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I think the clock winds down on the first time home buyer tax credit one senator is looking past next month deadline.
And proposal bill to expand and extend the program -- all home buyers.
He's Republican senator Johnny Isaacson George good morning senator good to see it.
-- you co sponsored a piece of legislation with a colleague of yours in the senate.
Suggesting that we need to expand this and we also need to extend it walked -- -- how would change as a result of that.
Well the current tax credits available only to first time homebuyers and it means tested to have -- and joint income.
Of -- 150000.
What our amendment does senator -- and Lieberman myself.
Is extends the 8000 dollar credit through June 30 of next year raises the income limitation -- a joint income 300000 dollars or less.
And expansive credit to include any home are the vase and talked about the homes their -- one of the.
Issues in the real estate sector which you obviously know a lot about since he's been many many years in the real estate world.
Is the trade up -- it's one thing to get the first time home buyer -- another thing to get those were willing to trade up into their next home.
How does -- impact that.
Well it really opens -- the incentive to the move up -- the corporate relocation transferring who's moving from site.
Connecticut to George George George at a Seattle that market is frozen.
It's nonexistent because there's no demanded that marketplace values continue to decline in the in the individual for losing equity in their homes we need an incentive.
-- for sales that will take place sometime in the future to move forward now so we can begin to rebuild the entire house and.
One of the assertions for the claims that as many as a 100000 people might have been involved in some wrongdoing IRS is doing some investigation.
If in fact they find that there was some manipulation in the system.
Does that hinder your ability to extend that.
Well first of all -- any time in society you're always gonna have -- -- trying to work around the rules of defraud the government or take advantage of a program.
I seriously doubt that the IRS is -- a 100000 people slipped by about defrauding them.
The best enforcement agency we have -- the Internal Revenue Service and they enforce this tax credit.
So I think if there has been any abuse -- will quickly be taken care.
Skeptics will say.
Here's one more programmed to try to put some fertilizer.
-- -- on -- need to stimulate growth.
Which wore on ultimately once the program ends.
Male or perhaps not fail but you'll seen demand declined.
How do you -- set that do you suggest that by that time the economy -- recover.
A lot suggest that they look at history -- it's rare we have a past event work but in 1974.
We had a housing prices.
Every bit as bad as this the congress and the president -- what was then 2000 -- tax credit.
In one year's time the housing market recovered values stabilize and -- economy game began to come back.
The housing market let us into this it's going to lead us out of this recession.
Those -- this just a false sense of support to start right there were proven wrong in 1970.
And senator at the same time that you're talking about.
A new job tax credit was instituted to create jobs in this country.
Some say created a minimum of 700000.
Some say create as many as two million.
What about creating jobs.
Well the study on my original proposal which I introduce this in January of last year was the tax credit and housing.
-- all bars in one year would generate 700000 homes sales of 587000.
Jobs that's pretty good economic stimulus in my -- That is pretty good economic stimulus let's talk about the possibility of a second stimulus package I was talking to Wilbur Ross the famed investor earlier.
He suggests among many others that this administration is headed toward a second stimulus.
What do you make of that do you support it.
I don't know I think what the -- I heard the president's remarks last week when he talked favorably about extending the housing tax credit.
Unemployment compensation and cobra benefits but not another stimulus like what happened in February.
I heard governor Rendell from Pennsylvania governor Crist from Florida talking this morning.
That's stimulus that we passed serving the year ended up just really saving jobs and education.
And environmental concerns it didn't do much to create economic development through roads bridges highways.
So I don't think there's another stimulus come -- except for targeted things like extending unemployment compensation insurance and extending cobra benefits and hopefully.
This tax break.
Senator I would be remiss if I didn't get your thoughts right now on health care.
As a lot and very angry politicians about the concept of a 250.
Billion dollars war.
Of a credits associated with doctors in Medicare being pulled aside from the rest of the Health Care Reform bill.
Where is this headed where do you stand in is this thing and -- camp this year.
Well what's happened is democratic leader has pulled out what's called the doc fix -- this the sustainable growth rate.
Formula for doctors and has put a fix and to see -- of the doctors' reimbursements basically stay flat.
He's pulled it outside of the health care debate in return for an agreement.
Not to include tort reform in the debate.
My doctors and Georgian doctors I talked you don't -- -- give reform tort reform for the sake of just freezing reimbursement I think they're gonna have a tough time.
Passing in -- we have a cloture vote today at 2 o'clock to try and -- debate.
On this building here with the leaders -- -- -- -- think go get a cloture so I don't think it's gonna happen.
What we need to repeal -- are we need to reform it but not about making a deal like that.
And finally do you think this bill a bail.
Perhaps what the trigger option is where we're headed and are you gonna support this.
Well you know the bill isn't even totally read yet I've read the health committee bill because I'm on that committee I'm gonna read the entire bill I'm gonna know what I'm voting on.
But I will say this.
Or just to destroy this system that provides 86% of the American people with their health care in return for just injuring 14% of the public.
Is not the right way to go I think we ought to be dealing with a better affordability accessibility for the uninsured rather than tearing apart what we have.
Senator Isaacson thank you very much for your time we appreciate it.
Thank you very much.
All right well.
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