Doris Matsui: “we were to take up a bill today, which was H.R. 878, and the bill would have basically provided tax relief for our young…”

“we were to take up a bill today, which was H.R. 878, and the bill would have basically provided tax relief for our young men and women who are in the armed services, particularly those in the Persian Gulf at this time, 240,000 of them. It would have eliminated capital gains tax if and when they would sell their private residence. And if in the event that one or two of them would pass away or die, it would provide nontaxability of any survivor benefits that they would receive. This bill needs to be passed very quickly, because the President plans to go to war within the next 2 weeks or so. We are almost certain of that. One of the problems is that last week, as the bill was in the House Committee on Ways and Means, my Republican colleagues added to the legislation a number of special interest tax breaks. Unfortunately, now it will slow the bill down. They took it off the floor of the House today because they could not even get enough votes on their side of the aisle to pass it. And, secondly, if it should pass, it will get bogged down in a House-Senate conference.”