Homebuyer’s Extension To Cost…
Get ready for it… $10.8 billion.
This is an estimate for the extension portion only – the initial credit cost just over $8 billion.
Call it welfare, a bailout, an “incentive plan” – I call it bad policy.
Kelly Phillips Erb, known as Taxgirl, is a tax attorney, writer, and speaker who explains tax news, IRS updates, scams, financial crime, and money in plain English.
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Yikes.
I agree. The initial home buyers credit was probably required as part of the stimulus plan to get the economy moving but at some point the stimuli needs to end and allow the economy to grow on it’s own. It may be slower but the growth will be real rather than inflated by taxpayer dollars.
I wonder if a credit of say $4000 instead of $8000 would have had the same effect.