Summary
Last week the Senate passed H.R. 3221, its version of a bill to provide housing reform in the wake of the downturn in the market and the mortgage crisis. The $25 billion legislation passed the Senate by a vote of 84-12. There are many problems with the bill, but the most notable is its attempt artificially to correct the housing market.
The cost of the bill, over 10 years, is so high because it would provide tax breaks for banks and homebuilders. Under what is known as the carry-back rule, businesses could count current financial losses against taxes from prior years when business was very profitable.See the full content of this document
Extract
Undue Federal Intervention
In other words, companies that made millions of dollars during the height of the housing boom would now receive a federal bailout on ...
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