The Arizona Sentinel

February 19, 2009

Obama’s Stimulus, Crazy like a Fox

Filed under: My Posts — thearizonasentinel @ 4:44 pm

The Arizona Sentinel

America,, you have been hoodwinked,.  Especially if your retired or about to . Especially if you retired or are about to and you did it on your own.  With out a government or major corporation pension,  or inspite of the federal government.   The Obama administration has no regard for you , he is thinking about buying votes for 2012 and here is how I got there.  For you folks he is going to drive down interest rates that you depend on for retirement,.. You made the country,  now you have the Obama,Greenspan,Paulson,Bush, knife in your back.

The Obama plan for the Home forclosure problem is actually going to bring in more revenue to the treasury. 

Obama is going to buy down the interest rate, thru TARP and Fannie and Freddie.  That means simply that these at risk borrowers will be paying less interest on their mortgages.  That means that they will be deducting less mortgage interest on their tax returns in the future.  So what that means is that they will be paying more taxes on their income because of the reduction of a deduction.  Example:

Lets say you have a mortgage of 250.000.00 and your current interest rate, is 6.5 percent.  The Obama plan buys down that rate to say 4%.  And they will extend the term out to 50 years.   Follow along on the two loans below.   

 

Existing loan:  $250,000.00                  Term 30yr    

Rate   6.5%                     Payment Principal and Interest     $1580.17

 Interest paid in first year    $16,168.00         Your Interest Deduction   $16168.00 against income.  And this number can place you in a lower tax bracket depending on income.   This can be critical to your tax bill.

 

Obama Loan                   Term,,, 30 to 50 years,  Rate, 3.5–4%                                             

$250,000.00                30                                           4.0%                         Paymt,$1183.54                                                              $9172.86  Int Paid                  $9172.86 Is your  Interest Deduction against Income.

$250,000.00                50                                           4%                         Paymt$964.54                                                                 $9970.87  Int Paid               $9970.87 is your deduction against income.

So lets say your an idiot and you accept a 50 year mortgage @ 4%  In your first year you will be paying income taxes on an additional $6197.13.  If your in a 21-28% tax bracket you will be paying an additional $1301. to $1735.00 to the IRS. 

So for a difference of $516.00 per month,  you are giving more money to the IRS or Treasury,.  Therefore, here is the question,.. Who would you rather give your money too,.. Your banker ,  who if you take care of will be with you for the rest of your life and continue loaning you money for this and that.   Or would you rather give more money to the IRS or Treasury , who will be with you for the rest of your live , making sure you either pay your taxes or go to jail,… That is unless your a Democrat or work for the Fed.

My point is this , the benifit to the Government and Government agencies  is obvious,.. The government is the benificary of the Obama Stimulus Plan. However in my view it will ultimately cause the Government to collaps.  And the sooner the better.

Your banker will loan you money at something under 10%,.. The government “IRS” will loan you money at 18%…. DUH!!!!!

Bottom line, all this is meddling by the  Obama &,bush, BS is a redistribution of American taxpayer dollars.   It will do nothing to bring confidence back or improve the economy.  Driving us deeper and deeper in debt.  

 FEDUPREPVET

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