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Reid: Congress will extend $8,000 home tax credit
Wednesday, Aug. 5, 2009 | 11:44 a.m.
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WASHINGTON -- Senate Majority Leader Harry Reid said today he expects Congress by year’s end to extend the $8,000 tax credit for first-time homebuyers.
The program was launched as part of the economic recovery act, and is set to expire Dec. 1. Those eligible are first-time homebuyers in primary residences.
Reid said the program has support from both Democrats and Republicans, and continuing it would be on the agenda before Congress adjourns in December.
“We are going to extend that,” Reid said during a conference call with Nevada reporters.
“It’s something we can get done,” he said. “We have to do it by the end of the year.”
The sharp downturn in home sales, especially in hard hit Nevada, has continued to be a drag on the economy. Home buying is one of the best ways to stimulate economic activity, as new homeowners seek other goods and services, he said.
Reid envisions maintaining the credit at the $8,000 level and extending it for a year. He said there has been an effort to make the credit available to those other than first-time homebuyers, but acknowledged that may be a steeper climb.
“I don’t know if we can get that done,” he said.
For information on the program, go here.
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brilliant Reid, how's that economic recovery act doing?
But will they adjust the income levels?
Currently the credit is reduced at 75K and then eliminated at 95K.
First time home buyers who could easily afford homes are the ones not qualifing for the credit.
ynotjohn-
I guess that's a good question. Obviously, we want to help middle-class folks looking to buy their first homes and not just rich investors looking to take advantage of "OPM". Still, I can see a reason to slightly adjust the income levels, especially for states that are more costly to live.
Nonetheless, I'm glad Reid's working to get this done.
It is 75k single, then 150k married. From that point the credit is phased out.
This is a good idea, especially if there is shadow inventory as some suspect. Maybe we can take this as a hint that there is in fact shadow inventory of foreclosed homes.
Spend, spend, spend...deficits, deficits, deficits...spend, spend, spend...tax, tax, tax...Spend, spend, spend...deficits, deficits, deficits...spend, spend, spend...tax, tax, tax...Spend, spend, spend...deficits, deficits, deficits...spend, spend, spend...tax, tax, tax...Spend, spend, spend...deficits, deficits, deficits...spend, spend, spend...tax, tax, tax...Spend, spend, spend...deficits, deficits, deficits...spend, spend, spend...tax, tax, tax...Spend, spend, spend...deficits, deficits, deficits...spend, spend, spend...tax, tax, tax...
I hate his face.
Stop paying people to buy houses!! These "tax credit" never should have been started to begin with. Same with that Cash for Clunkers program. Damn government wasting our hard earned tax dollars.
Henderson, for a paper so pro-Reid you would think they would use a flattering picture of him. The one the currently use makes you think he is constipated. lol
Obama elected
stimulus pasted
Sotomayor confirmed
cash for clunkers extended
mortgage credit extended
health care reform
cap and trade
by the end of the year
the ditto-heads said Obama wouldn't even be elected,
mred,
You're so right!
Has anyone noticed Obama took more time picking out a dog for his kids than he did spending us into oblivion and quadrupling the deficit?
The one and only way to end this Vegas Crisis is to do something to cause the mortgages to be equal to or less than the property value. Since Senator Reid is flat-out unable do cause that to happen, he is unable to stop Vegas going down the tubes. It's really beyond his control. This Tax Credit thing might help some folks, but Vegas is still going down just as fast.
Heyyyyy, check out Shannon Doherty. BOOBIES!!!
republicans are dead, they couldn't pass anything if they wanted to.
who voted to spend $200 million on three private jets for the use of congress? Harry? right smack in the middle of a crisis, guess commercial isn't good enough.
I see Henderson received his copy of the talking points.
I took advantage of that program before they made it so that you dont have to pay back. All I got was the $7500 loan paid back over 15 years at zero interest. But I was able to trade my $400 truck in on a new one and get a $4500 cash for clunker rebate. I like these programs. They help people instead of just the banks. Just waiting to see what I can take advantage of next.
This is a great program but as a "First Time Home Buyer," myself and many others are loosing out to "investors" that are gobbling up all the houses. This is especially happening in the Historic Neighborhoods Downtown and leaving a lot of us frustrated. There is nothing worse than seeing all these great little houses being bought and for rent signs going up. I guess congress forgot to tell the banks to give priority to the "First Time" home owner. We bailed out the banks but they are always following the quick money...
LVPaco: try Realtor.com website they have 1000's of homes for sale in Las Vegas. Dont trust your realtor either I fired the first two because they where not submitting my bids. They just keep telling me I needed to bid more and that investors were buying. When I found my third realtor I told her exactly which property i wanted and what I would pay a week later we had a deal. Sometimes you got to take the bull by the horns and get the people out of the way that are blocking your deal. Hint: If your realtor cant get it done find another and another until one does there job.
I'm not a first time home buyer. I don't have a clunker to get $4500 from Uncle Sam. I am a long time taxpayer and all I get is screwed. Why is it better to give the money to the government, have them lose billions to fraud and waste and administrative costs compared to cutting taxes, letting me keep more of my own money and spending it how I want to?
The government is always gonna take our money. The smart people keep an eye out for a way to get it back.
I am sure glad the democraps know how to spend my money?I only retired at 46,own my home and the property it sits on out right! My truck and car are paid off.And i did it all with out there help!By the way,the repooplicans didnt help me out either! Its called self reliance!!!
JLDOUR
You are not screwed as you have been taken advantage of the mortgage interest tax break. It would be nice for someone like myself (a long-time renter) to equal all of your tax savings in order to buy a first home.
People who say they get nothing from Obama's policies forget that last October "this sucker," as Pres. Bush so eloquently put it, was about to go down. Government expenditures, some tax breaks, job programs, the policies of the Fed, etc., prevented a full-scale Depression. Think back to how frightening last October was--we wondered if the whole world economy was about to go off the cliff and if our very own banks were safe. Now there has been some improvement in the economy--the stock market is up, consumer spending is coming back, people have more savings. Sometimes when things are so bad we need the government to step in--this is not socialism, it is common, (and needed) sense.
The constant bashing from the right is getting very tiring. They did not complain one bit when KBR (Haliburton) absconded with billions from the Iraq war. They did not complain when KBR could not even account for 8 billion.
These right wing hypocrits need to just SHUT UP! They don't pay for anything...the middle class does. Always has, always will as long as there is a Republican around to cause chaos and lie to the American people with their scare tactics.
I hope they all shrivel up from their angst and collectively stroke out worrying about their precious dollar bills.
That's great Harry! Now all we need is a JOB.
Where is the Vegas stimulus?
Comment removed by staff.