, how will they be able to afford repairs in the future? This will no nothing but cause tons of foreclosures when homeowners realize how much it costs for a new roof , hvac unit, etc.. On the flip side, it's good for investors like myself who buy up these foreclosed properties.
And if you are a renter that makes too much for section 8, he wants to give you a tax credit to make sure you don't pay more than 30% of your income for rent. So where's the motivation to even try to better yourself and make more money if the government pays your rent.
If he does manage to win, hopefully the republicans will keep control of the Senate and be able to block this nonsense.
There's a helluva lot more nonsense than this. If he wins, this will be the least of our worries. The Green New Deal alone will bankrupt our country.
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