Fannie Mae Supersizes You
Last week Fannie Mae and Freddie Mac made it easier for buyers in high-priced areas like New York to get big loans or re-fi their existing ones. Limits for federally backed loans in 70 counties across the U.S. have now been raised to $729,750, according to an article in the Wall Street Journal. The move…
Last week Fannie Mae and Freddie Mac made it easier for buyers in high-priced areas like New York to get big loans or re-fi their existing ones. Limits for federally backed loans in 70 counties across the U.S. have now been raised to $729,750, according to an article in the Wall Street Journal. The move is supposed to encourage lenders to to drop rates on jumbo loans (those over $417,000), which have soared above smaller loan amounts in the wake of the credit crunch. The loan-limit increase, however, will be short-lived: It’s set to expire at the end of this year. Still, this should do more to prop up the economy than tax rebate checks.
Fannie, Freddie Loan Limits Raised [WSJ]
Photo by *andrew.
Try 25k a year with a kid for EIC. The government ends up paying you.
i.e. negative tax.
No he is earning a very good salary each year that he stashes into tax shelters to reduce his effective tax rate to 16-20%.
my wife and I earn 250K. We rent, in a market-rate apartment. we have 2 kids, one of whom is home with a childcarer and the other one is in a private school (special needs, before someone starts slamming me). we do not get any of those tax breaks mentioned here, other than I can contribute to a 401K and get a whopping 3% match from my employer. we pay an effective tax rate of about 38%. there is not a lot left over after that. we weren’t fortunate enough to have money to buy in brooklyn when the getting was good, but we live in hope.
anyone who can tell me how to pay 16-20% tax instead, roll right on up. not in nyc.
so how much tax do you think you are paying when earning 25k?
So he’s not earning a salary. Which is the point that people have been trying to get across – different tax burden.
Tard.
2:46 is actually a self made multi-millionaire who knows what he is talking about.
He can afford accountants, lawyers, etc etc to help him reduce his tax burden to ridiculously low levels.
He actually has the wealth that you wantabe Republican Lemmings think you will have some day.
Oh yeah and he is in his 30’s.
2:53 – a guy making $25K a year can put how much money into a 401K that reduces his tax burden? NONE
A guy making $250K can put in $15.5K into a 401K, $10K more into a 529 (if he is married), write off $40-50K in mortgage interest, take charitable donations – a couple thousand, etc etc etc.
A guy making $250K can reduce his tax burden by more than the entire salary of the guy making $25K by just opening up a 401K, and a 529. Not to mention employer match funds, cap gains reduced taxes, mortgage deductions, etc etc.
It is one thing to deny that the rich get taxed less but look at the numbers, and the wealthy’s basic deductions and you can help but see the truth.
The rich dont consider income that goes directly into shelters or created inside of shelters as income. That is how they justify complaining about tax rates on the rich.
2.46 – conspiracy theorist.
Why is everyone on here jabbering about tax breaks for the rich or not? The point is that this is a further extension of tax breaks and subsidies for homeowners, and regardless of whether you’re rich or not, you’re paying for it if you’re a taxpayer. Homeowners get enough subsidies — they don’t need any more help.