Literally selling out this country by bankrupting us and giving tax breaks to sell us off
http://www.reuters.com/article/idUSTRE63F5E220100416(Reuters) - Congress is considering a move to lower or eliminate U.S. taxes currently imposed on foreign investors of U.S. commercial real estate, where the number of sales has fallen off a cliff over the past two years.
The Real Estate Revitalization Act of 2010 is designed to stir demand by foreigners and in turn lift prices and encourage even more buying by alleviating the U.S. tax burden imposed upon foreign sellers. The number of commercial property deals fell by 55 percent in 2009 after diving 62 percent the previous year.
Yet many current owners are hanging on to their property despite values that are often less than the mortgages because lenders are extending the loans rather than take the loss from a foreclosure.
But if lawmakers hope that rejigging the tax laws for foreign sellers will suffice to kick-start the U.S. commercial property market, they may be in for a letdown.
Both foreign and U.S. investors are keeping a massive amount of money parked on the sidelines. They are spooked not by taxes but by falling rents, rising vacancies and a lack of debt financing. There is also a dearth of well-leased, financially stable office, retail, hotel apartment or warehouse buildings for sale.
