Do you think this will make a difference in the debate about whether to extend the $8,000 tax credit?
by Tom on October 20, 2009
in Market Musings, banks
Okay, that’s a really long title to a very short post. Here’s the scenario:
- The IRS has already discovered 100,000 potential cases of tax fraud on the $8000 First Time Buyer Tax Credit already.
- Let’s say that 50% of the people they are pursuing are not fraudulent (a highly generous assumption).
- That would still mean that $400,000,000 worth of tax payer dollars is being used for fraudulent purposes.
Do you think that will have a factor in the government’s decisions on whether and if so how to extend the tax credit?
I think it should.
Tom Vanderwell
The House Ways and Means Oversight Subcommittee will hold a hearing Thursday on the administration of the first-time homebuyer tax credit.Specifically, the subcommittee will review the circumstances surrounding the Internal Revenue Service (IRS)’s more than 100,000 civil examinations of potential fraud related to the credit. The subcommittee will also consider opportunities to enhance the administration of the tax credit during the 2010 tax filing season.
Technorati Tags: $8000 Tax Credit
