Comments on: Obama called to act as Wall Street prepares to tax all US homes 1% for 99 years

By: John Holmes

John Holmes — Sun, 22 Aug 2010 07:20:49 +0000

Indeed taxes are designed to stimulate the movement/flow of money, thereby stimulating the economy. If overdone it can be detrimental.
For an economy to be vibrant and healthy, there has to be a healthy flow of money in and out of each sector, and ideally, a balance between the sectors.
When one sector starts hogging all the money, as the energy sector did when oil went to almost $150 a barrel under Bush and Cheney, the other sectors suffer. Also, the wall street speculators deliberately created a bubble, contributing to the high oil prices, as well as what happened in the mortgage industry.
This greedy nature of speculators needs to be curbed by regulation and by setting a sensible cap on the prices of the involved commodities.
The insanity of rampant speculation can be seen the history of the tulip market in Holland.
Personally, I have given up on America. I see everything moving into monopoly.
When I saw Exxon and Mobil merge, and Texaco and Chevron, as far as I am concerned, the Standard Oil Trust was getting back together, although nobody was CALLING it that.
The food industry is almost monopolized.
Chain stores have run the independents under.
Time warner has a near monopoly on the media.
The fewer owners you have, it makes a government takeover extremely viable and possible.

GOODBYE LADY LIBERTY. NICE KNOWING YOU. HERE. DRY YOUR TEARS WITH A CHINESE KLEENEX.

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By: Sally O'Boyle

Sally O'Boyle — Tue, 10 Aug 2010 15:23:26 +0000

Taxes do not stimulate the economy. Ever. If the housing market can’t stand on its own, it should fail. There are other industries that will stand up to take its place. There are too many houses built now in the U.S. Everyone who needs a home could just move to Miami…

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By: Robert B. Rosenberg

Robert B. Rosenberg — Tue, 10 Aug 2010 13:13:06 +0000

In reply to Jon.

Jon, you do not understand the offer. Check your tax’s and where you live, you might be able to use the 1% to make some improvements and for most home owners this 1% is not that much and if you live in the right community and have all the benefits this program offers you should have a increase in value. Good luck on your next purchase.

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By: JACK

JACK — Tue, 10 Aug 2010 13:09:45 +0000

Most of us do not understand the Freehold Capital Partners Program. I live in California and have purchased a home in a community where they have this type of program/product in place. My community is about 8234 homes, everyone was made aware of the 1%. The builder was upfront and honest and becuase of the 1% we have more community parks, buildings and overall a nicer community than others and this is why our local real estate market has less problems and REO’s. The comment above is from a person that really does not understand what the program/product is. In some area’s around the United States you just pay more in Tax’s and really don’t know it and you don’t get any upgrades, such as community buildings, parks, etc. Freehold type of programs/products are good and I hereby stand for them. This has helped out community and has kept our prices strong in this bad real estate market. In fact our local real estate office that services our area, supports this idea and they should it helps them sell these homes faster and for more money and win win for all.

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By: Jon

Jon — Tue, 10 Aug 2010 06:22:57 +0000

you guys are a bunch a f…… idiots , screw you i for one would never buy one of these developers houses and i am certain knowing how these things go believe no one will tell a unsuspecting buyer who after selling there house magically has to take there 1 % and give it away to someone who they already had to purchase there house from anyway screw that .

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By: Robert B. Rosenberg

Robert B. Rosenberg — Tue, 10 Aug 2010 04:11:47 +0000

I agree with the following comment from Mr. Riddle. Freehold Capital Partners has a great program whereas it will help the builders, owners of commercial property and will create more value for the properties that are enlisted. Part of the proceeds will be used for properties that need repair, thus increasing the value and making it easier to sell. This 1% fee is not different then other fees we pay and in the end the funds can and will be put to great use where we can all benefit. Keep in mind that there will be an increase in job’s 5 Million +++, most people are quick to compain and slow to commend, study this proposal, you will see the benefits are in front of you.

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By: John Riddle

John Riddle — Tue, 10 Aug 2010 03:23:58 +0000

Several groups are missing the point. Real estate, and construction, in a large part, determines how well we do as an economy. The industry employs and affects millions of people. The industry is dead.
The purpose of a transfer fee is not to make wealthy builders richer. The purpose of the fee is to create financing to get the industry back on its feet by generating jobs to revitalize the economy.
The National Association of Realtors (NAR) and the American land Title Association (ALTA), by trying to sink these transfer fees, demonstrate their ignorance or simple lack of research regarding this program. Transfer fee basics: A financial source, such as Wall Street or the government, lends a builder funds to re-start their existing projects. They fund these projects because they will earn back their invested dollars from the transfer fees. The transfer fees do not go into the builder’s pocket – they pay back the investor, (Wall Street – government).
ALTA indicates that it is too difficult to track a transfer fee over 99 years. It is a recorded document that all parties sign-off on at point of sale – with full disclosure. This is what a title company is paid to do.
NAR is just as oblivious. They seem afraid that people will balk at paying real estate agents a 6% commission if they have an additional 1% transfer fee. Is the NAR even aware that there is a 3.8% federal tax on certain home sales in the new, approved federal healthcare plan? We did not hear from them about that. In California there are Mello Roos taxes that require you to pay taxes, every year, equal up to twice your annual property taxes – an additional 1%+ per year. No objection to that?
Verified statistics indicate that if the transfer fees go into effect, more than 5.5 million jobs would be created and we would be on our way out of this current economic mess.
Do a little research. Maybe we could all get employed again.

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