Byron Dorgan: “Congress finds that-- (1) current Federal income tax laws embrace a number of fundamental tax policies including…”

“Congress finds that-- (1) current Federal income tax laws embrace a number of fundamental tax policies including longstanding encouragement for home ownership and charitable giving, expanded health and retirement benefits. (2) the mortgage interest deduction is among the most important incentives in the income tax code and promotes the American Dream of home ownership--the single largest investment for most families, and preserving it is critical for the more than 20,000,000 families claiming it now and for millions more in the future; (3) favorable tax treatment to encourage gifts to charities is a longstanding principle that helps charities raise funds needed to provide services to poor families and others when government is simply unable or unwilling to do so, and maintaining this tax incentive will help charities raise money to meet the challenges of their charitable missions in the decades ahead; (4) legislation has been proposed to repeal the entire income tax code at the end of the year 2001 without providing a specific replacement; and (5) sunsetting the entire income tax code without decribing a replacement threatens our Nation's future ec…”