Friday, February 15, 2008


Here's an email I got from my Senator, one Johnie Isakson (R-GA). Now this is a supposed fiscal conservative. If this is what fiscal conservatives have left, my God we are in big trouble.

I have introduced S.2566, a bill to provide a direct federal income tax credit to homebuyers for the purchase of certain homes, with Senators Gregg, Allard and Chambliss. In the short two weeks since we introduced the bill, we have received bipartisan support and added 18 co-sponsors because we are confident that our tax credit legislation will give Americans the incentive they need to buy homes, thereby giving a much-needed immediate boost to the housing market and the economy.

If passed into law, S.2566 would provide a federal income tax credit of $5,000 per year for three years for the purchase of a single-family home made between March 1, 2008, and February 28, 2009. Buyers must occupy the homes as their principle residences to be eligible for the tax credit, and purchases of homes from investors or by investors are ineligible. Homes eligible for this tax credit are:

  • New homes where the building permit was issued and construction began on or before September 1, 2007;

  • Owner occupied homes whose first mortgage loan was in default prior to March 1, 2008

  • Single-family homes that have been foreclosed on and are owned by the mortgagor or its agent.

This legislation is based on a similar tax credit approved by Congress as part of the Tax Reduction Act of 1975. The 1975 tax credit was targeted to address the same problem in the housing market that we face today: A huge inventory of new homes and homes under construction. Today in America, we are also facing a crisis in the mortgage industry where homeowners are defaulting on their mortgages and many homes are being foreclosed on. We are confident that our tax credit legislation will help reduce new home inventory, reduce foreclosures and stabilize the market value of homes.

So now they are going to pull the Hillary trick and just send people $15,000 for buying a house. Un-fucking-believable.

Hey Senator, we face a crisis for a very simple reason. People bought too much house and cannot afford to pay back the loan. Why in the world are you proposing to give people even more incentive to buy houses they cannot afford? I'd expect this from Obama or Hillary for crying out loud but not from a supposed conservative.

One more step towards full fledged socialism in this country. $5000 for being born. $5000 for buying a house. "FREE" health care. "FREE" education. "FREE" government pensions. How is the USA different from France again?

If you would like to email the good Senator and let him know your thoughts his address is


Anonymous said...

Sheesh ... that would barely make up for a few months of depreciation in some parts.

I wonder if the nar pushed for this in some convoluted way. Seems like such an odd, and knee jerk style stimulus for a state to have.

Anonymous said...

Homes have to be owner occupied. Ha ha ha. Good one. 99% of investors lied on the loan application and said they were the primary owners.

Back in OC in 2012 said...

Hey dude,

How is life been treating you? I'm getting killed at work but wanted to goof off for a few.

Regarding the post, you have to be shitting me!!!! Talk about a load of crap, buy a house and get paid. I can see city governments doing that to get people to move into depressed neighborhoods, but the feds for the whole country?

What, no phase outs for high income earning folk? What if I buy a POS here in San Antonio for $50,000, do I get the credit???? Shit, I can probably find a bonafide dump out here for around $25,000.

Post your response to the dude and any other correspondence, it should be good for a spike in blood pressure.

They just don't get it, it is the price stupid, the PRICE!!!!

Be cool Ed.

Ed said...

I never thought of that. Buy some dump for $25K. Finance it 100% with a n interest only loan. For $25K that would be about $100 a month in interest. Get the $15K tax credit over 3 years. Pay $3600 in interest which is $2500 after taxes. Nice $12,500 profit for doing nothing.

Then after 3 years, sell it back to some other sucker for $25K who thinks he's getting a steal.

Awesome idea Senator, you can now keep the shell game going for 2 more years. And to think I used to have respect for the Republican party.

Todd said...

Why spend 25k? There are 1,386fine homes available in Detroit for less than $5000. You could make money immediately.

Anonymous said...

Lol Todd. I know the Detroit area and if a lot of those crack houses were free they would be way overpriced.