[Congressional Record (Bound Edition), Volume 145 (1999), Part 5]
[Extensions of Remarks]
[Page 6763]
[From the U.S. Government Publishing Office, www.gpo.gov]




                        TAXES AND HOME OWNERSHIP

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                           HON. PHIL ENGLISH

                            of pennsylvania

                    in the house of representatives

                        Thursday, April 15, 1999

  Mr. ENGLISH. Mr. Speaker, I rise today to speak in favor of the 
preservation and extension of a very important benefit to all taxpaying 
Americans.
  We all know the significance of today, April 15th. And as lamentable 
as today is for every hard-working American who strives to save income 
for themselves and their families, there is one component of the 
federal tax code every citizen should be granted. I am speaking about 
the tax deduction for interest paid on debt secured by the purchase of 
a home.
  Owning a home, Mr. Speaker, has to be, without doubt, the one goal 
every American shares. And far be it for the federal government to 
stand in the way of that goal. What better way could the federal 
government assist with this dream than by granting every American a tax 
deduction on interest paid on a home mortgage.
  The benefits of home ownership are many. Most importantly, home 
ownership strengthens neighborhoods and families. It strengthens 
neighborhoods in that those who live in a home will also invest in the 
area in which they live, thereby supporting vibrant and prosperous 
communities. And owning a home financially strengthens families, 
especially for parents who work hard to provide for their children.
  Homes, Mr. Speaker, for families all across this land that live in 
one and hope to own one, are the greatest institutions our nation can 
build. That is why I rise today in strong support of, and encourage all 
members of this body to support, a resolution my colleague, 
Representative Roukema, will introduce on the extension to every 
American of a tax deduction for interest paid on debt secured by a 
first or second home.
  Home ownership is the backbone of our great nation and must remain a 
dream within the grasp of every American.

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