It appears Georgia Senator Johnny Isakson does not believe in free markets and limited government. I read few news articles about the housing proposal that he is trying to push into the latest stimulus bill at a cost of $20 billion dollars. To quote a recent article: "Specifically, Isakson’s Fix Housing First Homebuyer Tax Credit legislation would also enhance the existing homebuyer tax credit by:
- Extending the eligibility period for the credit to December 31, 2009;
- Increasing the credit amount to 10 percent of the home price capped at 3.5 percent of FHA loan limits (geographically dependent) – ranging between approximately $10,000 and $22,000;
- “Monetizing” the credit so it is available at time of closing; and
- Allowing the credit to be used in conjunction with mortgages financed by state or local bonds."