Ahead Of Elections, Joe Biden Proposes Various Tax Credits!

The United States is all set to go for the much-awaited Presidential polls. The elections are expected to be high on intensity as Joe Biden and Donald Trump might face each other. The last time they faced each other Joe Biden won the election and defeated Donald Trump.

Ahead of the elections, President Joe Biden had made a big proposal to grant tax credit for the home buyers and those who sell starter houses. They both might get 10,000 US dollars as part of the proposal made.

Reports say that Joe Biden's administration wants to give a tax credit of $10,000 for first-time homebuyers. However, the credit would be given in two years-$5000 a year. Those who see their starter homes will also be given $10,000.

Usually, sales and purchases of houses are costly given the money involved. The costs are even higher in the United States. Most of the people go for the loans to buy the houses. On top of this, the tax amounts they have to pay are an additional burden on them.

With Joe Biden announcing the tax credits for buyers and sellers, the move is expected to help them. As the news is doing rounds ahead of the Presidential elections it caused everyone's attention.

The proposal is also expected to boost the real sector which is going through a tough patch for a few months. Not only that, first-time buyers will also get support with the down payment of $25,000.Once the proposal gets the nod for the house it gets effective.

The majority of people who buy houses seek assistance from the banks. An estimation says that people in big numbers purchased houses during the pandemic. However, they are facing a big burden as the rate of interest increased by almost twofold.