People who bought their first home in 2008 were given the opportunity to get a tax credit of up to $7,500 to paid back in $500 increments over fifteen years. Hundreds of thousands of people took advantage of the program and are now making annual payments to the government for that tax credit.
The program was offered for two more years, but it was changed. Now people that took advantage of the program got up to $8,000 and did not have to pay it back.
Those who took advantage of the program the first year should have been "grandfathered" in to not have to pay their credit back. The point of the program was to help spur the economy and those who did so the first year are basically being punished for doing exactly what the government asked us them to do.
It is not fair.
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