[Poll] Should the FTHB Tax Credit be extended?

Should the FTHB Tax Credit be extended?

This tax credit program is not only immoral, I believe it is unconstitutional (violation of the equal protection clause).  Why should tax dollars be redistributed from those that pay taxes to those that don't?  Ours is a country founded on the principle of free markets and free enterprise, which is severely in doubt now with all these government programs that interfere with the "free" market - including: Quantitative easing by the fed, tarp, stimulus, cash for clunkers, govt. rebate programs, hvcc, fnma, fhlmc, slma, etc. etc.  I am astonished that your poll shows 75% of respondents supporting the extension of this program, clearly just based upon the selfish reason that it will allow them to close more deals than they otherwise would.  If anyone who voted to have this program extended has children or grandchildren, they should seriously reconsider their priorities.  We are well on our way toward sky rocketing interest rates, crushing govt. debt burdens, and a worthless currency - a sure recipe for the ultimate demise and destruction of our country.  Until the govt. stops meddling in the private lives of its citizens and the economy, we will continue down this path.  Creating incentives for people to buy homes, with govt. assistance, when they otherwise shouldn't or can't (think fnma, fhlmc, subprime, etc), is what got our housing market in the mess it is in, and it can't be corrected by furthering the programs that caused the problem to begin with.  Tarp, stimulus, govt. rebate checks, are just more of the problem on a grander scale.  536 people are leading this country over a cliff for their own personal enrichment and aggrandizement; if you vote for any incumbent or support any of these programs, you are simply just part of the problem.

Here is my own personal logic. Based on what we know about the Fed's massive investment in MBS's and the fact that they can not continue to prop up the rate market for much longer, we are headed for higher rates (at some point). I feel like high rates will erode any true value of the FTHB tax credit. I can not speak for all of you but with tighter DTI/LTV guides, it's more difficult to get a FTHB into a loan than it was 4 years ago. What difference will an after-the-fact credit due to someone who can't afford it know?  Furthermore, is this credit really moving people off the fence (a phrase that is cliché.) like it was designed to do? I seriously question the effectivness of this credit both now and especially going forward.  And I have the right . . .it's my tax dollars at work.

I don't agree with extending this tax credit, but i'm just curious how you are closing loans for people that don't pay taxes? Your line, "Why should tax dollars be redistributed from those that pay taxes to those that don't?" doesn't really make sense concerning this tax credit since we have to verify the last two years of tax returns for everyone that buys a house right now.

You made my point, wrong, illegal and as a good capitalist I would take advantage of it in any way that I could. 
No long lasting positive value just a quick very expensive emotional and financial give away for a few home buyers. 
I expect that reviewed in the long term it will be a dismal failure.

Whether you agree with the tax credit or not there is one simple truth:  the tax credit was instituted to help stimulate the economy by getting people to spend the $8,000 on consumables.  I.E. once they purchased the home they would get the tax credit and then go out and SPEND it on things like furniture, electronics, home fixtures, upgrades, landscaping  etc.  This would put money into retailers and local business.  Well what has happened?  it has simply been used as a GIFT SWAP mechanism.  Here is the conversation:

Kid:  "hey mom dad, i need a gift to buy a house"

Parent: "cant you save up your own money?"

Kid: : "i can pay you back as soon as the government gives me my free money"

Parent: "ok"

barely a single cent of this has gone into the economy.  All it has done is facilitated "gifting" where the parent likely would have gifted anyway.  Again, it does not matter as to you feelings on if the program is good/bad/immoral/silly etc.  It is not having its intended effect and should not be continued much less expanded.