The IUSB Vision Weblog

The way to crush the middle class is to grind them between the millstones of taxation and inflation. – Vladimir Lenin

Its Criminal – Tax Breaks for Home Buyers Dropped in Porkulus

Posted by iusbvision on February 12, 2009

Help for the suffering housing market slashed so the Democratic leader can get more pork.

Is this the change you voted for????

Via Ed Morrissey at Hotair.com:

Thanks to a sleazy back-room deal between Barack Obama and Harry Reid, the city least in need of government bailouts will get a $8 billion pork project in the final version of Porkulus.  Now Southern California residents can have another way to lose their money, and we can all pay for the ride:

In late-stage talks, Obama and Senate Majority Leader Harry Reid, D-Nev., pressed for $8 billion to construct high-speed rail lines, quadrupling the amount in the bill that passed the Senate on Tuesday.

Reid’s office issued a statement noting that a proposed Los Angeles-to-Las Vegas rail might get a big chunk of the money.

And what got cut to ensure Reid’s pork bonanza?

To tamp down costs, several tax provisions were dropped or sharply cut back. A provision popular with Republicans and the big business lobby that would have awarded about $54 billion to money-losing businesses over the next two years was instead limited to small businesses, greatly reducing its cost.

A $15,000 tax credit for anybody buying a home over the next year was dropped; instead, first-time homebuyers could claim an $8,000 credit for homes bought by the end of August. Car buyers could deduct the sales tax they paid on a new car but not the interest on their car loans.

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