President Obama - Refinancing is like a tax cut?

President Obama makes a gaffe, comparing refinancing to a tax cut ... which would be true, of course, *only* if the IRS held your mortgage!

Transcript:  We’ve already seen a jump in refinancings of mortgages as homeowners take advantage of lower rates. And every American should know that up to 40 percent of all mortgages are now eligible for refinancing. This is the equivalent of another tax cut, and we’re also beginning to see signs of increased sales and stabilizing home prices for the first time in a very long time.

As the folks at HotAir.com put it, “Refinancing a home mortgage would be like a tax cut … if you got your mortgage from the government.  Unless you’re making your house payments to the IRS, though, it’s not like a tax cut at all.  A tax cut means the government gets less of your money, not that you have more money because you make a better deal on your loan.  Using that logic, a pay raise would be like a tax cut, a birthday gift would be like a tax rebate, and finding a quarter on the sidewalk would be like getting an earmark from John Murtha.”

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