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U.S. Senate Committee on Finance
A tax break worth saving
A tax break worth saving

With lawmakers showing little enthusiasm for an ambitious proposal by House Ways and Means Committee Chairman Dave Camp (R-Mich.) to overhaul the byzantine U.S. tax code, Congress has to decide what to do about dozens of temporary tax breaks that expired Dec. 31. Among them is an exemption for forgiven mortgage debt that's an essential part of a broader federal effort to solve a nagging problem, namely the spate of defaults caused by the recession. Failing to renew it would cripple efforts by government and banks to mitigate the damage caused by the housing crisis. This page has repeatedly endorsed the idea of a simpler tax code that broadens the base by thinning the thicket of...

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