New $15,000 Housing Tax Credit
2009 June 14
Will the $8,000 First-Time Home Buyer Tax Credit Expand to $15,000?
To again help the ailing housing market, Sen. Johnny Isakson, a Republican from Georgia has introduced legislation that would beef up the tax credit for first-time home buyers. Under the terms of his bill, the size of the credit would expand to a maximum of $15,000 from the previous cap of $8,000, and it could be taken by anyone who buys a primary residence, instead of only by first-time home buyers. The bill would also remove the income limits that had prevented individuals making more than $75,000 a year from claiming the credit, which would be available for a year after the date of the bill’s enactment.
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Why should taxpayers again use deficit spending to pump up the prices of houses that are still over-valued and over-supplied?
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It will be interesting to see if this will pass…
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As a homeowner, for over 25 years, it doesn’t help me if my neighbors are selling their homes at 4x – 5x the original cost. My property taxes go up accordingly, and I cannot afford to buy another home nor do i desire a new mortgage. What is solution?
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Stop land speculation, tax home sales under 5 years, require people to live in a home for 5 years, slow down the home flipping, etc.
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