e-commentary e-ssay e-poem

A clunker of an idea.  The Homebuyer Tax Credit is another terrible scheme.  The government allows individuals to take an $8000 credit for the purchase of a home.  The government should quit trying to implant everyone in a single family house and instead allow individuals to live in a structure they can afford.  The mortgage interest tax deduction and the exemption from income of $250,000/$500,000 on the sale of a personal residence under defined circumstances should be rescinded.  The real estate market must be allowed to settle down rather than being jump-started with federal money.  Meddling is muddying the mess more.

And, once again, the deficit-loving Republicans are also behind this raid on the public fisc.  Senator Johnny Isakson (R-GA), a free-spending “socialist” from Georgia, is supporting the extension of the act.

Seems that the houses and cars are being sold to buyers who were already planning to acquire a house or a car anyway.

[See the “e-ssay” dated August 3, 2009 entitled “Less Government Regulation Series:  The Terrorist Tax Again” discussing among other things the clunker program for cars.]

Bumper stickers of the week:

Like giving steroids to a grandmother

Government Tax Credit: Get A Home Without It

This entry was posted on October 26, 2009 at 10:38 pm and is filed under Automobiles/Automobile Industry, Housing, Less Government Regulation Series, Taxation. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.