Monday, February 06, 2012

Congress Pays For Two-Month Payroll Tax Cut With Ten-Year Mortgage Fee

Does this not say it all?

"Your pocketbook is being raided in order to pay for a tax policy issue decided at the last minute by probably people who didn't understand fully what they were legislating on."

The details are ugly. It's a crime scene, with the heinous act perpetuated by those who have sworn to represent us, who have chosen instead to loot us, as part as the gang-rape and pillage of what little wealth remains in the United States of America:

Just before Christmas, American workers got a rare gift from Washington politicians - the current payroll tax cut would be extended for two more months.

At the time, both President Barack Obama and House Speaker John Boehner lauded the move to avoid a tax increase for millions of working Americans.

But there's something the politicians weren't bragging about - the fact that they're paying for the two-month tax cut with what has turned into a brand new fee on home buyers.

The new fee is a minimum of one-tenth of 1 percent on Fannie Mae- and Freddie Mac-backed loans, and is likely to go much higher.

It will be imposed for the next 10 years on most mortgages and refinancings and it lasts for the life of the loan.

For every $200,000, it amounts to an extra $15 dollars a month.

It's bad news for Patty Anderson, who's buying a home in Virginia.

Anderson will save a couple hundred dollars from having her payroll tax cut extended but her mortgage broker told her the new fee would cost her almost $9,500.

"I was absolutely startled that it would add up to that much," she said.

The $35.7 billion collected in fees won't go into the Social Security fund to replace the lost payroll tax. It goes to the general treasury where Congress can spend it however they please.

How is this in any way, shape or form defensible? I expect this from Democrats, but if Republicans were complicit...

Tar. Feathers. NOW...


Anonymous said...

Helluva job by the Republicans - as soon as the media showed up at the fight to take the backs of the Democrats, they turned chickenshit and sold us all out to save their own asses from bad press.

Republicans have no priciples they won't sell out. Democrats, of course, have no principles to begin with.

Back Taxes Help said...

I agree with the last part of the previous comment.