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Home Tax Credit Called Successful, but Costly [NYT]

Tuesday, April 27, 2010 - 7:31 AM
From the New York Times
Though the Treasury Department and the real estate industry have termed the program a success, helping 1.8 million people buy homes, many tax policy experts say it has been singularly cost-ineffective: most of the $12.6 billion in credits through end of February was collected by people who would have bought homes anyway or who in some cases were not even eligible.
Home buyers have also been rewarded with record low interest rates. Unfortunately, savers haven't been so lucky.
1
Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
Rep Points: 125,611
1. Wednesday, April 28, 2010 - 4:42 PM
The one thing to note about the Home purchase tax credit is that it is NOT like the earned income credit.  It is a reduction of your current tax bill which has to be paid back over the next few years.  For the earned income credit, you never have to pay it back.
1
AnonymousAnonymous2,282 posts since
May 9, 2010
Rep Points: 3,950
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