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Please do NOT extend the $8,000 tax credit

If you are on the far left, there is no need to read any further, for what I am going to say, is from a capitalist “conservative” mindset (which only means to left wingers that…I must be a hate monger for not wanting to extend the first time home buyer tax credit to those poor innocent people who can’t afford a home in the first place).

To extend the tax credit is simply going to increase the national debt load beyond what taxpayers can already afford to pay, yet weakening the economy even deeper.  Simply put I’m sick and tired of Realtor’s wanting the extension of the tax credit because it only benefits a few parties to a transaction instead of bettering the country.  We need to look at the big picture.  The fact is the tax credit must end at some point in time; that is a fact!  Realtors need to put their own personal interest aside and do what is best for this country, not themselves!  Extending the FREE money tax credit will only increase the pain of debt until the US dollar is worthless.  So the FACT is…Americans must be willing the do the tough thing!

What is the tough thing you might ask? well, for me,  I have refused to work with buyers looking for the tax credit!!! YES, you heard me correctly.  I know that if I am against the tax credit, then I must ACT as I believe.  I BELIEVE the government should not be handing out any of my money “tax payer money” to try and stimulate an economy that is FALSELY INFLATED in the first place.

How about this for a thought.  How about Americans need to live their WAGE so no tax credit is needed!  Here is my thought for the day.  WHAT IF, your home cost 125k instead of 300k?  what if you drove cars 10 years old with no car payments?  Could YOUR WIFE be a stay at home mother for her CHILDREN if this were the case?  Would the 10% unemployment rate drop to near zero if Americans lived their wage so mom could stay at home if she chose to with her babies!

Your thoughts?

Related posts:
  • FHA and the $8000 Tax Credit – what I know and what I don’t….
  • Estimate to extend the Home Buyer Tax credit? 16.7 Billion What a Bargain!
  • The bad news: Tens of thousands of people, including IRS agents and including at least one four-year-old, fraudulently claimed the $8,000 first-time home-buyer’s tax credit. The good news? When these morons take over your health care, you’ll probably die before you suffer too terribly much…

  • 17 comments

    17 Comments so far

    1. Missy Caulk October 28th, 2009 5:29 pm

      Robert, I have to say, I have found me a new blogger to follow here on BHB.

    2. Susan October 28th, 2009 6:08 pm

      I don’t know what I think about the 8k tax credit. I can see some benefits and downsides.

      “I have refused to work with buyers looking for the tax credit!!! ”

      But I have to admit I have a lot of respect for you for that. Standing by one’s beliefs doesnt happen often enough in society.

    3. Julia Odom October 28th, 2009 6:15 pm

      I’m about as far to the left one can be without coming back around to the right and the only thing I take offense at is the thought that I would suggest you were a hate monger.

      Truth is, many conservatives are dismissive (or worse) of the goals of liberals without having any real coherence or logical basis for their belief system. If you truly are refusing clients who plan to use the tax credit then I gotta give you mad props for putting your money where your mouth is.

      I’ll take a healthy and nuanced debate over ideology any day of the week as long as you don’t ever start a sentence with “I heard on Fox News…”

      And for the record, I’m not *convinced* that the tax credit is a good thing myself.

    4. Keith Lutz October 28th, 2009 6:16 pm

      I think the first tax credit was OK, but I agree it should not be extended. What gets me is the money they gave away for the Cash-for-clunkers. I mean a 30k investment and you could get a decent amount for a clunker, now compare that percentage wise to a starter home in a major city. One is like 1/6, while for homes, the percentage was sooooo much less! One for a deprectiating assest, the other for a basic necissity… shelter.

    5. Mike Carpino October 28th, 2009 6:30 pm

      As for all the talk about what is best for the country I will defer that to the so called experts running it. However, I agree that is should not be extended. Do you really think that by extending it now it will get people off the fence? I doubt it. We are going into the slower months for home sales and $8000 is not going to make someone buy especially during the holidays. People want deals period.

    6. Greg Swann October 28th, 2009 7:03 pm

      Ahem:

      We thought cash for clunkers was the ultimate waste of taxpayer money, but as usual we were too optimistic. Thanks to the federal tax credit to buy high-mileage cars that was part of President Obama’s stimulus plan, Uncle Sam is now paying Americans to buy that great necessity of modern life, the golf cart.

      The federal credit provides from $4,200 to $5,500 for the purchase of an electric vehicle, and when it is combined with similar incentive plans in many states the tax credits can pay for nearly the entire cost of a golf cart. Even in states that don’t have their own tax rebate plans, the federal credit is generous enough to pay for half or even two-thirds of the average sticker price of a cart, which is typically in the range of $8,000 to $10,000. “The purchase of some models could be absolutely free,” Roger Gaddis of Ada Electric Cars in Oklahoma said earlier this year. “Is that about the coolest thing you’ve ever heard?”

      The golf-cart boom has followed an IRS ruling that golf carts qualify for the electric-car credit as long as they are also road worthy. These qualifying golf carts are essentially the same as normal golf carts save for adding some safety features, such as side and rearview mirrors and three-point seat belts. They typically can go 15 to 25 miles per hour.

      In South Carolina, sales of these carts have been soaring as dealerships alert customers to Uncle Sam’s giveaway. “The Golf Cart Man” in the Villages of Lady Lake, Florida is running a banner online ad that declares: “GET A FREE GOLF CART. Or make $2,000 doing absolutely nothing!”

      Golf Cart Man is referring to his offer in which you can buy the cart for $8,000, get a $5,300 tax credit off your 2009 income tax, lease it back for $100 a month for 27 months, at which point Golf Cart Man will buy back the cart for $2,000. “This means you own a free Golf Cart or made $2,000 cash doing absolutely nothing!!!” You can’t blame a guy for exploiting loopholes that Congress offers.

      The IRS has also ruled that there’s no limit to how many electric cars an individual can buy, so some enterprising profiteers are stocking up on multiple carts while the federal credit lasts, in order to resell them at a profit later. We should note that some states, such as Oklahoma, have caught on to the giveaway and are debating whether to cancel or limit their state credits. But in Congress they’re still on the driving range.

      This golf-cart fiasco perfectly illustrates tax policy in the age of Obama, when politicians dole out credits and loopholes for everything from plug-in cars to fuel efficient appliances, home insulation and vitamins. Democrats then insist that to pay for these absurdities they have no choice but to raise tax rates on other things—like work and investment—that aren’t politically in vogue. If this keeps up, it’ll soon make more sense to retire and play golf than work for living.

    7. Ashlee October 28th, 2009 7:03 pm

      As a realtor I see the $8000 tax credit as possibly getting me more deals, but from the other side I also see it hurting out country. Seriously how much money can our governement just throw at us? Seems like they are only digging a deeper hole. Eventually it has to end and I feel that now is the time.

    8. matt mathews October 28th, 2009 7:07 pm

      If you need a tax credit (which it really isn’t as Investment terms go), to buy a home. Then you really can’t afford to own it. I’ve sold Tax Credit Investments over the years, oil & gas exploration, Limited/General Partnerships etc. I can assure you that this hand out is not a tax credit but rather a Tax Refund which is coming out of yours and my pocket. Stop the madness please!

    9. Joe Dallorso October 29th, 2009 6:38 am

      I sold 3 “tax credit” homes this year and I think everyone would have bought if there had been no credit. Low home prices in my area combined with low interest rates are the things that make houses sell. Low interest being the more important.

      I think the real threat to the real estate industry is the huge national debt and potentially much higher interest rates.

    10. James Wheelock October 29th, 2009 7:42 am

      I really am displeased with how government has handled the stimulus package. The level of my disappointment brings me to a place where I feel that government is unable or wishes not to use money in the most beneficial way possible to the people. That being the case I feel it safe to say that we should let government handle as little of our money as possible. No more stimulus bills because politician choices end up squandering it.

      The stimulus could have been so much better used. It could of had us out of this recession by now and it would have done so with less unemployment. Which means less pain to American families. It could also have been spent on things that would better position us to compete with the rest of the world. We should have been rebuilding the power grid and re-establishing the secondary market, but instead we have wasted the money. Looking back on this I now have to place my vote with Robert,do not extend the tax credit.

    11. Jeremy October 29th, 2009 7:46 am

      I’m like most of you, I have struggled with the tax credit. The ‘man’ wants us to promote it and join the fight to extend but personally I think it’s a bad idea. I only wish they would debate some of the larger spending packages like they have this credit…

    12. James Boyer October 29th, 2009 1:20 pm

      I know I sound selfish on this one, but I really hate it when someone gets up on their soap box and says that “Realtors need to put their own personal interest aside and do what is best for this country”. That statement just burns my butt. After all, we the Realtors, basically small business people, get shafted at every turn by the countries tax system and the current mortgage company policies which don’t count us as small business people, which makes it harder for us to get mortgages.

      Just my 2 cents. Extend or don’t extend the tax credit, I don’t really care. It does not really have much impact in this neck of the woods anyway.

      Jim

    13. Greg Dallaire October 29th, 2009 5:43 pm

      James,

      I am doing this with all do respect but I have a really hard time with your comment in regards to Realtors getting on their soapbox about doing what’s best for there country and your butt burning.

      So you think giving away everyone’s tax dollars or I mean printing money that we don’t have because we’re already deep in a budget deficit is a good idea because we’ve been shafted per your comment.

      I agree with some policies effecting small businesses in a bad way but really it’s time we band together as common sense americans and force our elected officials to listen to the American People.

      That’s my soapbox!

    14. Kevin Schmidtchen October 30th, 2009 7:22 am

      I tend to agree. Not sure that extending this is such a good thing for the country as a whole. As a Realtor it might get me another transaction closed, but I would be very hesitant to think a client is strictly buying a home based on a relatively small tax credit.

      At least here in our market in Santa Barbara, $8,000 is a relatively small amount of $$ for most buyers and sellers based on the total cost of homes here.

    15. James Boyer October 30th, 2009 7:46 am

      Hey Greg,

      Not trying to flame you or anything, Just that I feel from almost every quarter that the general perception is that we the Realtors are a bunch of Rich SOB’s who deserve to take it in the neck. I even had a elected State Representative so much as say that too my face. Never mind the fact that on average I work 70+ hours a week trying to build a business which between the feds and the state they already want to tax at a 45% rate. Continually we are told that we can give more, we should give this, we should give this, we should give that.

      Well I am sorry but it rubs the wrong way. Why not get people all revved up about getting some of the corporations and the real fat cats to start paying their fair share?? Or getting the government to stop giving our hard earned tax money to foreigners who are not even in this country, or subsidizing foreign companies to build factories here so that they can export their profits back to the mother country all at the expense of the American tax payer and American industry? or stop subsidizing American companies to export jobs overseas? Did you know that we actually pay companies to export jobs???

    16. Keith Lutz November 1st, 2009 6:57 am

      Honestly, how many people really bought because of the $8,000. IMHO, I think they would have bought anyway with the low interest rate, this just made it the perfect storm, with $8,000, so many foreclosures, and low interest rates. If people are not going to buy, then they just are not going to buy… damn renters! LOL

    17. Niki November 5th, 2009 7:02 am

      I agree. I despise having to promote a tax credit that isn’t worth the debt it will put people in. I just hope people really are cognizant of their finances and the unstable market and don’t let a tax credit make them write a check they can’t cash.