“In a bid to stem taxpayer losses for bad loans guaranteed by federal housing agencies Fanny Mae and Freddy Mac, Senator Bob Corker (R-Tenn) proposed that borrowers be required to make a 5% down payment in order to qualify.
His proposal was rejected 57-42 on a party-line vote because, as one Senator explained, ‘passage of such a requirement would restrict home ownership to only those who can afford it.’
I can’t add anything to this.”
What a concept – buying only what one can afford!
A major reason for the mucking fess of our economy is that Americans purchased homes with only 5% down. Need I say it - Congress is full of idiots.
1. All the tax cuts expire completely at the end of this year;
2. All the tax cuts are extended into 2011 or made permanent;
3. Obama's budget is adopted, which would allow the tax cuts to expire for families making over $250,000 a year (singles making over $200,000), extend some stimulus measures and impose new limitations on itemized deductions; and
4. Congressional Democrats' recent proposal is adopted, which is similar to the Obama plan but does not extend stimulus measures or include additional limits on itemized deductions.
* The TAX GIRL has put out an open call for guest posts in “Call for Guest Posts: Bush Tax Cuts”.
Kelly explains – “As last year, I’ll be turning over the reins at taxgirl.com to my readers for the last week in August. This year, I’m offering you the chance to speak your mind about the proposed Bush tax cuts.
I’ll take guest post submissions for publication the week of August 29. You can take any position that you want but the post must focus on the Bush tax cuts in some way. Your post can include throwing them out, keeping them all, keeping them only for the middle class, federal estate tax repeal, marriage penalty provisions, etc., but anything that’s clearly meant to be an “issue piece” about something other than taxes (i.e. abortion, gun control, same sex marriages) will be disregarded.”
Check out her post for the guidelines.
* The Tax Foundation calculates TAX FREEDOM DAY each year. And Americans for Tax Reform calculates COST OF GOVERNMENT DAY. TAX GIRL Kelly, writing FOR WALLETPOP, tells us in “Cost of Government Day 2010: How Much of Your Taxes Go to Run the Country?” that -
“Aug. 19 marks this year's "Cost of Government Day." The date, calculated by the Americans for Tax Reform, signals when the average American finishes paying off his or her respective share of federal, state and local taxes, and the cost of implementing government regulations. This year, that means a whopping 231 days -- or almost 2/3 of the year -- are spent paying to keep the country going.”
* I recently came across “How Will Healthcare Reform Affect MY Taxes?” at PRO-TAX that seems to do a good job of answering the question.
* The TAX FOUNDATION tells us that TN, CA, AZ, LA & WA have highest combined state & average local sales tax rates in US. Want to learn where your state ranks? Check out the Foundation’s Fiscal Fact #240 - “State and Local-Option General Sales Tax Rates”.
FYI, New Jersey is #19 (total = 7%; there are no local sales taxes – yet).
* Fellow tax pros may want to check out my post “Update on NYS Tax Preparer Registration” over at the NJ TAX PRACTICE BLOG.