Why does our government insist on giving tax dollars away to fools? As I noted before, it's funny that a foreclosed mortgage creates taxable income, but why should the government take my money by force to give it to people foolish enough to get themselves into that mess?
The House passed this bill that is intended to provide tax relief to the increasing amount of people who have lost their homes due to foreclosure. Debt that is forgiven after a mortgage foreclosure or renegotiation is considered income for tax purposes under current law, creating a tax burden for people who can no longer afford to own a house. The bill excludes the amount of debt forgiven from income if the house was a primary residence and extends the deduction for private mortgage insurance into 2014. Proponents of the bill believe it will help alleviate the national problem with foreclosures.
How about giving a tax break to those of us who make smart financial decisions?
Of what use is money in the hand of a fool, since he has no desire to get wisdom?
Handing out money doesn't do much to actually solve problems, but our society is so crippled by political correctness that we're unwilling to call out fools when we see them and point them towards wisdom.