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New home buyers credit to cost taxpayers up to $300K per house
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Thursday, October 22, 2009
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From The Big Picture:

Now comes the latest attempt by politicians to intervene in the housing market: Expanding the about to expire, $8,000, first time home buyers tax credit to a $15,000 credit for everyone. This is counter productive. (Won't that just make prices more expensive?) The lobbyists want to goose the housing market by any means possible - even if it is an expensive and unhealthy method.

A recent Brookings Institute analysis (found via Barrons) demonstrates persuasively that the $8,000 subsidy actually costs $43,000 per extra house sold; worse yet, the new $15k tax credit will ultimately cost $292,000 per home.

How does that math work?

Read full article...

More on housing:

South Florida's top real estate expert: Prices still falling

The worst thing George Bush did to cause the housing crisis

Housing expert Tilson: Housing recovery a mirage... big price drop ahead

Topics: Taxes | Government Stupidity | Boondoggle
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