Re: What he would normally do is
Mulligan
> http://thenewamerican.com/economy/commentary-mainmenu-43/9089-bill-cl...
>
> Until the economy shows signs of sustainable growth, the former
> President said raising taxes or boosting spending are not viable
> solutions to reviving the economy and tempering the relentlessly high
> unemployment rate. "I personally don’t believe we ought to be raising
> taxes or cutting spending until we get this economy off the ground. If
> we cut government spending, which I normally would be very inclined to
> do when the deficit’s this big
http://articles.latimes.com/1999/may/31/news/mn-42807
Since 1994, when the numbers really took off, the number of black and
Latino homeowners has increased by 2 million. In all, the minority
homeownership rate is on track to increase more in the 1990s than in
any decade this century except the 1940s, when minorities joined in
the wartime surge out of the Depression.
This trend is good news on many fronts. Homeownership stabilizes
neighborhoods and even families. Housing scholar William C. Apgar, now
an assistant secretary of Housing and Urban Development, says that
research shows homeowners are more likely than renters to participate
in their community. The children of homeowners even tend to perform
better in school. Most significantly, increased homeownership allows
minority families, who have accumulated far less wealth than whites,
to amass assets and transmit them to future generations.
What explains the surge? The answer starts with the economy.
Historically low rates of minority unemployment have created a larger
pool of qualified buyers. And the lowest interest rates in years have
made homes more affordable for white and minority buyers alike.
But the economy isn't the whole story. As HUD Secretary Andrew Cuomo
says: "There have been points in the past when the economy has done
well but minority homeownership has not increased proportionally."
Case in point: Despite generally good times in the 1980s,
homeownership among blacks and Latinos actually declined slightly,
while rising slightly among whites.
Mulligan
These tax benefits allow consumersto reduce their gross income by the
cost of mortgage interest and propertytaxes paid for a primary
residence. For example, a home owner with incomeof $50,000 in 1996 who
paid $10,000 for interest and property taxes wouldonly have to pay
taxes on $40,000 ($50,000 - $10,000 = $40,000). On theother hand, a
renter with income of $50,000 and $10,000 in rent expensewould still
have to pay taxes on the full $50,000 of income.
These deductions are worth thousands of dollars per year to home
owners
http://www.mortgagealmanac.com/articles/97-hounderclinton2ndterm.html
Mulligan
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> - Show quoted text -
Now the benefits of home ownership as your family income goes up you
notice every month a certain amount of your budget goes to pay rent.
Now instead of just paying rent, now that is going over into a piggy
bank in which you increase equity and becomes a nest egg over time.