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Ways and Means Committee Housing Tax Package Improves Significantly On Senate Version: But Addressing the Foreclosure Crisis Will Require Other Measures

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Publication Date: April 2008

Publisher(s): Center on Budget and Policy Priorities (Washington, D.C.)

Author(s): Aviva Aron-Dine; Barbara Sard; Will Fischer

Special Collection: John D. and Catherine T. MacArthur Foundation

Topic: Banking and finance (Taxation and tax policy)

Keywords: Federal budget; Economic projections; Recession; Foreclosure prevention

Type: Report

Abstract:

Some of the provisions in the Ways and Means Committee housing tax package have merit, and the Ways and Means Committee tax package represents a significant improvement over the Senate’s version.  Unlike the Senate's, the Ways and Means Committee package is revenue-neutral, and it omits both an ineffectual special-interest tax break and a seriously misguided provision that would limit the ability of local governments to raise revenue.  The package also includes a set of worthwhile reforms to the Low-Income Housing Tax Credit.