Kevin Brady: “I have voted against this bill twice in the Chamber. I rise today in support of it. This bill will now, in the right…”

“I have voted against this bill twice in the Chamber. I rise today in support of it. This bill will now, in the right way, provide relief to American families who, after losing their homes in the past, have gotten a bill from Uncle Sam, and it is wrong. At a time when people struggle to keep their homes and they may lose them or have to sell them at a loss, we shouldn't be kicking them when they are down. This bill will right that wrong, giving taxpayers temporary relief for at least 3 years, and will also allow taxpayers to continue to deduct the premiums that they pay for mortgage insurance, which will help a number of people afford homes. But, Mr. Speaker, I am most pleased that the Senate stripped from this bill something we sent out of the House twice, which was wrong. What we attempted to do was to increase the taxes on people who own second homes. Now, the original thought would be, that must be the wealthy. It's not; it's the middle class. In fact, 40 percent of all the home sales last year in America were to second homebuyers. And they're not the wealthy. The average income of those buyers was $82,000. So, we were punishing middle-class families for scrimping on their first mortgage so they could save up for a vacation home or resort home or retirement home or maybe even an investment. That would have punished families.”