Uncommon Sense: Neighborhood Recovery Act

First: Move residential real estate, (one to 4 family units) ASAP, into both the ordinary and portfolio tax categories for properties that are acquired in the next 24 months by anyone (individuals, partnerships, corporations etc).




Second: Any residential real estate acquired in the two year period would remain in this new deducible income tax state for the life of property ownership by the investor or investment entity.




A balance market will begin to emerge as investors and investment entities acquire residential real estate at what I believe will be unprecedented levels

By Stanley Klos

Category:

News & Politics

Tags:

• 1986
• Tax
• Act
• Bailout
• 700
• billion
• dollars
• Congress
• Hank
• Paulson
• Bill
• Bradley
• Donald
• Regan
• Ronald
• Reagan
• Real
• Estate
• Crisis

[NeilTaxCon]

It boils down to -- we overheated the real estate market . We loaned to easily -- loaned too much -- and packaged those loans into derivities which were sold like ambien at an insomnia convention.

We taxed work and production 300% higher -- or more - than we taxed these derivities. We punished hard work -- we rewarded bullshit.

So now we have a load of bullshit.

If you think there is a quick fix to this you are nuts. Real estate has to fall another 30% at least. And it should

[stanklos]

Real Estate should be part of Portfolio income with stocks, bonds, commodities, dividends, The homeowner mortgage tax credit shoulde be limited to 80% of the initial purchase price to eliminate people borrowing for tax write offs. This will stabalize the markets in both equities and real estate. A simple fix that should have been implemented instead of the FED buying 1.3 trillion in toxic mortgages and another 1.7 trillion in federal aid.

[nitanice]

This makes so much sense why didn't they do it?