Political Quotes

“today I introduce the Principal Residence Tax Exclusion Act of 1997. Earlier this year, Representatives Rob Portman and Ben Cardin introduced similar legislation, styled H.R. 1391, in the House of Representatives. In addition, both President Clinton and former Senator Dole have expressed strong support for a capital gains exclusion for our Nation's homeowners. This is a proposal that enjoys widespread bipartisan support. Now is the time to make good on our promises to help our Nation's families. As everyone knows, moving is a stressful and complicated process. Besides worrying about whether to take advantage of a job opportunity in another State or to move closer to family members or to accept some other reason for relocation, such as a change of residence at retirement, people should not have added to all of those complex decisions the worry about paying taxes on the sale of their permanent residence. This act will get the tax code out of the family's decisionmaking process. It will allow the family to make decisions based on the family's specific circumstances, not based on constraints imposed by the tax law.”