Stop the Housing Tax for Transportation
Hidden tax on homeowners
The California Association of Realtors® in conjunction with the National Association of Realtors® has published a widespread “Call to Action”, Stop Congress From Taking Money From Future Homeowners.
I have already contacted my Congress Member and received a reply.
In a nutshell, the bill being discussed is a hidden tax on homeowners. Whether on a refinance or on a new purchase, anyone with a mortgage of about $400,000 could expect to pay an additional $8,000 for federal transportation infrastructure funding through an add on mortgage tax included in their monthly payment!
For decades the Federal Highway Trust Fund has been raided by Congress for unrelated pet projects. NOW they want homeowners to replenish it! Average American homeowners.
This will affect every single American Consumers that obtain a mortgage! Ostensibly it is a ten year tax, but when is the last time we ever saw a long term tax sunset clause allowed to kick in?
Take Action Now and prevent Congress from taxing homeowners to fund transportation projects.
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Mike thanks for the heads up, but they need more money for Defense spending!
Toll roads, unwelcome violations of the 4th with cameras everywhere, sunset agreements from previous projects have not been honored, and now special taxation to home mortgage borrowers to replenish highway funds? I read counter arguments the other day regarding upcoming taxation legislation on the ballot for this current election cycle in Colorado, detailing how new construction companies are not contributing their fare share of community development costs, when they build and profit richly, from new construction. Specifically this argument was focused around schools and how it is unfair for the government to allow the home builders to rake record profits, while also contributing a completely inadequate amount to offset the necessary costs that new development brings with it, like schools, roads, etc, and allowing the home builders to promote taxation on existing residents to compensate instead. This sounds quite similar. It is improper for the government to tax individuals for the financial consequences that corporations bring with their development. Now the camera companies, the builders, and the corporate developers, should all be called upon to pay more, long before the regular home owner has taxation imposed on them. Yet another very strong indicator that the People would be better served if government got out of the business of guaranteeing mortgages. Please explain in detail, how this highway funds proposal follows the FNMA charter to promote home ownership. Why not add some more taxes to save social security, medicare, and why not add another tax so politicians can get another much deserved raise at the expense of honest citizens. Obviously, this move crosses the line, and now I’m wondering what other silent taxation might already be present…