There was a commentary in this morning's Mercury News by Kenneth Rosen of Berkeley.
I found it interesting that this column was in the op-ed page, in the same section as a headline article about the various "band-aid" solutions coming out of Sacramento to solve the state's budget crisis. Most of the fixes involved borrowing future revenues and delaying the inevitable, rather than trying to solve the root problems...spending too much and collecting too little.
Rosen makes a good case for removing the cap on these tax credits for buyers of new homes by stating that these $10,000 credits will: restore consumer confidence, stimulate new home purchases, stimulate new construction, and create new jobs...everything but bring world peace.
The Feds are already offering a tax credit to all first time home buyers.
Maybe I'm not seeing the big picture, but adding another estimated $59 million to our State deficit that is already in excess of $24 billion is a frightening picture.
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