Tax Credit Extension New Ideas

If you saw my CNBC interview last week (still available at http://fredglick.com ), you would see that I called for the repeal of the credit and to take that money and earmark it for jobs.

Well, after a bit more thought, 9 more cups of coffee (no, not at one time), a little discussion and putting on my diplomacy coat, I have come up with a compromise.

How about leaving the credit as is but changing it ever so slightly:

1. Monotize it so the buyer gets the money help as direct down payment.
2. Make them pay it back, with 6% interest over 10 years.
3. Use the recycled principal and interest to help fund the new health care bill.

Now, what did we just do?

Kept the status quo of the number of buyers who would have taken the credit anyway, brought the money back to coffers (a la TARP), lowers inflation (less dollars out there) and help reduce the tax burden we may have felt and made people better so they could get jobs and buy homes!

It is government assisted capitalism at it’s best!

Call your Senators, Representative and the White House today and let them know Fred Glick sent you.

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