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Politics : Formerly About Advanced Micro Devices
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To: bentway who wrote (263625)12/6/2005 10:21:18 PM
From: Jim McMannis  Read Replies (2) of 1572742
 
RE:"When Clinton passed the law, it was intended for middle class people that had owned their homes for a long time, had a lot of built up equity, and might need the money to retire or to pay for medical emergencies. There wasn't any RE bubble. Interest rates were 8% and up. It was a tax break for ordinary people! What a concept!"

The concept was...the NAR lobby. Anyone with half a brain knows what a major tax cut like that does to prices. There was already a one time 100k exemption for those over 55 years of age. Which in fact fit the criteria you mentioned much more closely.
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