The Union Leader editorial page shoots down the John Lynch Mortgage Tax trial balloon:
Gov. Lynch's real estate refinancing tax also comes at exactly the wrong time. People are refinancing now not to buy a boat or go on a European vacation, but to lower their mortgage payment so they can keep their home. Taxing that transaction would make refinancing unaffordable for many who need it the most right now.
That tax, which seems small because it would not exceed 1.5 percent, would add $3,000 to the cost of refinancing a $200,000 home. For homeowners who have been laid off or had their pay significantly reduced, that could be the difference between keeping their home or going into foreclosure.
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