On the recordMay 22, 2008
People might be wondering if this is a serious problem. We have had estimates from the Congressional Budget Office that if this tax loophole were closed, CBO estimates the Federal Government will save $846 million over 10 years. I would say that's a pretty big problem. I think the folks in Indiana would say that's a big problem, too. During a time of tightened budgets and escalating national debt, closing this loophole makes sense. The tax provision was included in the Heroes Earnings Assistance and Relief Tax Act which passed the House just this week. I would urge my colleagues, and like I said, I would like to thank the gentleman from California. I would be honored to work with him to straighten out his concerns, and I would ask all of my colleagues to support this bill.
Source
govinfo.gov
