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...first-time-home-buyer tax credit that's been helping juice the housing market is set to expire on Nov. 30. A lot of people don't want to see that happen. Since some of those people are in Congress, there's a decent chance the credit will be extended into 2010. Among the bills floating about are ones that would grow the amount to $15,000 and make all home buyers - not just those who haven't owned before - eligible. One policy-analysis shop puts the odds of some extension at 2 to 1, despite a cost that could...
...meaningful benefit are, by and large, already rich. Economists James Poterba and Todd Sinai found that the tax savings from the mortgage-interest deduction for households earning more than $250,000 is 10 times the tax savings for households earning $40,000 to $75,000. According to Congress's Joint Committee on Taxation, a little more than half of the savings is seen by just 12% of taxpayers - those with incomes over...
...gratitude [Sept. 7]. Because of the Immigration and Nationality Act of 1965 that he helped pass, we were able to come to the U.S. many years ago and build a new life. His countless good deeds will reverberate in our nation's soul. The best tribute his colleagues in Congress can bestow is the health-care-reform bill that was his life's cause and that he worked so hard for but, sadly, did not live to see enacted. Cheers Echevarria-Leary, PINONLE CALIF...
...over and the recovery has begun! Never mind that, as Bernanke noted, this is by now common opinion among economic forecasters--and has been for weeks. Also never mind that Bernanke's prediction record as Fed chairman hasn't been stellar. This is the man, after all, who told Congress in March 2007 that "the impact ... of the problems in the subprime market seems likely to be contained...
...Democrats' left flank, meanwhile, has begun agitating for major changes to the Patriot Act. On Tuesday, New York Rep. Jerrold Nadler, a Democrat, said Congress should not miss the opportunity to review the act in its entirety. Several liberal Senate Democrats such as Sen. Russ Feingold of Wisconsin and Sen. Dick Durbin of Illinois, along with Independent Bernie Sanders of Vermont, have proposed a bill known as the Justice Act, which would curb many of the sweeping powers of the Patriot Act. The bill would reauthorize the expiring Patriot Act provisions, but would add new limits: roving wiretaps could...