Why do the rich need a tax credit? Because they aren’t rich, that’s why.

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.

Categories: Government Failures, Housing Market

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