President Barack Obama and congressional leaders might extend or expand tax credits and housing aid as they seek to counter the decline in the U.S. housing market and reverse rising job losses.House Speaker Nancy Pelosi said lawmakers might extend an $8,000 tax credit for first-time homebuyers that is set to expire Dec. 1.
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Extending the tax credit for homebuyers is “under consideration,” Pelosi, a California Democrat, told reporters today in Washington. “The question is, would that be just first-time homeowners or would you open it up to other purchasers of homes?”
“There’s no question that I think it should be extended; for how long, we should discuss,” said House Ways and Means Committee Chairman Charles Rangel, a New York Democrat. He said the tax credit shouldn’t be made permanent.
This is good news.
3 comments:
How about extending the credit to everyone, not just twenty somethings that have never bought a house?
Speculators could be kept out with a three year rule like the tax credit on home improvements.
How about not extending it at all, since we know it had negligible impact (even according to the NAR estimates) and that impact was at the cost of about $43,000 per additional home sold.
Estimates are that the cost per additional house sold is $100,000 to the taxpayer.
http://www.economicpopulist.org/content/unofficial-economic-policy-re-inflate-bubble
We’d do better just buying cars from GM and crushing them.
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