Thursday, August 18, 2011

The New Homestead Act: Update

President Barack Obama recently promised that he has a plan to create jobs, which will be disclosed in September, after he takes 10 days off in Martha’s Vineyard. I certainly hope he comes up with a good plan. If he needs one, how about the one that Carl Goldsmith and I proposed at the beginning of August? [1] I met with my congressman, Gary Ackerman, last Tuesday to pitch the plan. He liked it well enough to issue a press release on Wednesday of this week endorsing it and promising to introduce the “Homestead: Act 2” when Congress returns from its August recess.[2]

The Act aims to reduce the huge overhang of unsold homes by offering a matching down payment subsidy of up to $20,000 for homebuyers, who do not currently own a home, and exempting newly acquired rental properties from taxation for 10 years. The cost of these incentives would be offset by the tax revenues collected by lowering the corporate tax rate on repatriated earnings to 10%.

Congressman Gary Ackerman is presently serving his fifteenth term in the US House of Representatives. He represents the Fifth Congressional District of New York, which encompasses parts of the New York City Borough of Queens and the North Shore of Long Island, including west and northeast Queens and northern Nassau County. Ackerman serves on the powerful Financial Services Committee, where he sits on two Subcommittees: Financial Institutions and Consumer Credit as well as Capital Markets and Government-Sponsored Enterprises (of which he is the former Vice Chairman). The stock market rose sharply after March 12, 2009, when Mr. Ackerman, during a congressional hearing, leaned on Robert Herz, the head of FASB, to suspend the mark-to-market rule. FASB did so on April 2. I had brought this issue to the congressman’s attention in a meeting we had during November 2008.

[1] Carl Goldsmith & Ed Yardeni, “The New Homestead Act” (August 16, 2011 update)
[2] Congressman Gary Ackerman, Press Release on “Homestead: Act 2” (August 17, 2011)


  1. I have been seeking information on this topic for the past few hours and found your post to be well written and has solid information. Thank you!

  2. Things are very open and intensely clear explanation of issues. was truly information. Your website is very beneficial.
    gmail login
    hotmail login

  3. Live as if you were to die tomorrow. Learn as if you were to live forever.
    vray sketchup crack
    movavi cle dactivation
    avg crack

  4. Well this is a real life-saver! I've been scouring the web for hours now looking just for this kind of thing. Thank you so much for sharing! bitcoin online

  5. Leadership Is The Ability To Get Extraordinary Achievement From Ordinary People
    Photoshop Kostenlos
    Anno 1800 Crack
    Photoshop Crack

  6. Wow!! This really is a well written and awesome post!!
    Thanks for writing this post!!
    How to seduce a woman

  7. This comment has been removed by the author.

  8. Thien Ha Bet (thabet) is considered as the house that owns the largest and most diverse online game store. There are all forms of sports betting, attractive card games, etc. with high winning rates. Including prizes up to 5 billion VND. Please visit thabet to join

  9. Pretty! This was a really wonderful post. Many thanks for providing this information.

  10. Greetings! Very helpful advice in this particular post!It is the little changes which will make the largest changes. Thanks a lot for sharing!

  11. This week on the GeekWire radio show, we take a break from Seattle’s ongoing ride-sharing debate to discuss a couple of interesting stories that didn’t get as much attention this week: Microsoft’s defense of its decision to read the emails of one of its hotmail customers as part of an investigation into alleged leaks by a former Microsoft employee; and Zillow’s poaching of executives from Move Inc., which prompted a lawsuit from the rival this week.

  12. Operation Twist is supposed to push bond yields closer to zero, which should reduce mortgage rates and revive housing activity. Visit my site:
    SOC Maturity Assessment