Tuesday, October 13, 2009

This Week in Washington DC: Discussion of Extention of the Homebuyer Tax Breaks

One of the items under discussion in Washington D.C. this week:

Homebuyer Tax Breaks: Speaker Nancy Pelosi said the House may extend and
possibly expand the $8,000 tax credit for first-time homebuyers that is
currently due to expire Nov. 30. Those in favor of the action say the tax break
has given a much needed boost to the mortgage industry. Those against it say the
government needs those funds so it doesn’t have to raise taxes elsewhere. They
suggest that the tax break be reserved for those who buy homes in the
weakest markets or in areas that are plagued with foreclosures.

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