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DEL.ICIO.USSenate folds Isakson’s tax break for homebuyers into stimulus package
The Atlanta Journal-Constitution
The Associated Press just filed this:
WASHINGTON — The Senate voted Wednesday night to give a tax break of up to $15,000 to homebuyers in hopes of revitalizing the housing industry, a victory for Republicans eager to leave their mark on a mammoth economic stimulus bill at the heart of President Barack Obama’s recovery plan.
The tax break was adopted without dissent, and came on a day in which Obama pushed back pointedly against Republican critics of the legislation even as he reached across party lines to consider scaling back spending.
“Let’s not make the perfect the enemy of the essential,” Obama said as Senate Republicans stepped up their criticism of the bill’s spending and pressed for additional tax cuts and relief for homeowners. He warned that failure to act quickly “will turn crisis into a catastrophe and guarantee a longer recession.”
Democratic leaders have pledged to have legislation ready for Obama’s signature by the end of next week, and they concede privately they will have to accept some spending reductions along the way.
Sen. Johnny Isakson (R-Ga.), who advanced the homebuyers tax break, said it was intended to help revive the housing industry, which has virtually collapsed in the wake of a credit crisis that began last fall.
The proposal would allow a tax credit of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break for the purchase of new homes only.
Isakson’s office said the proposal would cost the government an estimated $19 billion.
It’s not clear how permanent this union is. The AP report says the Isakson’s proposal may be changed or even deleted as the stimulus measure makes its way through Congress over the next 10 days or so.
A press release from the Georgia senator’s office on Wednesday evening included this final line:
“Isakson has not made a decision regarding his vote on the overall economic stimulus legislation.”
Comments
By Sir Winston
February 4, 2009 8:17 PM | Link to this
Finally!!!! Now, cut the “stimulus” plan of all other projects that do not stimulate. For example, the Billions to off shore abortions, the tens of millions to honey bees, the billions of dollars to ACORN… just to start. When this “porkulus” passes and fails, Obama will have no one but Pelosi and her Stalinist partners and practices to blame for the meltdown. Now, don’t we have some more taxcheats to discuss? Peace.
By RaceCop
February 4, 2009 10:34 PM | Link to this
It is Racist to piont out that Bush made all the Democrat Cab. picks cheat on their taxes. It is racist to attack Obama because he is Black. He cannot help but to appoint tax chests and other criminals because that it is all he has ever known. It is racist to b!tch about it. I HATE RACIST!!!!!!!
By chuck
February 5, 2009 1:25 AM | Link to this
Sir Winston, there is NO funding for ACORN in the stimulus package. None. Nada. You obviously heard that and learned other terms like “porkulus” from biased, lying Republicans and other partisans like Rush Limbaugh. All this supposed pork doesn’t even add up to 1 or 2 percent of the entire $900 billion bill! Start thinking for yourself - or how about reading the bill on the senate.gov or house.gov websites so you can see what’s actually IN the bill.
By chuck
February 5, 2009 1:39 AM | Link to this
Sir Winston, there is NO funding for ACORN in the stimulus package. None. Nada. You obviously heard that and learned other terms like “porkulus” from biased, lying Republicans and other partisans like Rush Limbaugh. All this supposed pork doesn’t even add up to 1 or 2 percent of the entire $900 billion bill! Start thinking for yourself - or how about reading the bill on the senate.gov or house.gov websites so you can see what’s actually IN the bill.
By Analchord
February 5, 2009 9:49 AM | Link to this
George Carlin would say that we are running out of words to describe this economy. “Catastrophe!”. what comes after catastrophe?
A slow down. A negative growth.. a healthy correction. churn. a falling knife. a dead cat bounce. (dont fight the fed). stagflation. recession. depression. calamity. catastrophe. Triple witch friday. Quadruple witch friday. (I always knew we were finished when they added that fourth witch….3 witches we could handle, but 4?)
Global Meltdown. Global war?
There’s no question that world war two saved the planet. In the sixty so years since the Big One, the world has prospered like never before.
My prescription to all of you and I’m mean all 6.5 billion of you, is: WW3. Oh, comeon. Remember that Star Wars episode where some population in the Omega Quadrant had a war lottery where they only pretended to have casualties, but then those who were randomly selected as battle casualties were actually put to death?
Those folks didn’t have to deal with no global meltdown. War works. Greed doesn’t. That was the point of the movie “Wall Street”, but all Americans heard Michael Douglas say was “Greed is Good”, and the irony and lie went completely over their heads. That movie was important, and made everyone want to be a player on wallstreet, which led to the QVC-ing of stock trades on CNBC with Maria Bartiromo, where stocks were merchandized like Joan River’s Jewelry, and that led to the bubble and the crash and every inch of the pain we now feel.
‘muff said.