View Full Version : Ending The Recession

Tim Bruening
March 16th 09, 11:41 PM
The biggest problem with the economy is the credit crunch caused by the
mortgage meltdown and resulting foreclosure surge. To solve that
problem, I propose that we eliminate all capital gains taxes for
investors who buy a foreclosed property in the next three years and
award a federal tax credit equal to their property taxes for the next
five years. If someone buys a foreclosed home for $150,000 and sells it
five years later for $450,000, the $300,000 capital gain would be tax
free, and Washington would pay his property tax.

In short order, wealthy investors would buy up all foreclosed properties
in the U.S., banks would have those bad debts off their books and
therefore be able to start lending again, housing values would start
rising again, tax receipts to local and state governments would rise,
and the credit crunch would be resolved. No more recession!

Please ask President Obama ) and Congress to
immediately pass the above proposals.