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Thread: Millions May Have to Repay Part of Obama Tax Credit

  1. #11
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    Re: Millions May Have to Repay Part of Obama Tax Credit

    Quote Originally Posted by Gibberish View Post
    On a side note I'm also pissed about the 2008 $7,500 interest free loan upgrading to the 2009 $8,00 tax credit and the government just screwing those that bought in 2008 by not eliminating the pay back requirement.
    Well, truthfully it's not common for new tax laws to be made retroactive. That's really the exception rather than the rule. That's why the original $7500 only applied to purchases on April 9th of 2008 forward. You could say the same about that one, that it screwed those who bought April 8th of 2008 or earlier.

    So that they didn't make it retroactive is really not a surprise. Especially for tax laws that are supposed to encourage future behavior - in this case people buying homes. If someone already bought a home you don't need to provide an incentive for them to have bought the home they already bought.

  2. #12
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    Re: Millions May Have to Repay Part of Obama Tax Credit

    Quote Originally Posted by vvx View Post
    Well, truthfully it's not common for new tax laws to be made retroactive. That's really the exception rather than the rule. That's why the original $7500 only applied to purchases on April 9th of 2008 forward. You could say the same about that one, that it screwed those who bought April 8th of 2008 or earlier.

    So that they didn't make it retroactive is really not a surprise. Especially for tax laws that are supposed to encourage future behavior - in this case people buying homes. If someone already bought a home you don't need to provide an incentive for them to have bought the home they already bought.
    EDIT, edit!
    Last edited by Partisan; 11-16-09 at 11:47 PM.

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