I just read this article . It includes the following:
-- First-time homebuyers get a tax credit of up to $7,500. Comments Scharin of Thomson Reuters: "This provision contains some catches: The credit is more of an interest-free loan than a complete giveaway; in general, taxpayers will have to pay back the credit they claim over 15 years. Also income limitations restrict eligibility."
1. Why in the world would income restrict elgibility ???? Why bother putting a tax credit to begin with ? What are the income restrictions ? What is the difference between a lower income house purchasor and a higher income house purchasor ? THEY ARE BOTH HOME BUYERS ! It seems like discrimination to a degree to me.
2. Even then, it is not a credit at all to even the lower income purchasors !!! An interest free loan to be paid back over 15 years ???? WHAT ??? Why are they throwing money at other parts of the housing bill and for the one that is most logical, providing an incentive to people to purchase homes, is not really providing an incentive at all ?
Thus, there is no tax credit to high income homebuyers and for the tax credit that is available for lower income homebuyers, it has to be paid back over 15 years !!!
This is a disgrace...
What do you think ? Am I off my rocker or what ?