Tax Cuts, Tax Cuts - Hello, We Need INCOME!

This is completely insane. We now have two more tax cuts coming through the Senate.

One to give home buyers a $15,000 tax break to anyone who buys a home and another in the Stimulus to buy a car.

How many super rich are going to gobble up houses as a result!

How many rich will buy a car?

We need income people! The layoffs are like a blizzard and the last thing working America needs are more incentives to go into more debt, more consumerism and less real production.

Her amendment would provide tax breaks to those who purchase new cars and light trucks between Nov. 12, 2008, and the end of this year that cost less than $49,500. Families earning more than $250,000 wouldn’t be eligible for the break. Mikulski estimated the amendment would save car buyers $1,500 on a $25,000 purchase.

The proposal would allow a tax credit of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break for the purchase of new homes only.

Jobs. America needs jobs. They need income, they need a revitalized manufacturing sector. When people have jobs they have money to spend.

This is just more trickle upon economics and it's pissing me off.

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Amazing isn't it?

After all this time the DC elite are completely clueless. How can you fix the patient (USeconomy) when you can't even diagnose the problem? (too much freakin debt)

It has always been about class warfare.

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welcome to EP wingding

It's completely frustrating. I think all of America could sign onto a plan if it actually made any economic rational sense.

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speculators and R.E. cos will be getting that buying $$ --

not regular people (who either are staying put/can't sell what they have now, or renting).

i can't get over how much worse this "stimulus" gets with each passing day.

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Obama said he wants homebuying/mortgage stuff separate -- NYT --

Tax Credit for Homebuyers Passes -- http://thecaucus.blogs.nytimes.com/2009/02/04/tax-credit-for-homebuyers-...

"... But Democrats, including President Obama, have said they would prefer for a broader housing/mortgage package to be considered separate from the stimulus package. ..."

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AVERAGE AMERICAN NEEDS STIMULUS CHECK!

The average American is facing eviction from their rental properties due to lost jobs etc... WE NEED THE GOVERNMENT TO SPEND SOME OF THOSE TAX DOLLARS WE ARE PAYING BACK TO BE PUT INTO STIMULUS CHECKS FOR FAMILIES!!!!!!!!
OBVIOUSLY, THEY HAVE ENOUGH MONEY TO NOT HAVE TO SEE THE AVERAGE AMERICANS URGENT NEEDS. We can only pray there is a reorganization somewhere to allow the truly urgent needs at this time and not what will help strictly down the road.
Many Americans will be homeless with children if this is not considered.

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Not true

I consider myself an anverage american. I don't face eviction. I don't think the AVERAGE american faces eviction either. In the event that they have experienced a decline in income most should be able to find a home.
Think about it. There are some "average americans" that are landlords as well. what good does it do to kick a family of 4 out of their rental home (which the landlord owns AND is making payments on as well). That landlord loses that income.
With the economy in decline, property values and interest rates are declining.
Americans don't need to be given MORE money. They need to learn how to BUDGET what little they have.
Many of the 'average americans' that claim hardship these days are the same idiots that took out high-interest loans for a 5 bedroom house or a fancy new SUV when they make $8.50 at their job in the mall.

Its called "restraint" folks. It's called "conservation." Learn to get by and stop pissing away your money on stuff you don't need.

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blame the victim

Not only are you not aware of what is happening to working America, you add insult to injury trying to blame people for what is happening to them.

Get out more!

I never ceases to amaze me the lack of compassion or even recognizing the statistical facts of what is happening to people in the United States today.

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Foreclosure crisis

Boy does this 'tax credit' get under my skin. For those of us facing foreclosure (due to job loss) this garbage Republican idea is a giant slap in the face. If I understand this correctly, current homeowners in crisis get absolutely nothing, while potential homebuyers get $15,000 + a very low interest loan. From my perspective new homebuyers are going to make out like bandits on the backs of the folks who will lose their homes.

But that's not all. I recently discovered that although CA is a non-deficiency state, if you refinanced your home (which many of us had to do to get out from under sub-prime mortgages) you lose that legal protection and are now subject to a deficiency judgment for the difference between what you owe on the loan and what it sells for after foreclosure.

So, not only do we get no governmental tax break, nor any bankruptcy cramdown relief, but we also have to deal with a deficiency bill after we've walked away from our home. Wow, in what universe is that a fair deal?

BTW, this is one of my favorite new websites - thanks NDD for the link.

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Sounds like a potential business opportunity

For the folks who used to do subprime mortgages, a "foreclosure prevention" scam:

1. Buy house from current owners for EXACT amount owed.
2. Sign current owners up for low interest loan + $7500 in "closing costs"
3. Sell back to the current owners and split the $15,000 tax credit.

Knowing Republicans, they probably had this in mind....

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Maximum jobs, not maximum profits.

agree

it's bogus and on top of it they are not even dealing with predatory loans. I think Lou Dobbs is running a personal story on Wells Fargo who put a woman into a subprime which she should not even be in and they are foreclosing and it's all due to the terms of the mortgage.

The very first thing which should be done is a review of all of these foreclosures and which ones are purely predatory. Not only should the homeowner get low rate 30 year fixed, but I think the banks who have done these predatory loans should be required to pay out to these homeowners for damages.

The entire problem with tax cuts like this is it implies someone has disposable income. The only people with disposable income....do not need a tax cut.

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Tax Cut?

While we are in this partisan game of chicken, why does the administration not just do the easier thing -- double the standard deduction, subject to a reasonable limiit. Don't have to extend the Bush cuts, just let them expire and pass a clean increase in the standard deduction.

Does not solve all problems but it levels the playing field to negotiate tax laws with the new congress.

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Frank T.

"tax cuts", "60 votes"

you mention a very good point, there are things an executive branch can do, which do not require Congress.

The entire "tax cuts" and "spending" and all of this to me is noise, serious noise, when it's what kind of spending, what kind of taxes that matters.

I think it's a well crafted corporate lobbyists media smoke screen campaign.

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