So following up on yesterday’s post about the proposed tax relief for debt cancellation related to foreclosures, I wonder, “Is it fair?”
Today’s Fix the Tax Code Friday question is:
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Should Congress offer tax relief to those who are affected by the housing market (those in foreclosure)? Should Congress offset the lost revenue by limiting capital gains benefits to those who convert second homes to primary residences? Can you think of any other ways to address the subprime mortgage fiascoes and the decline in the market?