Extension of Tax Credit Deadline failed on the Senate floor.

The deadline is today, June 30, 2010.

The amendment to extend the home buyer tax credit deadline to September 30, 2010 failed on the Senate floor last week. This resulted in the third unsuccessful attempt by Senate Majority Leader Harry Reid (D-Nevada) who proposed the extension.

According to the National Association of Realtors, an estimated 180,000 homebuyers who actually signed purchase contracts within the timeframe will not close by the June 30, 2010 deadline. It is estimated that 75,000 of those homebuyers eligible for the tax credit have purchased distressed properties.

It is reported that Republicans were against because it would add $30 billion to the “already staggering national deficit.”

Interesting given that the House & Senate voted themselves raises; they voted not to increase Social Security cost of living in 2010 and 2011; and increased Medicare premiums $285.60 for 2-years.

Maybe it’s time for a new Amendment that will create equality among U.S. Citizens … ALL U.S. citizens, including Senators and Representatives.

“Congress shall make no law that applies to the citizens of the United States that does not apply equally to the Senators or Representatives,and Congress shall make no law that applies to the Senators or Representatives that does not apply equally to the citizens of the United States.”

Now that is something worth voting for!

KD Realty

Certified San Jose Short Sale Specialist

Copyright © 2010, All Rights Reserved by Kathleen Daniels

 *Tax Credit Extension Dies on Senate Floor*

Tags: , , ,