The Subprime Mortgage Crunch: Providing Tax Relief for Ex-Homeowners

On August 31, President Bush offered a small package of initiatives to address developments in the housing and mortgage markets. One element of the package was a proposal to provide special and temporary tax relief to those who lose their homes during the current period. The Administration’s tax proposal, while well intentioned, is nevertheless misguided and all the more unfortunate because the Administration missed an opportunity to provide tax relief through sound tax reform.

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