Thursday, April 10, 2008, by Sarah Hromack
So. Today the Senate passed a package of tax breaks designed to help struggling homeowners and business weather the— all together now— housing crisis! Let's cut to the deets: Expect large tax breaks for builders, a $7k tax credit for those who buy foreclosed properties, and $4 billion worth of grants for communities to rehab abandoned homes. Oh, and money losing businesses (such as home builders) will receive $25 million in tax breaks over three years. Good for them. Landslide here, people— an 84-12 vote, however, doesn't mean its supporters aren't questioning the thing. The common consensus is that the bill, snappily titled the Foreclosure Prevention Act, still favors business over individual home owners; the bill will be torn apart and put back together again before moving on to the House, no doubt. While the White House hasn't issued an all-out fatwa on the bill (yet), it does claim that the measure will depress home values while misappropriating tax payers' money in order to bail out foreclosed properties. Pressing mute button, now.
· Scant Support for Senate Housing Bill [Chicago Tribune]
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