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DEL.ICIO.USBush opposes Isakson’s tax credit for foreclosure purchases
The Atlanta Journal-Constitution
It’s been obvious that U.S. Sen. Johnny Isakson has been taking heat from the right wing of his own party for pushing, as part of a means of easing the foreclosure crisis, a $7,000 tax credit to people who buy foreclosed homes — or homes on which foreclosure has been filed.
But it hadn’t been clear that opponents include President Bush. This was part of an Associated Press report filed late Monday:
The Bush administration opposes the foreclosure purchase tax credit, though it’s been circumspect in its public statements. In an unusual step, the White House did not issue an official policy statement as it does with most important legislation.
“Some of the proposals we’ve seen might have the potential to distort the market,” said Treasury Department spokesman Andrew DeSouza.
Isakson defends himself and his idea in the same AP piece.
“All these houses in foreclosure are doing a whole lot more damage to the [house] value of the homeowner who’s making their payments than having a $7,000 tax credit to induce people to absorb those foreclosures,” he countered. “It helps you to fix the bottom of the market so the market can turn around.”
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Comments
By Matt Jennings
April 8, 2008 10:56 AM | Link to this
My God, I hope Georgia doesn’t elect this idiot to anything else. His “solution” to this problem is a tax giveaway to the people who profit off of the misfortunes of others.
By GAConservative
April 8, 2008 11:44 AM | Link to this
The idiots in congress, on both sides, re-wrote lending laws years ago. They wanted to make it easier for “every American to have a home.” Problems is that not everyone in the country can handle their daily affairs, for whatever reason, and the banks were encouraged to make loans to people who could not afford them. The last thing we need now is government “help.” The real state, lending, financial markets will work it out on their own. The government has done enough.
By Bearded Lady
April 8, 2008 11:52 AM | Link to this
I want the government to be my mama, my real mama didn’t love me.
By ts
April 8, 2008 12:39 PM | Link to this
I agree with the Senator on the tax credit if the credit only applies to owner occupied purchases. If investors are able to take advantage of the incentive then we could have another housing crisis down the road.
By Gary
April 8, 2008 1:45 PM | Link to this
And just what are we supposed to do with 7K tax break if we buy a foreclosed home that the termites ate all to hell? You know, a lot of you turn-a-house bigshots need 2 insecticide your approach, if’n you gitz the drift here. Play fair, lay low, soon housing bubble, its a gonna blow.
By Senator Rubber Stamp
April 8, 2008 2:17 PM | Link to this
I guess the rubber stamp only works in one direction! Maybe Isakson will think twice now before blindly supporting President Bush on almost every measure! Isakson lost me a long time ago on the Prescription Drug bill: the most fiscally irresponsible legislation in the history of Congress.
By tom ga hunter
April 8, 2008 3:57 PM | Link to this
Johnny is just showing himself to be a big spending big government LIBERAL. Hope “W” vetoes this special interest written bill.
By Liberal Daisy
April 8, 2008 7:43 PM | Link to this
I hope “w” is a man an will realize this war needs to be aborted
By Churchill
April 8, 2008 7:53 PM | Link to this
I have hope that the liberals will eventually abort themselves into extinction. Look, Dazy, we both support abortion. Is that what they call bi-partisanship?
By MCCAIN
April 8, 2008 8:02 PM | Link to this
Churchill is reaching across the isle. Way to go buddy!