Tax credits help dream
Politicians in Washington D.C. often talk big about helping the middle class but now that they have the chance it appears partisanship could derail that effort.
Congress is debating a variety of plans — no less than 12 have been introduced — to extend the first time homebuyer’s tax credit past the looming Nov. 30 deadline.
But so far it seems those efforts seem to be going nowhere, bogged down in typical bureaucracy and political battles.
According to an Associated Press analysis, “the federal tax credit covers up to 10 percent of the home price, or up to $8,000, for first-time buyers. Combined with low mortgage rates and falling home prices, the credit helped end the worst housing recession in a generation.”
Financial analysts project the tax credits will drive 400,000 buyers into the market this year, according to the AP reports.
Those are powerful numbers when you consider the struggles of the real estate industry and the fact that this could extend the window of opportunity for some who would have a difficult time making this become a reality without the government’s one-time assistance.
Critics say that the program benefits those who don’t need it by subsiding a purchase that people would already have made anyway.
But that doesn’t change the fact that it has pushed the stagnant real estate industry and helped many make this jump.
Middle class — the hardworking, blue-collar men and women of America — deserve a little longer to make this type of life-altering move.
Owning a home remains an integral part of the American dream. It is vital that our lawmakers help millions of Americans keep that dream alive.