Winners and Losers
- Thread starter AJ
- Start date
Picklz
SUDO Make me a SAMCH
Car buyers: Anyone who buys a new car in 2009 gets to deduct the sales tax. To qualify, buyer must make less than $125,000 individually or $250,000 jointly. Cost is $1.7 billion.
Homebuyers: First-time homebuyers who purchase this calendar year get an $8,000 tax credit which does not have to be repaid like a similar measure last year. This phases out for people making more than $75,000 individually or $150,000 jointly. "First-time homebuyer" is defined as someone who has not owned a home for the past three years. Cost: $6.63 billion.
Those are the two I can see a lot of people here being interested in. Last year first time home buyers could receive up to a $7500 tax credit, however it has to be repaid (over 15 years) and if you sell your home the remaining balance becomes immediatly due. If this bill passes new home buyers (meeting the restrictions above) will receive $8000, with no need to pay it back (GRRR!)
Looks like you'll be able to deduct sales tax from any new car purchases in 09' as well.
Homebuyers: First-time homebuyers who purchase this calendar year get an $8,000 tax credit which does not have to be repaid like a similar measure last year. This phases out for people making more than $75,000 individually or $150,000 jointly. "First-time homebuyer" is defined as someone who has not owned a home for the past three years. Cost: $6.63 billion.
Those are the two I can see a lot of people here being interested in. Last year first time home buyers could receive up to a $7500 tax credit, however it has to be repaid (over 15 years) and if you sell your home the remaining balance becomes immediatly due. If this bill passes new home buyers (meeting the restrictions above) will receive $8000, with no need to pay it back (GRRR!)
Looks like you'll be able to deduct sales tax from any new car purchases in 09' as well.
S
Slim
Guest
I guess I picked a good time to look at buying my first home.
ZoomZoom Diva
New Member
I have serious issues with government allocating our money in the form of foregone income to bribe people to buy homes (but only if they haven't had one in 3 years, no incentive for people to step up to a different home or assistance for those relocating and buying a home somewhere else) and cars.
I would much rather see government work within its realm and invest the money in long term assets and areas where they actually have the authority to act like infrastructure that benefit everyone rather than in bribes that only benefit certain people in special circumstances. Adding more discrimination to the tax code is not the answer.
I would much rather see government work within its realm and invest the money in long term assets and areas where they actually have the authority to act like infrastructure that benefit everyone rather than in bribes that only benefit certain people in special circumstances. Adding more discrimination to the tax code is not the answer.