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I pay taxes too. The people who qualify for these credits also pay taxes. That line is getting old. Life is tough. I can go on and on about the things that are not fair in life.
Why do you say 'life is tough' and then support a $8K credit?
Also, explain how this $8K credit is 'fair' and to whom?
[quote=Eusibius2;11054562]Well, it sounds like you have a beef with those who are abusing the system or for the loopholes that people find and take advantage of them. I don't like them either (not one bit!). This will always happen no matter how many protections are set up (can you say Bernie Maddoff??)
But, it's also not fair to say things like 'it's my tax money' and the whole thing should be cancelled. There are quite a few responsible tax-paying people this is benefiting (or already has).[/quote]
...but at what price to the rest of the tax-paying people?
As I and others have said in this and previous threads , this is a terrible policy and should not be extend in any form or shape. It targeted the wrong audience and is extremely inefficient.
There are too many existing housing units (owner occupied and rentals) as compared to the number of households available to fill same.
This policy in its current configuration just moves people from renting to owning and it does absolutely NOTHING to reduce excess housing units.
Maybe you're right. In the short view - it doesn't benefit anyone but the new homeowner. Rather, try looking at the bigger picture. When someone gets money, they spend it. That's the general principle of the tax credit. Give more people money so they can spend it. When they spend their money, they support local businesses who in turn can pay their employees. Who in turn, get more money themselves (as opposed to being laid off), and they too spend their money. The cycle continues.
I'm also against it: sure I got the credit and I'm grateful that I did. I'm also against the government going into further debt. I agree with other posters that this shouldn't be limited to "First Time Home Buyers", but maybe to other markets as well. I have no problem with that. Maybe it should be offered to those who are in short-sale / foreclosure because of a specific incident that put them there (not because they were generally irresponsible, but maybe lost a job or something)? Maybe to small-business owners looking in certain demographic areas? Maybe for only investors? Where do you draw the line? Do you offer it to everybody regardless?
I' m just re-iterating that I agree that maybe the way it was setup should be corrected.
Anyway - the OP just wanted opinions and I don't feel that this needs to become a bash on others for their opinions. I'm done.
Maybe you're right. In the short view - it doesn't benefit anyone but the new homeowner. Rather, try looking at the bigger picture. When someone gets money, they spend it. That's the general principle of the tax credit. Give more people money so they can spend it. When they spend their money, they support local businesses who in turn can pay their employees. Who in turn, get more money themselves (as opposed to being laid off), and they too spend their money. The cycle continues.
The 'point' if there is one with the FTHB credit, was to buy homes....
So based on your logic, then why didn't the government just give every taxpayer $8K to spend and stimulate the economy?
Maybe you're right. In the short view - it doesn't benefit anyone but the new homeowner. Rather, try looking at the bigger picture. When someone gets money, they spend it. That's the general principle of the tax credit. Give more people money so they can spend it. When they spend their money, they support local businesses who in turn can pay their employees. Who in turn, get more money themselves (as opposed to being laid off), and they too spend their money. The cycle continues.
The money isn't created its simply taken from someone else, who could have spent it as well.
So.... They should get $8000 of my cash?
I neither qualify for the credit, nor can I pay cash for a home.
But, I sure pay taxes.
We can play this all day long. I don't have kids but my taxes go towards funding schools. I have never called 911 but my taxes help fund the FD and PD. I have never used our local library, but my taxes still pay for that. I have never received unemployment, medicare or welfare. It can go on and on..
Life isn't fair and no one has made it out alive. So stop worrying about it!
And yes, I am getting the $8,000 rebate after I close on Friday. WOOT! So your taxes will be going towards my refund which I will be buying a kitchen remodel with.
I truly hope they don't extend this credit. If they do, it will only be because the builder and realtor lobbies have Congress in their pocket.
From what I've read, this program actually is costing taxpayers $40,000 per house purchased, not $8,000. In addition, the majority of the people using the program are people who would've bought anyway, so its "stimulative" effect is negligible.
I don't believe in propping up markets with government handouts. "Recovery" in housing should be defined as home prices falling back in line with incomes, not sustaining bubble prices.
The program is a horrible and unjust waste of taxpayer dollars. I'd have no quarrel if they wanted to put the money into repairing dams, bridges, education, environment, etc. Cash for cars. Cash for houses. Next it will be cash for remodeling, cash for furniture. Then cash for designer sunglasses. Cash for plastic surgery. What other subsidies can we provide to sustain an era of historic excess?
The 'point' if there is one with the FTHB credit, was to buy homes....
So based on your logic, then why didn't the government just give every taxpayer $8K to spend and stimulate the economy?
It would have supported the 'cycle', correct?
Quote:
Originally Posted by PokerMunkee
We can play this all day long. I don't have kids but my taxes go towards funding schools. I have never called 911 but my taxes help fund the FD and PD. I have never used our local library, but my taxes still pay for that. I have never received unemployment, medicare or welfare. It can go on and on..
Life isn't fair and no one has made it out alive. So stop worrying about it!
And yes, I am getting the $8,000 rebate after I close on Friday. WOOT! So your taxes will be going towards my refund which I will be buying a kitchen remodel with.
It CAN go on and on and on.
I never said anything about "fair." "Fair" and "Unfair" are whiny kiddies' games.
Except for Fair Housing.
I DO know STUPID when I see it, and the $8000, or the NAR NAHB proposed universal $15,000, or extending the $8000 qualify for STUPID in terms of gubmint policy.
Every now and then someone with a sense of responsibility likes to point out that the emperor is nekkid, and this year, for sure, the emperor blew his $8000 clothing budget, and he is still nekkid.
Now if you had asked for my $8000 for a library, I would be more impressed, than I am with the concept of just shuffling cash to folks who were going to buy a home anyway.
Sheesh, a Realtor and member of NAHB being attacked for pointing out a bad program that is supported by NAR and NAHB.
What next?
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