Recent government market meddling, as you may have heard, has included extending the tax credit for first time home buyers.
Joint filers (a working couple) who earn up to $225,000 are eligible for the total credit amount.
We all heard Obama say he wants to increases taxes on the rich, which according to his plan include joint-filers earning more than $250,000 a year in combined incomes.
If couples earning $225,000 a year are only $25,000 short of being “rich” according to Obama, then why would they need a housing tax credit?
In fact, if you assume that couples making $225,000 combined income stayed in their jobs and got their normal 4% cost-of-living increase every year that most of us get, they would fall into Obama’s “rich people” category in just three years making $253,094.
So someone explain to me why Obama wants to pay for trillions of dollars in debt by taxing the hell out of the “rich” and yet extends them a tax credit at the same time because they clearly can’t afford to buy a house?
I would say that except according to our government, $250,000 in combined earnings is a long, long way from being rich. That’s why.
