Mortgage Forgiveness Debt Relief Act of 2007

MORTGAGE FORGIVENESS DEBT RELIEF ACT OF 2007 -- (House of Representatives - December 18, 2007)

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Mr. LARSON of Connecticut. I thank the gentlelady from Ohio. And I also join in commending and thanking Mr. Rangel and Mr. Neal for their efforts in making sure that this legislation came to the floor.

Let me further associate myself with the remarks of the distinguished gentlelady from Ohio. By the end of next year, 2 million foreclosures will occur in this country. That's 2 million people and families whose lives and finances will be uprooted, 2 million communities affected. That's why it was so important for this committee to act. We should not add to their burden. We have to make sure that we preserve the American Dream for them.

The Ways and Means Committee reacted swiftly and reasonably to this crisis and said what we could do was make it easier for those who get a raw deal or are having a hard time. We could start by not making them have to pay taxes on money they will never see. And that is the beauty of this bill.

Also contained in this bill is a provision that helps firefighters and first responders. It wasn't lost on Mr. Rangel, or Mr. Neal either, that it wasn't the FBI or the CIA or the armed services who responded at the World Trade Center, the Pentagon, or the fields of Pennsylvania. It was volunteer firefighters. But the IRS, in its wisdom, chooses to treat income that they receive from their county, their State or their communities in terms of rebates on property tax or other equipment as ordinary income. That is flat-out wrong. And again, I commend the leadership for making sure that we address these issues.

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