Thursday, October 22, 2009

Fun facts on the first-time homebuyer's tax credit

From NYTimes.com:

$10 billion -- gross value of credits claimed to date
1.4 million -- number of claimants
400,000 -- number of sales that would not have happened without the credit
1 million -- therefore, the number of buyers who simply got a windfall
107,000 -- IRS audits of questionable credit claims
167 -- criminal schemes to exploit the credit
4 -- age of the youngest credit claimant
60% -- percentage of claimants with income below $50,000 -- how could they afford to buy a house?

I wonder what other responsibilities we could have the Feds shoulder?

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