Housing taxed to pay for extension of existing tax, Medicare, and unemployment benefits
NAR recently reported
on legislation signed into law by President Obama that taxes housing to pay for
the extension of the payroll tax, and maintain Medicare payments and
Despite NAR's strong
opposition to the diversion of housing resources to pay for non-housing uses,
increases in Guarantee Fees on Fannie/Freddie mortgages and premium charges for
FHA loans are being used to pay for the extensions. These increases will translate
into additional costs for housing consumer and will divert fees needed to
minimize the loss exposure of the government-sponsored enterprises, investors,
and ultimately, the taxpayer.
C.A.R. recently sent
comments letters to the California Congressional Delegation expression
opposition to this new law.
Read the letter