Stephanie
Diamond Member
- Jul 11, 2004
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Sweetness and light adds their own commentary in the articles, but this explains a lot..
SNIP:
December 21st, 2011
From, of all places, the Associated Press:
Payroll tax cut bill boosts cost of new mortgages
By ALAN FRAM | AP – Sat, Dec 17, 2011
WASHINGTON (AP) — Who is paying for the two-month extension of the payroll tax cut working its way through Congress? The cost is being dropped in the laps of most people who buy homes or refinance beginning next year.
The typical person who buys a $200,000 home or refinances that amount starting on Jan. 1 would have to pay roughly $17 more a month for their mortgage, thanks to a fee increase included in the payroll tax cut bill that the Senate passed Saturday. The White House said the fee increases would be phased in gradually…
And never mind that will the current price of houses, most mortgages would probably be for twice that amount, if not more.
Two more months of the Social Security tax cut amounts to a savings of about $165 for a worker making $50,000 a year.
Which is just going to make the economy skyrocket and employers start hiring like mad.
Meanwhile, the payroll tax — which is not even really a tax, but a contribution to your Social Security and Medicare insurance — is the only "tax" that almost half of the country pays to the federal government. (Since 47% pay no income tax at all.)
So what this really comes down to is Obama and the Democrats want people who are hardworking and responsible enough to qualify for a mortgage these days to pay for the Social Security and Medicare for their constituents.
the rest at.
http://sweetness-light.com/archive/payroll-tax-cut-paid-for-by-mortgage-hike
SNIP:
December 21st, 2011
From, of all places, the Associated Press:
Payroll tax cut bill boosts cost of new mortgages
By ALAN FRAM | AP – Sat, Dec 17, 2011
WASHINGTON (AP) — Who is paying for the two-month extension of the payroll tax cut working its way through Congress? The cost is being dropped in the laps of most people who buy homes or refinance beginning next year.
The typical person who buys a $200,000 home or refinances that amount starting on Jan. 1 would have to pay roughly $17 more a month for their mortgage, thanks to a fee increase included in the payroll tax cut bill that the Senate passed Saturday. The White House said the fee increases would be phased in gradually…
And never mind that will the current price of houses, most mortgages would probably be for twice that amount, if not more.
Two more months of the Social Security tax cut amounts to a savings of about $165 for a worker making $50,000 a year.
Which is just going to make the economy skyrocket and employers start hiring like mad.
Meanwhile, the payroll tax — which is not even really a tax, but a contribution to your Social Security and Medicare insurance — is the only "tax" that almost half of the country pays to the federal government. (Since 47% pay no income tax at all.)
So what this really comes down to is Obama and the Democrats want people who are hardworking and responsible enough to qualify for a mortgage these days to pay for the Social Security and Medicare for their constituents.
the rest at.
http://sweetness-light.com/archive/payroll-tax-cut-paid-for-by-mortgage-hike
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