What will tax breaks do for people who can't buy a car or home

These tax breaks I think are meant to help the middle middle class, not the lower middle class where they are just barely hanging on in this economy.

I agree with you! We've been paying our mortgage and we won't be eligable for any thing!

So we bought a car does that mean we will get a tax break. That would be nice but I doubt if it will work for us.

If someone already bought a car or bought a house, I don't think there should be any breaks. It's for stimulating the economy. It shouldn't be retroactive.

The intent of a stimulus is to encourage people to put their money INTO the economy, thus create jobs. The only way to end a recession is to get money flowing. If you don't give incentives to 'spend' many middle to upper income families that can afford the larger purchases (cars and homes) will just continue to horde their monies and the economy will not churn. Let's face it... if noone is buying cars or houses, will we need autoworkers and construction folks? If you ask these workers which they prefer... a housing tax break or a JOB, I'd venture to guess most would say JOB. That makes it a win-win.

Also, read through the whole package... with a $800B+ price tag, there is money for almost everyone at the middle to lower income levels... it includes increased unemployment benefits, education breaks, low-income after school programs, childcare credits, medical breaks, etc. The whole bill isn't about housing and cars... that actually makes up very little of it!

I'm not a fan of this package (it's too big of a burden in years to come). I can only hope (since we're stuck with it now!) that SOME good might come out of it! The tax break for buying house (if carried as proposed) could put money in folks pockets within months... not in 3, 4, 5 years... It's one of the very few provisions or admendments capable of doing that!

How much of a tax credit is there for buying a car?

i buying my house in the next month or so, so i realllllly want that to pass about now

I don't think anything in this stimulus should be geared towards getting consumer credit flowing. Banks are just returning to the "old rules" - the days of easy credit regardless of worthiness are over.

All the article said that a car credit was less, but every one I talked to and every article I have read to say that car loans are as hard to get now a days, just as hard as a mortgage.

I don't see how this will stimulate the economy, and no one wants to answer my question of what good this provision does, but they sure like to rate my posts negative.

If the money is already spent, and people get a tax credit that does nothing to stimulate the economy............. It only helps those who have already purchased a house.
mooch

Republicans wanted those tax breaks. Those breaks have merit. Not everyone will lose their jobs. For those who don't, you want to encourage them to spend otherwise they won't. A tax break for new home purchases is a great tool to move this excess home inventory. Housing started this entire mess. There won't be a recovery until the housing market is stabilized.

I think this is one of the few tax cuts proposed by republicans that really make sense (along with the payroll tax holiday). Democrats should agree.

The tax break for buying house (if carried as proposed) could put money in folks pockets within months... not in 3, 4, 5 years...

To be more exact, about 10 months at least. You get the money during your tax returns, sometime after mid January 2010 when people begin to do their taxes. But yes, it's one the fastest. People buy homes now (putting the money in the economy) and get 15,000 less than a year later.

So what about people who can't buy houses? With credit Crunches, this seems to be a provision to keep the rich richer (not going to blame any party because politicians seem to take care of the wealthy more than the people struggling).

I understand the idea of it, but there needs to be a way to help the lower middle class, and lower class families, not just upper middle class........

Just musing on this.
Not trying to blame any person or party for this.

So what about people who can't buy houses? With credit Crunches, this seems to be a provision to keep the rich richer

There are other provisions in this bill for those folks. Anyways, when those who money buy homes, the not so rich construction workers will be employed.

i agree with you Alan, but with so many foreclosures, I don't see a spike in new home sales when there are many already on the market that are new, and or foreclosed on. My state is one of the top 10 in sales that are not declining. If you go to Baltimore a 2 bedroom condo that has a water view can not be had for under 1 million, and Annapolis is no better. I've been looking for the provisions in the stimulus package and not seeing much that will help the people that are barely scraping by.
Mooch

Its the Libs way of making sure that we stay in debt... this doesnt help people that cannot afford this luxury....

We're buying a new home this summer so I also really hope it passes!

It seems the most important thing we should be doing to get this economy moving is put all the concentration on getting people back to work, so they have money to spend and can qualify for a home mortgage.

Here in California, they just started closing all the DMV offices every other Friday and the employees have to take those days off without pay. They are not happy campers! There was a company here that needed to hire 4 employees and he got 500 applications. It's all about the unemployment now!

Where did Don S. get his economics degree?

Tax breaks are given to those people who are raising kids,and who do not get their taxes taken out by their employer. If they get their taxes taken out by their employer, then they are not paying outright, thus get no breaks. Also when the child turns 18, then there is no more tax break for that child. Why do you think people keep having kids?

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