$15,000 tax credit revisited

Congress chops tax credit from stimulus plan

The $15,000 tax credit proposed by the Senate has been voted down.

The tax credits were designed to boost home sales in a struggling housing market.
According to Joe Lieberman, it appears likely that a $7,500 tax credit will remain in effect.

The current tax credit provision carries income restrictions, phasing out at $75,000 for individuals and $150,000 for married couples. Eliminating repayment provisions would cost the government between $2 and $3 billion, while the larger $15,000 credit would cost an additional $35.5 billion.

If you want the 15K tax credit to pass (or fail) with the bill, you should let your representatives know by sending them an email.

Click Here to voice your opinion. I sent an email to Capito, Byrd, and Rockefeller in just a couple minutes thanks to the easy-to-use submit form.