Carolina Horsepower - First time home buyers tax credit

Carolina Horsepower (http://www.balatrons.com/forum/index.php)

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- - First time home buyers tax credit (http://www.balatrons.com/forum/showthread.php?t=5269)

5% 30 year fixed FTW!

I think that is the same as ours. If not 5% it might be 5.1325. But it is FIXED

4.0% Fixed (Good Timing)

Quote:

Originally Posted by 1BAD4DR (Post 67316)

Cant wait for mine, im closing in April :)

Fingers crossed........

Now i havent read up on it much, but from what im hearing the earned income tax credit sounds like a horrible idea.

I think getting 8 grand back for buying a house was a good idea.

Quote:

Originally Posted by MonteC (Post 67386)

Now i havent read up on it much, but from what im hearing the earned income tax credit sounds like a horrible idea..

It's not the best thing in the world, but it's a lot better than welfare. You have to actually work to get money from EIC. Although just like anything, people find loopholes.

Quote:

It is difficult to measure the cost of the EITC to the Federal Government. At the most basic level, federal revenues are decreased by the lower, and often negative, tax burden on the working poor for which the EITC is responsible. In this basic sense, the cost of the EITC to the Federal Government was more than $36 billion in 2004.

At the same time, however, this cost may be at least partially offset by several factors: 1) any new taxes (such as payroll taxes paid by employers) generated by new workers drawn by the EITC into the labor force, 2) any reductions in entitlement spending that result from individuals being lifted out of poverty by the EITC (the poverty line is sometimes a watermark for eligibility for state and federal benefits), and 3) taxes generated on additional spending done by families receiving earned income tax credit.

Quote:

Originally Posted by MonteC (Post 67386)

Now i havent read up on it much, but from what im hearing the earned income tax credit sounds like a horrible idea.

I think getting 8 grand back for buying a house was a good idea.

Yup great idea. Lets incentivize home buying by those who in many cases are not ready financially to own a home in a crippled housing market created by people owning homes that shouldn't. We fund this program by taking from the haves and giving to the have nots. :bigthumb:

EIC is similar except it's probably never going to go away. Reward for bad decisions.

I just bought a house 2 weeks ago and did an amendment to my 2009 taxes and will be getting the $8k back as well. I will have a nice man cave/media room thanks the this tax credit lol

Quote:

Originally Posted by Blubird (Post 67392)

LOL! I wish i had time to argue how retarded that comment is but the economy around here is booming and i have a ton of work to do. :yourock:

its also harder to get qualified for a home than in the past. they arent handing mortgages out like you think

Quote:

Originally Posted by MonteC (Post 67426)

LOL! I wish i had time to argue how retarded that comment is but the economy around here is booming and i have a ton of work to do. :yourock:

Enlighten me genius.