Ways and Means Committee Housing Tax Package Improves Significantly On Senate Version: But Addressing the Foreclosure Crisis Will Require Other Measures
Publication Date: April 2008
Special Collection: John D. and Catherine T. MacArthur Foundation
Keywords: Federal budget; Economic projections; Recession; Foreclosure prevention
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.