Guess it’s time for me to start looking for a house again, huh?
“The Senate voted Wednesday night to give a tax break of up to $15,000 to homebuyers in hopes of revitalizing the housing industry, a victory for Republicans eager to leave their mark on a mammoth economic stimulus bill at the heart of President Barack Obama’s recovery plan. 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. Isakson’s office said the proposal would cost the government an estimated $19 billion.”
A $15,000 homebuyers tax credit? That doesn’t have to be repaid? For everyone? Score one for the regular guy.