That $7500 tax credit for first-time home buyers does get paid back over 15 years.
Noteworthy in Mize's article is the position of Oklahoma Senators Inhofe and Coburn, who opposed the bill:
Oklahoma's two U.S. senators, Jim Inhofe, R-Tulsa, and Tom Coburn, R-Muskogee, opposed it. Coburn said the law will "reward bad actors,” careless lenders and borrowers who brought on the housing crisis. Inhofe said the law does more for big lenders than everyday Oklahomans.
If there was a disease that first spread, say hypothetically, through careless behavior, but it became so significant that the overall health of everyone was at stake if you didn't treat those already infected, would you support a bill that might help curb the spread of that disease, Senators?
Again,
I'm not a bail-out guy. But I've said before that
the tax-credit approach is the best way to go to help stimulate housing, and the government reaps far more tax pick-ups through the construction of a new house which may not have otherwise been constructed, than that $7500 they're merely deferring and will get later anyway.
