by Doug Huggins
Just too much pressure I guess. Looks like the House Republicans are going to cave-in and agree to the short-tem (2-month) extension to the Payroll Tax Cut Bill passed by the Senate just before they raced out of town.
Yeah, I know the Republicans can’t be seen by an ignorant electorate or even more biased media as being “unfeeling” or “uncaring” this time of year…But what no one seems to be mentinoing is that in the Senate version of the bill, they are paying for this bogus tax cut by increasing fees on Fannie Mae, Freddie Mac and HUD (FHA & VA) loan – PERMANENTLY!
That’s right – the tax creit is only being extended for two-months but the way we, the tax payers, are paying for this short term feel good bill is by paying more in loan fees to the Feds each and every time we take out a loan.
It must be a result of a government school education that most folks can’t do the math. What does the so called payroll tax credit really saves someone? Two-Percent (2%) of their gross pay. That’s $20 / $1,000. And what happerns to that $20 extra bucks? It’s not like the worker is really going to see an extra $20 per $1,000 earned. That 20 bucks will be taxed at regular rates so that means an extra, what?, $15 in the pocket.
Well, I guess since the Democrats want to keep as many folks in government housing as possible, far too few people are concerned with the disproportionate increase in loan costs.
One hell of a way to pay for a two-month feel good Christmas (OH, excuse me!) “Holiday” gift to the Worker Class. One must be PC while they are getting screwed!
Doug Huggins
Doug Huggins is recognized as the nation’s leading expert in helping individuals and families find, qualify for and own a home of their own with little money down and less than perfect credit. Contact Doug at The Home Ownership Center USA (a not-for-profit public benefits corporation) for a No Cost – No Obligation consultation about your mortgage needs – 404-462-4663 – or goto
www.TheHomeOwnershipCenterUSA.org.
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