Excerpt from: Forex News
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| February 05, 2009 | | Will this move jump start the housing market (and the economy)? |
In a stunning move this morning, the U.S. Senate just voted to include a $15,000 tax credit for homebuyers. This goes beyond the original $7,500 credit in the version passed by the House. And it is worth noting that the new $15,000 tax credit is available to any homebuyer -- not just first-time homebuyers.
Here are the details of the new tax credit:
- Tax credit of 10% the value of the home (up to $15,000).
- Tax credit spread out over 2 years ($7,500 each year).
Wow. I sure wish that they would make it retroactive to 2007 -- since I bought my home in September of that year.
Anyway, the next question is this: Will the new tax credit boost the housing/mortgage market, thereby helping the economy out of recession? Or is this measure simply something that will prolong the pain of the recession by delaying an inevitable crash?
| Topic Tags: $15, 000 tax credit, economy, forex trading, homebuyer tax credit, tax credit, U.S. dollar | |
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