Kevin Brady: “if you lose your job and lose your home or are forced to sell at a loss, only in America do you get a bill, a tax bill…”

“if you lose your job and lose your home or are forced to sell at a loss, only in America do you get a bill, a tax bill from Uncle Sam for forgiven debt. Having witnessed this during the terrible Texas recession of the 1980s, it is nothing less than shooting the financially wounded. There's no question this is long past time to correct this unfairness. I applaud the authors of this bill, Representatives Lewis and Andrews, and all of those who have helped bring this to the floor today. There is serious question, however, about the way we pay for it. Raising taxes on the sales of second homes unfairly taxes families who live in one city, but are forced to work in another, and couples who have scrimped their whole lives to enjoy a retirement home they dreamed of. This $2 billion tax hike unfairly punishes those who make their house payments to help those who can't or who find themselves in a bad situation. It's a false choice, completely unrelated to each other. And yet those who profited millions of dollars from the sale of predatory and risky loans walk away unscathed. What type of accountability is that?”