Sen. Richard Durbin:
I believe it is going to be. The precise language, I am undecided.
However here is what it boils all the way down to, Judy. Should you and I are paying our property taxes on our houses, the query is, ought to we be taxed by the federal authorities on the taxes we paid, a tax on a tax?
We will simply let you know, traditionally, the reply was no. We had an exemption. Should you paid a tax, you do not have to pay a federal tax on that tax. And now the most recent Republican enterprise 4 years in the past in tax reform imposed a brand new tax on a tax. We’re making an attempt to get again to the stage the place folks do not need to face that double taxation.
I assist it. There could also be variations on the theme as we get near it, however I believe the precept is sound.
