Foreclosures Tax Credit
August 21st, 2010
Question: Would a tax credit for mortgage payments be more effective than subsidizing the lenders?
I was wondering if giving a credit for mortgage payments be more effective in rescuing the economy than subsidizing the financial institutions. This would possibly prevent foreclosures for people at risk, and also put more income into the pockets of people who did not take-on the high risk mortgage, thus adding to the economic stimulation.
Answer: The amounts of money (700 billion) are so large, it is hard to believe this is only about mortgages. I think the banks are guilty of making lots of bad investments way beyond the bad mortgages they made in this country. Corporate greed led them to this situation, and it seems rather crazy to bail them out so they can do it again. Some, if not many, of these businesses should go out of business.
Giving these dollars back to each taxpaying adult in this country would make much more sense. The money could be used to pay down mortgages, buy things that are needed, or pay off the huge medical debt many Americans have. I have looked for some explanation of just what the proposed bail out would accomplish and for some reason, no one is telling us–perhaps these financial geniuses that got us into this mess have no idea how this thing will work. Having the same people that caused this problem try to fix it just seems like the wrong approach.
My concern is that this taxpayer money will end up in the hands of a few people that are already way to rich relative to what most of the people in this country have. The current administration has shown over and over they can’t be trusted. How is this huge crisis going to be any different?
How about just canceling income tax for a year or two? That would provide a huge economic stimulus. How about all the law makers giving up their pay for a year or two? How about some of the many billionaires that made there bucks off the sweat of the rest of us giving back to the cause? There are many ways to solve this crisis that do not require our selling out the poor and middle class tax paying Americans.
Whatever we do, we can’t put another one of these same people back into office. Vote for anyone but Republicans in November. You still have time to get reregistered and then get out and vote.
Really? Foreclosures up, underwater homes down
Real estate news and views from around the globe that make you go, “Really?” DROWNED HOMEOWNERS: The percentage of U.S. owners owing more than their homes are worth declined in the second quarter, thanks in part to higher foreclosures. …
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Foreclosures & $8000 Tax Credit
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