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Group: Administrators
Last Login: Friday, November 20, 2009 4:45 PM
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Sound Off: Do you support expanding the home-buyer credit and extending jobless benefits?
An L.A. Times story: Moving to shore up a still shaky economic recovery, the Senate unanimously agreed Wednesday to extend jobless benefits, continue the popular tax credit for first-time home buyers and offer a new tax break to homeowners who want to move up.
The existing tax credit for first-time buyers, set to expire at the end of the month, has helped boost home sales across the country. Under the Senate bill, both first-timers and existing homeowners would be able to take advantage of the expanded program through the end of April.
The measure would continue giving an $8,000 tax credit to first-time buyers and would provide a $6,500 tax break to qualified homeowners looking to move up to middle-market homes that cost no more than $800,000.
In addition, the legislation would raise the qualifying income levels to $125,000 for individual income tax filers and to $225,000 for joint filers.
Finally, the bill, which the House is expected to pass as early as today, would extend unemployment benefits 14 more weeks nationwide and 20 more weeks in California and other hard-hit states. That would give the long-term unemployed nearly two years' worth of benefits.
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Group: Forum Members
Last Login: 2 days ago @ 8:55 AM
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| Home-buyer credit is where the economic mess started. Everybody who was financially responsible and wanted a home already had a home, so the government and the money guys got greedy and furnished loans to people who obviously were in over their head, plus others who jumped in to play the system. Making this happen all over again is like having some drinks on the morning after tieing one on the night before. Do we need some hair from the dog that bit us?
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Group: Forum Members
Last Login: 2 days ago @ 3:59 PM
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| Jobless benefits yes, home credit NO.
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Group: Forum Members
Last Login: 2 days ago @ 7:55 AM
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I agree KW, what's even more disturbing is that now barney frank and the dems want fannie and freddy to buy the homes that would go into forclosure and rent them back to the people that live in them.
This would make obama's bailout look great as forclousers would drop but it also would put the taxpayer on the hook for all home improvment expenses.
mmm,,mmm,,mmm
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