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Friday, March 6, 2009

Rep. Shuster's (R-PA) Responsible Mortgage Tax Credit: Political Gimmick or Economic Stimulus?

Thursday, March 5, 2009
It's Time to Encourage Responsible Home Ownership

It seems to me, and many of my constituents back home, that Congress is spending all of its time and energy rewarding those who acted irresponsibly. We must not ignore those who have played by the rules and lived within their means.

Our current economic problems aren’t limited to the sub-prime housing market, reckless borrowers or predatory lenders. Millions of Americans who pay their bills on time and make good decisions are facing financial difficulties through no fault of their own. Responsible homeowners are being left out of the equation. That must change.

Just because responsible homeowners are paying their mortgages on time doesn’t mean they don’t need help. We must recognize responsibility.

That’s why I introduced legislation to give homeowners who pay their bills on time an incentive to continue to keep being responsible. My bill is as commonsense as it is simple. If you own a home and you’ve paid your mortgage on time you’ll get a $5,000 tax credit.

That’s it. It’s not a bailout, another taxpayer backed debt obligation, or a big government solution. It’s a way for hard working American families to keep more of the money they earn so they can keep acting responsibly and help our economy grow.

The Administration claims their plan will help 1 in 9 homeowners. My common sense plan helps the other 8 out of 9 homeowners the Administration and Democrats ignore. To pull ourselves out of this crisis we need real change. We must pursue policies that foster a culture of responsibility. My plan does just that.

I, along with my House Republican colleagues are looking for commonsense solutions to our economic problems. I invite you to visit my website to learn more about my bill and how it would help you in these tough times.

Posted by: Congressman Shuster


Friday, March 6, 2009
Shuster's homeowner tax credit getting noticed in Congress

Congressman Shuster has signed 6 cosponsors, Republicans and Democrats to his homeowner tax credit bill. It's starting to get noticed in the House.


My Thoughts

It's an intriguing idea. I'm not sure if it'll actually work to boost the economy much. However, more debate and research to see if this another political gimmick or an actual job creating idea.

I'm not an expert, but it sounds gimmicky to me.

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