$8,000.00 Home Buyer Credit: Rife With Fraud

Posted by Mark Noonan in Government Waste/Fraud/Abuse on November 3rd, 2009 at 06:18am with no responses yet.
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Click here to get Caucus of Corruption: The Truth About The New Democratic Majority by Matt Margolis and Mark Noonan.

Of course:

…On Thursday, October 22, J. Russell George, inspector general for the Internal Revenue Service, testified before a House Ways and Means subcommittee that the tax credit has been rife with inefficiency and fraud. Among those scamming the program, he believes, are more than 50 IRS employees. This interim report, George emphasized, if anything, understates the problem…

…As part of President Obama’s economic stimulus proposal, Congress this year transformed the program into a giveaway. Lawmakers extended the eligibility period through November 30, raised the credit to $8,000 and eliminated the repayment requirement on all purchases after January 1, 2009. What’s more, a “first-time” homebuyer actually refers to a buyer who hasn’t owned a home over the previous three years. Moreover, the law established income limits of $75,000 for single-adult households and $150,000 for married couples, with a phase-out (rather than elimination) of the credit at higher levels.

Liberalism would work just fine if we could repeal human nature. But, as we can’t, this is what we get – a boondoggle program which was never needed and which is being milked by the corrupt for their personal benefit. More and more of this sort of thing will come out as the Obama years advance, mark my words on that.

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Mark Noonan is co-author (with Matt Margolis) of Caucus of Corruption: The Truth About The New Democratic Majority. He also blogs at Nevada News and Views. Follow Mark on Twitter.

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