The Federal Tax Credits Blog

Posts Tagged ‘congress’

Question: Is it constitutional for congress to pay banks, credit card, insurance companies our tax dollars?!!?

The government is so obviously bought off by private corporations, to the point they are now handing over our tax dollars to them. Isn’t this illegal? Should they all go to jail for corruption? They are pretending it’s a bailout. THese are companies that charge over 20% interest rates and make bank. Just because they got greedy and gambled on Wall Street, why should they get paid off for all their losses instead of taking a hit like everyone else. They still seem to have enough to pay their CEO’s over 16 million in salary and take luxury trips like the one at the Ritz in Dana Point just days before the bailout passed. THey are laughing all the way to the bank on our dime and I’m sick of it, lying to us like it affects the economy of the CEO and shareholders make less profit than the amount they’re used to!

Answer: Congress can make any law to disburse funds from the Treasury in any way it sees fit.

It sucks, but if Congress makes a law, it’s legal.

Five ideas to stimulate the economy

Despite the $787 billion stimulus plan Congress passed in 2009 following the financial crisis, it’s been a painfully weak economic recovery. With unemployment staying at an unnervingly high 9.5%, economists expect growth to continue slowing later this year. This has only fueled talk of the need for another round of government spending.

Thank You Congress For Extending The Tax Credit Closing Date

Lawmakers Consider Home Tax Credit Extension

Lawmakers consider giving homebuyers 3 more months to finish sales and qualify for tax credit United States – Tax – Taxation – Business – Accounting

Tax Credit Extension

Question: Will I be able to claim child tax credit for 2006 yr?

I am pregant and due in November. Will I be able to claim this child on my 2006 taxes. We have two other children who have been eligible for this credit.

Just wondering if it matters that the child will only have been **technically** in my residence for under two months.

Answer: You can claim a child as long as he or she is born before Jan 1, 2007. You can claim a child whether he or she lived or died in that year. You need to obtain a social securtiy card for the child before you can claim him or her. Good luck on the new baby, hope everything works out fine!

Political Notebook: Budget and tax incentives before lawmakers’ break

Before lawmakers leave St. Paul for their Passover/Easter break, they plan to tackle a budget bill and tax-incentives proposal.

Real estate prices have been relatively stabilized over the last few quarters due to a combination of government stimulus and low interest rates; but that support for the market can’t continue forever. The housing prices are apparently on the verge of rising again, according to many experts across the nation.

The first big blow to the housing sector is the ending of the government’s tax credit stimulus at the end of April, this spring. The extension of this stimulus from last fall up until this spring has definitely made a difference to the market this winter, but the support that it’s given the market will likely end when the tax credit program expires.

Unfortunately, in the months to come there is also a predicted wave of foreclosures that are anticipated to come crashing down on the market. The struggle for mortgage modification is not working out as the government had planned; many homeowners can’t qualify for the help and many of the lenders involved have been very slow to help homeowners who have defaulted on their mortgage payments.

Some of the anticipated foreclosures are also likely to be a result of some of the same issues that have been resulting in an excess of bank owned properties in this previous year. Home owners will increasingly have under water mortgages and as a result, many home owners will walk away from their homes.

One of the other problems is that home owners are taking out adjustable rate mortgages which often have very low payments for the first year or so and then adjust to a higher rate of interest. While the interest rates are low, they can allow some great savings on your monthly mortgage payments; but once the rates climb, they can be overwhelming. Because the current interest rates are very low, it makes little sense to use an adjustable rate mortgage currently; the low rates will likely be ending in the spring as the Federal Reserve program which is in place now ends.

All in all, there are a lot of factors that are more than likely to adversely affect the real estate market in the months to come. However, there is the possibility for recovering housing values in later parts of the year; it is anticipated that later in the year foreclosure rates to drop as well as the numbers of people who are unemployed. With more people across the country enjoying more financial stability it is likely that the market can begin to stabilize by the end of the year.

Experts Talk Home Sales, Factory Orders, Obama Agenda

What Wall Street economists and strategists had to say about key developments on Jan. 5

Senator Johnny Isakson’s Message to President Obama and the Senate

Question: Home Buyers Tax Credit?

The program is expanded to include a $6,500 credit for existing homeowners who buy a new place after living in their current residence for at least five years.
Can I still apply for this if I bought a house in May 2009?

Answer: this law hasn’t passed yet
and the extension dates may change
wait til the law passes to find out for sure

Oregon unemployment one of worst in nation during 2009

Oregon lost 77,900 payroll jobs during the first 11 months of 2009, a toll that casts a long shadow on prospects for economic recovery in 2010.

$6500 Existing Homeowner TAX CREDIT