{"id":2222,"date":"2010-09-09T15:36:30","date_gmt":"2010-09-09T15:36:30","guid":{"rendered":"http:\/\/www.rightwinggranny.com\/?p=2222"},"modified":"2010-09-09T15:36:30","modified_gmt":"2010-09-09T15:36:30","slug":"more_government_bait_and_switc","status":"publish","type":"post","link":"https:\/\/www.rightwinggranny.com\/?p=2222","title":{"rendered":"More Government Bait And Switch"},"content":{"rendered":"

CNN Money<\/a> is reporting today that many of the people who received the first-time homeowner tax credit will have to repay the government.  <\/p>\n

The article reports:<\/p>\n

\n

“Those who bought properties during 2008 were to deduct, dollar for dollar, up to 10% of the home’s purchase price or $7,500, whichever was less. The catch: The money was a no-interest loan that had to be repaid within 15 years. <\/em><\/p>\n

“Had they waited to buy until 2009, they could have gotten a much sweeter deal. Congress extended the credit and made it a refund rather than a loan.” <\/em><\/p>\n<\/blockquote>\n

Wow.  Would I be mad if I had taken the credit in 2008!  It gets better.  The Inspector General is reporting that the Internal Revenue Service is having difficulty determining which taxpayers are under the 2008 program and are required to pay the money back and which taxpayers are under the 2009 program and not required to pay the money back.  Gee.  Organization is a wonderful thing.  Are you sure you want to turn your medical care over to these people?  <\/p>\n

The article also mentions:<\/p>\n

\n

“The inspector general reported that 1,326 single people listed as dead by the Social Security Administration claimed more than $10 million in credits. The IRS threw out 528 of those 1,326 claims, saving $4 million.”<\/em><\/p>\n<\/blockquote>\n

It is also reported that more than 4% of the 1.8 million homebuyers who received the credit, had incorrect purchase dates recorded by the IRS.  The mistakes on the purchase dates were in both years–some taxpayers would incorrectly be asked to pay back the tax credit and others would not be asked to pay it back when they should be.<\/p>\n

The bottom line here is that the program is a mess.  Hopefully the Inspector General and the IRS can clean up the mess and sort out who owes what.  However, my heart goes out to the people who did not realize that they would have to pay the money back and did not plan to do that.  The bottom line here is that money from the government generally comes with conditions.<\/p>\n","protected":false},"excerpt":{"rendered":"

CNN Money is reporting today that many of the people who received the first-time homeowner tax credit will have to repay the government.  The article reports: “Those who bought properties during 2008 were to deduct, dollar for dollar, up to 10% … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2222","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/2222","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2222"}],"version-history":[{"count":0,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/2222\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2222"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2222"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2222"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}