To stabilize real estate prices, the House would give first-time homebuyers a tax credit of 10 percent of a home’s cost, up to $7,500, with income caps reducing the credit for individuals earning at least $75,000 and couples earning $150,000 — at a cost of $2.6 billion.
The Senate plan includes a more generous credit of 10 percent, up to $15,000, that would be available to all homebuyers, with no income limits. That credit, proposed by Senator Johnny Isakson, Republican of Georgia, would cost $18.5 billion.
That is the third version of that part of the bill that I have read so far. I suspect that people have as good a handle of what is in this bill as they did of the Patriot Act when it was first passed.
What a country.... |
