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Retro Active Tax Refund in Stimulus Bill is a Windfall For Corporations
You will be happy to know that the home tax credit was stripped out and the not operating loss carryback provision was limited to small companies, effectively excluding the $2.4 billion that would have gone to the 13 largest homebuilders (for nothing).— February 11, 2009 8:31 p.m.
Retro Active Tax Refund in Stimulus Bill is a Windfall For Corporations
From that Wall Street Journal article re the $15,000 home tax credit: "Senate Democrats, such as Sen. Charles Schumer (D., N.Y.) said the provision isn't narrowly tailored enough to stimulate new-home construction." Boy, do they miss the point. The fact is there are way too many large developers in this country because of the credit bubble creating false demand (speculation and people buying homes and properties they couldn't afford to pay back the loans on). They need to not build one more house for several years. And most of them need to cease to exist because their product isn't really wanted.— February 10, 2009 6:58 p.m.
Retro Active Tax Refund in Stimulus Bill is a Windfall For Corporations
This net operating loss carryback issue fires me up too. Unfortunately, i've seen no one comment on this except this blog and this link (http://www.americanprogress.org/issues/2009/02/no…). Last year, the newspaper editorials against this were too numerous to count and constituents shouted it down. Where are these voices? The net operating loss carryback truly does nothing to stimulate the economy. It's not a tax cut, it's a grant. And it's a grant to people who are the most undeserving as you have written.— February 9, 2009 11:19 p.m.