Legislation Would Give Builders a Big Break . Socialism for corporations

[still_one]

Legislation Would Give Builders a Big Break
By MICHAEL CORKERY
April 3, 2008; Page A3

Among the likely winners in the housing package making its way through the Senate are the nation's home builders.

A bipartisan provision unveiled Wednesday by Senate leaders would allow companies, including builders, to apply current losses to taxes paid four years ago, instead of the current two-year carry-back. That would help builders in particular because they can apply losses against the big profits they earned during the housing boom.

The carry-back is being proposed as part of a broad legislative package aimed at the housing market. The provision is expected to cost $6.1 billion over 10 years, making it the most expensive tax-relief measure proposed for the housing plan.

By comparison, proposed tax credits for home buyers to purchase properties in foreclosure are expected to cost the Treasury $1.6 billion. The carry-back also could help other industries, such as banks and financial-services firms, which may be able to apply the measure to their losses in 2008 and 2009.

The carry-back provision has been one of several core issues for builders, who have complained that Congress hasn't been doing enough to help the housing market.

In February, the political action committee of the 235,000-member National Association of Home Builders cut off donations to congressional candidates.

http://online.wsj.com/article/SB120719439388585693.html?mod=yahoo_hs&ru=yahoo&apl=y&r=516600

You need a Wall Street Jounal Subscription, but this is enough of the article to understand the implications

DO YOU THINK THEY WILL ALLOW ME TO GO BACK UP TO FOUR YEARS AND OFFSET MY GAINS WITH MY LOSSES?

[JCMach1]

1. Brought to you by our collaborationists in Congress

:grr:

[still_one]

2. They won't release information on the Bear Stearns deal because they say

it would violate confidentiality agreements

What the HELL are THEY TALKING ABOUT. WE THE PEOPLE ARE FOOTING THIS BILL

I don't see them give the same breaks to the regular guy. Even those at risk of forclosure are not being given that good of a deal

The rebates are a joke also with the way food and energy have increased, there is no question in my mind where those who QUALIFY for the rebates, where they will spend their money

[JCMach1]

3. People should be outraged, a very narrowly controled pseudo-governmental organization

, the Federal Reserve, basically is giving away free credit and guarantees backed by the taxpayer.

That's insane. And UNCONSTITUTIONAL,,,