[Congressional Record Volume 145, Number 55 (Wednesday, April 21, 1999)]
[Extensions of Remarks]
[Page E731]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


                             H. CON. RES. 7

                                 ______
                                 

                           HON. BILL McCOLLUM

                               of florida

                    in the house of representatives

                       Wednesday, April 21, 1999

  Mr. McCOLLUM. Mr. Speaker, home ownership plays a vital role in 
creating stable, vibrant communities in our country. As a firm 
supporter of home ownership and the strong communities that home 
ownership fosters, I would like to encourage all my colleagues to join 
with me, Congresswoman Roukema, and all other original cosponsors of H. 
Con. Res. 7 to ensure that mortgage interest and property tax 
deductions remain in our tax code.
  The beauty of the mortgage interest deduction is multi-faceted. 
Unlike the reams of forms and documentation required to qualify for 
many other deductions, the mortgage interest tax deduction is simple, 
widely understood and used by taxpayers. It benefits hard-working, 
middle class Americans. Forty-two percent of households that claimed 
the mortgage interest deduction in 1995 reported incomes below $50,000, 
and many of those benefiting from the mortgage interest deduction are 
minorities and first time home owners.
  Taxing the interest on the most significant purchase that most 
individuals will make in their lives sends the wrong message to 
potential home buyers. The mortgage interest deduction helps 
individuals who are willing to make a stake in their communities and 
take on the responsibility of home ownership. We should encourage home 
ownership and the commitment to our communities that home ownership 
represents. H. Con. Res. 7 clearly does so by assuring Americans that 
Congress will continue to protect the mortgage interest deduction.

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