Extend First Time Home Buyers Credit?

The $8,000 tax credit for first time home buyers expires on December 1st. Discussions, in Congress and the White House, are underway to lengthen the benefit. Congress has already pushed the deadline back for those in the military. Bloomburg has the latest, including an interesting fact: this credit costs the US government (thus taxpayers) $1 billion per month.

Tax Credit for Hiring Workers?

According to the Wall Street Journal, congressional leaders are advocating a number of new tax credits, including a credit for companies hiring new workers. But this and other measures designed to counter high unemployment are running into the highest deficit as a share of the GDP since the Second World War.

47% of Households Pay No Tax

According to CNN and the Tax Policy Center, some 47% of households (71 million) have no federal tax liability. Of course these folks still pay FICA withholding (Social Security and Medicare), but because of the progressive tax code and an increasing number of refundable credits, almost half of households don't pay any federal income tax.