The success of a tax credit for first-time home buyers has prompted some lawmakers to call for an expansion of the program to all home buyers. Advocates also want to increase the credit's cap from $8,000 to $15,000. "I'm fairly confident that [Congress] will extend the tax credit, because it is so important that housing come back," said Bernard Baumohl, an economist at the Economic Outlook Group. "But raising the tax credit will be difficult because it reduces taxes even more." For more information on various home buyer credit proposals and to share insights on their potential effectiveness, visit the AICPA Economic Crisis Resource Center blog.
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