Barack Obama’s Christmas Gift To America – Another BIG FAT LIE
President Obama and fellow leftist Democrats are all smiles these days after their alleged “victory” in securing another $20 per week in Americans’ paychecks for another two months. Ah – but anyone ask how Barack Obama intends to offset the cost of that “victory”? Why, by taking that money right back from those American workers of course!
This Christmas, as families gather to share in the “kith and kin” of the holiday season, make certain to provide a bit of clarification for those sadly misguided liberal members of your family who will no doubt be declaring Barack Obama victorious in securing a two-month extension of the payroll tax cut. A measly $20 per week added to the paychecks of families earning at least $50,000 per year. (If you remain unemployed in the Obama economy – no such luck for you though.)
Anyone recall Barack Obama sharing with the American public how he intends to offset the cost of that payroll tax extension? Anyone? Why, with a fee increase of course that will impact nearly every single new mortgage in America! That’s right – Barack Obama is giving you a temporary 2 – month “tax cut” and simultaneously imposing a TEN YEAR fee increase on nearly ALL future home owners! And once again, the media let him get away with it. This ten year fee will cost the typical working family who owns a home nearly $200 per year – totaling $2000 over ten years.
Here is what the Democrats have done for you America:
-You get another $80 per month for the next two months.
-To pay for that $80 per month, Barack Obama and the Democrats will be taking another $2000 from you over the next ten years.
Such is the deception politics of the Democratic Party.
Be sure to set those confused liberal family members of yours RIGHT this holiday season – and God Bless.
And let’s hope we find a new president under America’s tree this time next year…
(ht/Ulsterman… Merry Chistmas to you and your family.. Your hard work is gratefully appreciated by every American reading your research and invaluable insights …
………………
OBAMA TO RAISE MORTGAGE FEES TO PAY FOR TEMPORARY PAYROLL TAX CUT
Homebuyers, beware.
In exchange for a two-month tax cut, the Senate on Saturday approved a permanent increase in fees attached to mortgages backed by Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA).
The fee hike would apply to new mortgages and new refinances, and would last for the life of the loans.
The increase is meant to pay for the roughly $33 billion package the Senate approved Saturday to extend a 2 percentage point payroll tax cut for another two months. The Obama administration says 160 million people benefit from that tax cut.
But the mortgage fee provision would have widespread long-term impact, considering nine out of 10 mortgages go through one of the three government-sponsored finance organizations affected.
The new fee increase would amount to about $15 a month more for a $200,000 mortgage, according to a senior Democratic official.
That’s $180 a year, or $360 a year for a $400,000 mortgage. Homeowners would have the fee hike built into their loan — the mortgage provider would then send that extra revenue to the Treasury.
The idea behind the fee is to encourage more homeowners to get into the private market, as opposed to seeking loans backed by troubled entities like Fannie and Freddie.
“Taxpayers are losing every quarter on Fannie and Freddie,” a senior Senate Democratic aide said. “We want to lessen the burden on the taxpayers (who are on the hook for failed government-backed loans).”
The aide added, “This is an incentive to go to the private-sector mortgage market.”
A fact sheet on the Senate bill sent out Saturday to House Republicans noted that the offset has “bipartisan support” and was included in the House GOP-backed payroll tax cut bill. It also was included in President Obama’s list of suggestions to the now-defunct “Super Committee” tasked with reducing the deficit.
The House still must vote on the bill. The two-month tax cut is estimated to be worth about $165 for someone making $50,000 a year.
While lawmakers will say that the mortgage fee hike means the payroll tax cut is fully paid for, the timetables for the tax cut itself and the revenue from the fee are very different.
The Congressional Budget Office estimates that while the tax cut lasts two months, it will take 10 years for the associated fee hike to drum up an estimated $35.7 billion and replenish the lost revenue. That rhetorical tactic is common on Capitol Hill — lawmakers frequently say bills are “paid for” when in fact it takes a decade for that to be the case.
Read more: http://www.foxnews.com/politics/2011/12/17/mortgage-fees-would-rise-under-payroll-tax-cut-deal/#ixzz1hSTEYHLu
