Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: Steve Lokness who wrote (103451)	2/7/2009 4:13:08 PM
From: slacker711	Read Replies (1) \| Respond to of 542139

there's going to be more money in the bill for the very rich than there ever is for putting people back to work. When it comes to this stimulus package, virtually none of it is a benefit to the rich. Much of it is actually improvements to the social safety net and most of the tax cuts are broad based. More importantly, who do you think is going to eventually pay for the vast vast majority of this nearly one trillion dollars? It isnt the poor or the middle class, they simply dont pay a very large percentage of the revenue of the US government. It will be the rich who ends up paying the bills. As I have said before, that's ok, they are the ones with the money....but anything that labels the stimulus as a gift to the rich that will be paid for by everybody else is simply wrong. Slacker

To: Steve Lokness who wrote (103451)	2/7/2009 4:23:11 PM
From: Sam	Respond to of 542139

FWIW, here is my understanding of how things stand on this issue right now (or as of a couple of days ago, anyway): _First-time homebuyers could get a tax credit of up to $7,500 if they buy homes in the next few months. The credit refunds 10 percent of the purchase price, up to $7,500, to couples with incomes of less than $150,000. Those making up to $170,000 can get reduced credits, while those making more are ineligible. Current law requires the credit to be repaid over 15 years. The stimulus package would repeal the repayment requirement. The House package covers homes bought before July 1, 2009. The Senate bill covers homes bought before Sept. 1. EDIT: Hmm, just checked out your link, and get this: HOMEBUYER CREDIT: _House — $2.6 billion to repeal a requirement that a $7,500 first-time homebuyer tax credit be paid back over time for homes purchased from Jan. 1 to July 1, unless the home is sold within three years. The credit is phased out for couples making more than $150,000. _Senate — Doubles the credit to $15,000 for homes purchased for a year after the bill takes effect, increasing the cost to $35.5 billion.