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Walberg Votes To Protect Michigan Families From Being Taxed On "Phantom Income"

Press Release

Date: Oct. 4, 2007
Location: Washington, DC
Issues: Housing and Property

WALBERG VOTES TO PROTECT MICHIGAN FAMILIES FROM BEING TAXED ON "PHANTOM INCOME"

BILL HELPS STRUGGLING MICHIGAN FAMILIES STAY IN HOMES, PROVIDES TAX FAIRNESS FOR HOME OWNERS

Washington, Oct 4 - U.S. Congressman Tim Walberg (R-MI) today issued the following statement after voting for H.R. 3648, the Mortgage Forgiveness Debt Relief Act of 2007, which would eliminate the tax bill for homeowners on debt that was forgiven by lenders to avoid foreclosure. The legislation passed the House tonight.

"This legislation will prevent families from being punished by the tax collector when they are struggling most. When families in Michigan pay their mortgages and decide to sell their homes, they should not have to pay taxes on "income' they never actually received. I am pleased Congress has acted to protect Americans against this tax on struggling families."


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