Squeezing the last few drops of blood out of victims of foreclosure:
The state House will hold a final vote on changes to the state law. Senate Bill 726 would, among other things, continue to "de-couple" North Carolina from the federal tax law on whether to count mortgage debt that is forgiven as income. Current federal law does not tax homeowners on that kind of debt forgiveness. Current North Carolina law does and would continue to under this bill.
Where's AFP on this? JLF & Civitas? Nothing? How about the "Taxed Enough Already" Tea Partiers? The truth is, the hypocrites who claim to be on the side of the taxpayers don't give two shits what happens to a family forced into foreclosure. They were dumb enough to get in trouble, and any consequences are on them. If somebody borrowed $300,000 to purchase a house, made mortgage payments for two years but went upside down, and the bank forgave their debt but took their house, that family is left with nothing to show from that brief venture. No accrued wealth. But Republicans want to tax that family for the $275,000 balance the bank "forgave." Money that doesn't exist. And as for Jeff Collins' navel-gazing attempt to justify this government fraud: