Extend the Tax Credit?
The National Association of Home Builders is calling on you to urge your congressman to extend the first-time home buyer's $8,000 tax credit. Do you think this is a good idea?
We're stuck a bit between a rock and a hard place in this country. We need money to stimulate the economy, but we have to borrow the money we need--a highly questionable course of action.
According to this RISMedia article, 1.4 million families have filed to receive the tax credit. That equals roughly $11 billion. That might seem small compared to the kind of money we've watched exit Washington over the past year, but it's still a good chunk of change.
Money for the tax credits money comes from somewhere [read: us]; the government isn't independently wealthy. How long can we keep this up?
On the flip side, the incentive appears to be a success. Encouraged by the response and the subsequent boost to the housing market (Boise is no exception), Congress might be wise to extend it another year. But even if they don't, you can't put a price tag on buyer confidence, which is certainly what the tax credit has encouraged.
We're stuck a bit between a rock and a hard place in this country. We need money to stimulate the economy, but we have to borrow the money we need--a highly questionable course of action.
According to this RISMedia article, 1.4 million families have filed to receive the tax credit. That equals roughly $11 billion. That might seem small compared to the kind of money we've watched exit Washington over the past year, but it's still a good chunk of change.
Money for the tax credits money comes from somewhere [read: us]; the government isn't independently wealthy. How long can we keep this up?
On the flip side, the incentive appears to be a success. Encouraged by the response and the subsequent boost to the housing market (Boise is no exception), Congress might be wise to extend it another year. But even if they don't, you can't put a price tag on buyer confidence, which is certainly what the tax credit has encouraged.
Labels: News, Opinion, Real Estate, Taxes
Posted in Boise’s Best Real Estate by Leigh Wilson on Monday, October 26, 2009
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