'Wait until this goes into effect': Joe Biden slammed over $400 monthly tax cut for first-time home buyers

NEW YORK CITY, NEW YORK: President Joe Biden took to social media platform X to share his tax break proposal to assist homebuyers on Wednesday, March 13.

Biden had first mentioned the plan in his State of the Union speech on March 7, where he cited the rise in housing costs for creating a tax credit that would provide homebuyers $400 per month, reported Fox Business.

According to the publication, the plan would create a $10,000 tax credit, spread out over two years and credited in the form of monthly payments for first-time homebuyers and those who sell their starter homes.

A statement shared by the White House read, "For many Americans, owning a home is the cornerstone of raising a family, building wealth, and joining the middle class. Too many working families feel locked out of homeownership and are unable to compete with investors for a limited supply of affordable for-sale homes. President Biden is calling on Congress to enact legislation to enable more Americans to purchase a home..."

The other proposals of the administration to assist in homeownership include building and renovating more than 2 million homes, and lowering rental costs.

President Joe Biden's tweet

Posted from his personal X account, Biden's tweet read, "I am proposing a tax cut to provide $400 a month for the next two years for those seeking to buy their first home or trade up for a little more space."

"Every family deserves a place to call home," he concluded.

Internet reacts to Joe Biden's tweet

Netizens were not very thrilled with Biden's proposal, as the following tweets demonstrate.

"Biden’s proposition does little for homebuyers. His reckless spending has resulted in mortgage costs being double what they were under Trump. Yes. Double. Plus, Americans have seen their real wages fall 4%. Meanwhile, prices are up 18%. Biden has made home buying impossible," wrote a user.

"You think inflation is bad now, wait until this goes into effect," quipped another.

"The U.S. can’t afford to buy all your voters," jibed a third.

"The only people who can afford a house in this economy are those that don't need $400. This makes no sense," stated a fifth.

"Stealing half our pie and offering back a piece of crust. How generous!" remarked a fifth.

This article contains remarks made on the Internet by individual people and organizations. MEAWW cannot confirm them independently and does not support claims or opinions being made online.