Visit USA Act

#1
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VolsNSkinsFan

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#1
Crony Capitalsm at its finest, sponsored by (D) Charles Schumer and (R) Mile Lee of the Tea Party. This bill is such a joke. All this will do is prop up the housing market in NYC, DC, and LA. Its does nothing for those counties and cities hit hardest by the Housing bouble, yet we all pay for it.

Mike Lee has a home in Mclean VA (1 of the wealthiest counties in the US) so it makes perfect sense that he wants to give tax breaks to foreigners so they can prop up his and his neighbors houses.


Visas for dollars: Give me your Gucci-clad masses | The Economist

Two senators, Charles Schumer, a Democrat, and Mike Lee, a Republican, recently introduced legislation to fast-track visas for foreigners spending $500,000 on residential property. Their Visit USA Act would allow purchasers and their families to live in America for as long as they owned their houses, though not to work there or receive any federal benefits.

The senators envisage wealthy jet-setters and well-heeled retirees boosting America’s weak housing market. As buyers would have to live in their new homes for at least 180 days a year, they would also (very handily) be liable to pay American tax on any foreign earnings.
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This is exactly what this country needs, tax breaks to wealthy, fat cat, socialists Europeans. Sponsored and endorsed by the Tea Party
 
#2
#2
VolsNSkinsFan said:
Crony Capitalsm at its finest, sponsored by (D) Charles Schumer and (R) Mile Lee of the Tea Party. This bill is such a joke. All this will do is prop up the housing market in NYC, DC, and LA. Its does nothing for those counties and cities hit hardest by the Housing bouble, yet we all pay for it.

Mike Lee has a home in Mclean VA (1 of the wealthiest counties in the US) so it makes perfect sense that he wants to give tax breaks to foreigners so they can prop up his and his neighbors houses.


Visas for dollars: Give me your Gucci-clad masses | The Economist



This is exactly what this country needs, tax breaks to wealthy, fat cat, socialists Europeans. Sponsored and endorsed by the Tea Party
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Your conclusion does not follow from what you have posted nor from what the Economist has printed with regard to the bill.
 
#3
#3
$500K doesnt buy you squat in these housing markets. They will be using FHA Govt subsidised, low interest rate jumbo mortgages to purchase property. This bill does nothing for those in hardest hit housing markets and is a free ride for the wealthy. Its just more evidence that it pays to know friends in high places
 
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VolsNSkinsFan said:
$500K doesnt buy you squat in these housing markets. They will be using FHA Govt subsidised, low interest rate jumbo mortgages to purchase property. This bill does nothing for those in hardest hit housing markets and is a free ride for the wealthy. It pays to know friends in high places
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Your conclusion still does not follow.

First, these "fat-cat Europeans" would be paying property taxes on said properties; second, they would be liable to taxes on their earnings, since they would have resident status for at least 180 days. This is what the article states.

"We all pay for it". No, we don't.
 
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#6
You dont get it. We should be allowing people into this country because they are smart and hard working, not becuase they have $500K to burn. This does nothing for the country as a whole but just props up the housing market in DC and NYC. They will be buying mortgages that are FHA backed by You and Me. Its BS that my tax $$ is used to prop up the $1 Million+ housing industry
 
#7
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VolsNSkinsFan said:
You dont get it. We should be allowing people into this country because they are smart and hard working, not becuase they have $500K to burn. This does nothing for the country as a whole but just props up the housing market in DC and NYC. They will be buying mortgages that are FHA backed by You and Me. Its BS that my tax $$ is used to prop up the $1 Million+ housing industry
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You are positive that they will use FHA loans? Or, are you jumping to this conclusion?

Also, I do get it. This is a country founded on the ideal of liberty; everyone should be allowed in. This allows individuals to live in America; I am fine with that. We should go ahead and get rid of all the other legislation that bars immigration.

And, I could not care less whether this is good for the country as a whole. I am not concerned with the "greater, societal good"; you and Marx have a lot more in common than you think.
 
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Its Crony Capitalism at its finest. It does nothing but help wealthy Real Estate Agents, Senators and their neighbors. It does not even come close to solving the housing crisis or those who are upsidedown in hard hit areas. It wont create construction jobs because we already have a glut. They will be getting FHA loans which are backed by you and me up to $750K and then will write off their mortage interest on their million dollar home
 
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VolsNSkinsFan said:
Its Crony Capitalism at its finest. It does nothing but help wealthy Real Estate Agents, Senators and their neighbors. It does not even come close to solving the housing crisis or those who are upsidedown in hard hit areas. It wont create construction jobs because we already have a glut. They will be getting FHA loans which are backed by you and me up to $750K and then will write off their mortage interest on their million dollar home
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Your use of the term "crony capitalism" is not distancing your stance from Marx. Your argument re: costs and benefits for the whole are falling upon deaf ears. Your problem seems to be with FHA lending...attack that practice, not immigration.
 
#10
#10
I dont care if I stand with Carl Marx or Stalin with this, its 100% BS that the American tax payer props up the housing market of the wealthy with mortgages backed by you and me. The average US home value is about $150K. Why is the FHA backing mortgages up to $750K? Why are we allowing people to write off over $1 Million of that mortgage interest on your taxes? If you want to live in a nice area, go pony up the money to do so, dont come to the Govt and say "I need my mortgage to be backed by the US tax payers so I can get a cheap rate". Why are we giving expedited immigration to people just because you got $500K in your pocket? Its just wrong
 
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#11
#11
I agree with TRUT.

1) Visas should be easy to attain for everyone. I don't have a problem fast-tracking visas for big-spenders who may stimulate our economy. At least it's a start.

2) If they are getting government-subsidized mortgages then, as TRUT stated, the issue is with government-subsidized mortgages, not this particular bill.

It's not croney capitalism. These senators are not "hooking up" some big business for campaign contributions. The benefits will go to moderately wealthy foreign individuals.
 
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#12
#12
SO how does this help people in Memphis, Nashville or Knoxville or any other "Main Street USA town"? You think wealthy Foreigners are going to be piling into those housing markets? Nope, they are going straight to NYC and DC where their buddies in congress live and all the wonderful "Culture". Meanwhile Charles Shumer NYC Condo and Mike Lee's manson in Mclean VA continues to go up in value and all their neighbors and real estate agents rejoice at the awesomeness of allowing people with $500K in their pockets to the front of the line.
 
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VolsNSkinsFan said:
SO how does this help people in Memphis, Nashville or Knoxville or any other "Main Street USA town"? You think wealthy Foreigners are going to be piling into those housing markets? Nope, they are going straight to NYC and DC where their buddies in congress live and all the wonderful "Culture". Meanwhile Charles Shumer NYC Condo and Mike Lee's manson in Mclean VA continues to go up in value and all their neighbors and real estate agents rejoice at the awesomeness of allowing people with $500K in their pockets to the front of the line.
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How does this hurt the people in Memphis, Nashville, or Knoxville? The bill may disproportionately help housing markets in DC and NYC, but it's not a zero-sum game. The few who do make it to Nashville will help as well.
 
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#14
As previously stated, the housing markets of NYC and DC etc are propped up by FHA tax payer backed jumbo mortgages.

Do you think the Govt should be using tax payers to back $750K mortgages when the average US home value is $150K? If I have the income to support a $750K mortgage, I can put down as little as $20K and get a tax payer backed mortgage (ie lower interest rate). If I lose my job, I walk away, lose $20K and the Tax Payers get the bill (we lose $100K+ after the home is dumped on the mkt for its true value).

All this bill does is prop up the markets of Shumer and Lee's neighborhoods. It injects new $$ into these markets

Crony capitalism - Wikipedia, the free encyclopedia

Crony capitalism is a term describing a capitalist economy in which success in business depends on close relationships between business people and government officials. It may be exhibited by favoritism in the distribution of legal permits, government grants, special tax breaks, and so forth.
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In its lightest form, crony capitalism consists of collusion among market players. While perhaps lightly competing against each other, they will present a unified front to the government in requesting subsidies or aid
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#15
#15
If they are not eligible for federal benefits, are they still eligible for FHA loans?
 
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VolsNSkinsFan said:
As previously stated, the housing markets of NYC and DC etc are propped up by FHA tax payer backed jumbo mortgages.

Do you think the Govt should be using tax payers to back $750K mortgages when the average US home value is $150K? If I have the income to support a $750K mortgage, I can put down as little as $20K and get a tax payer backed mortgage (ie lower interest rate). If I lose my job, I walk away, lose $20K and the Tax Payers get the bill (we lose $100K+ after the home is dumped on the mkt for its true value).

All this bill does is prop up the markets of Shumer and Lee's neighborhoods. It injects new $$ into these markets

Crony capitalism - Wikipedia, the free encyclopedia
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Again, your issue is not with this bill, it's with government-subsidized loan programs.

Crony capitalism works like this...my company gives you a huge campaign contribution, and you reward me with a a huge subsidy/endowment/government contract. Collecting campaign contributions (if that happened) from foreign individuals in order to reward them with expedited visa approval is not crony capitalism. It may be political favoritism, but it's not crony capitalism.
 
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Even if they dont have access to FHA loans, this is still crony capitalism. I can see Schumer at the ole neighborhood cocktail party: "Hey Schumer, thanks for the cheap tax payer backed mortgages and all the government spending, its really helped keep our NYC Condo/DC home value afloat, but we need something else to really get this going. How about we make Visas easy for foreigners with $500K. They will make great neighbors buying up all those overvauled homes in our neighborhood"

Sorry to all those who dont have $500K, you will have to pay some guy $10k to hump you over the Mexican border and maybe if you are luck enough, you not get caught and will survive the 18 hours in the back of a semi or that walk through the desert.


So you dont think Crony Capitalism works at cocktail parties were a senator and his neighbor both wanting their value of their home to increase? You dont think thats collusion?
 
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VolsNSkinsFan said:
Even if they dont have access to FHA loans, this is still crony capitalism. I can see Schumer at the ole neighborhood cocktail party: "Hey Schumer, thanks for the cheap tax payer backed mortgages and all the government spending, its really helped keep our NYC Condo/DC home value afloat, but we need something else to really get this going. How about we make Visas easy for foreigners with $500K. They will make great neighbors buying up all those overvauled homes in our neighborhood"

Sorry to all those who dont have $500K, you will have to pay some guy $10k to hump you over the Mexican border and maybe if you are luck enough, you not get caught and will survive the 18 hours in the back of a semi or that walk through the desert
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It's funny that you posted the wikipedia article about crony capitalism and you still don't get it. There is perhaps a conflict of interest that you have pointed out, but again if this is not government getting into bed with big business, then it's not crony capitalism.
 
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If you dont think million dollar homes are big business then I cant help you. Sorry I have completely trashed your boy from Utah. Hope his manson in Mclean VA rises in value
 
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VolsNSkinsFan said:
So you dont think Crony Capitalism works at cocktail parties were a senator and his neighbor both wanting their value of their home to increase? You dont think thats collusion?
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It is collusion, but collusion is not crony capitalism. Your own definition from wikipedia required that the collusion be among "market players...lightly competing against each other" and in your example it only involves a senator and his neighbor.
 
#22
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VolsNSkinsFan said:
If you dont think million dollar homes are big business then I cant help you. Sorry I have completely trashed your boy from Utah. Hope his manson in Mclean VA rises in value
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LMAO! You think I care where he comes from? Reading this I was excited to trash him, but found out there's nothing to this story.

Lee is actually a distant relative of mine, and I don't give a damn. I will trash him, when needed.
 
#23
#23
therealUT said:
You are positive that they will use FHA loans? Or, are you jumping to this conclusion?

Also, I do get it. This is a country founded on the ideal of liberty; everyone should be allowed in. This allows individuals to live in America; I am fine with that. We should go ahead and get rid of all the other legislation that bars immigration.

And, I could not care less whether this is good for the country as a whole. I am not concerned with the "greater, societal good"; you and Marx have a lot more in common than you think.
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:ermm:
 
#24
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You are obviously not a home owner. Me and my neighbor want our homes to increase in value. Why? So when I want to move I get the maximum amount of $$ out of that property. Me and my neighbor are in the same market because we live on the same street and we are offering the same product (a Home) If we both put our homes on the market, we are competing against each other for a home buyer. Does that make sense?
 
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