One of the fastest responses to the real estate slump was a new homebuyer credit. The plan, of course, was to stimulate new home purchases. It may have already had an effect — housing starts have jumped lately, and the property market has stabilized — but that may not be enough. If the National Association of Realtors gets their new plan enacted, the credit will be nearly doubled, and the “First-Time” part of “First-Time Home Buyer Credit” will be dropped.
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New Jersey Cleverly Increases Back Taxes by 1000%
New Jersey made headlines today after the state collected as much as $600 million from a tax amnesty. It looks like great news: the state is collecting extra money during a recession, and late tax filers are able to pay back the money they owe without getting bitten by high interest and fees.
The problem is the behavior this engenders. A quick look at their previous tax amnesties reveals the effect this kind of program has on New Jersey taxpayers:
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IRS Commissioner and Treasury Secretary Talk Up a Tax Cut
Contrary to recent rumors, the IRS isn’t trying to tax employee mobile phones as a benefit. Instead, they’re getting rid of the existing tax — which nobody had bothered to pay.
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