LARRY KUDLOW: Biden is creating a responsibility tax

Economist and Fox News business contributor Larry Kudlow is correct about this one.

The Biden Administration punishes those who pay their bills on time and attain a good credit score and now they have to pay more so those with not so good credit scores pay less but the conundrum is you're going to have people with money put less money down and that's going to put more risk on the home mortgage Market in its entirety. President Biden is lying again saying that those making under $400,000 would not pay more taxes.

Even other Democrats under former Democrat administrations are also complaining. They are complaining saying this is the wrong way to do things. This is not new. Notice that President Biden and his administration cohort always do things wrong? I could make a list of 15 different instances but I'm not going to but you all know already.

This goes to show President Biden's Administration doesn't follow Finance or economics 101. They don't follow best practices and this to me seems illegal and discriminatory.

This could result in another mortgage meltdown like what happened in 2008 which resulted in the US government bailing out hundreds of billions of dollars to regain solvency of a federal government home loan agency that was mismanaged.

Today's modern Democrats haven't learned the lessons of the past. They listen too much to the left Equity knuckleheads and now those successful people are punished with a new tax when they try to buy a new home or refinance after May 1st, 2023.

I wonder if the same thing's going to happen with VA home loans. Those with bad credit get lower rates and those with good credit subsidize those people so the expenses to the veteran is even higher than before. Time will tell but I'm sure the courts will rule this unconstitutional eventually.