House Proceeding on Dec 6th, 2006 :: 6:14:21 to 6:15:47
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6:14:07 to 6:14:21( Edit History Discussion )

large financial institutions that we have come to this point today. the decision in the case relied solely on the text of the law congress passed. it restricts a debtor in chapter 13 with current

6:14:21 to 6:14:33( Edit History Discussion )

Henry E. Jr.Brown: monthly income above the state medium to the narrow structures of the means test which relice on what the i. -- relies on what the i.r.s. says a person needs to live on. we debated on i.r.s.

6:14:21 to 6:15:47( Edit History Discussion )
Speech By: Henry E. Jr.Brown

6:14:33 to 6:14:45( Edit History Discussion )

Henry E. Jr.Brown: guidelines to determine what a family needs to survive. we were all told not to worry. the i.r.s. knows best and will provide all. well, almost all. it turns out that when you owe the i.r.s.

6:14:45 to 6:14:58( Edit History Discussion )

Henry E. Jr.Brown: money they don't want you making donations to your house of worship or to charity. and the i.r.s. rule became part of the bankruptcy code because members of this house voted to give i.r.s. bureaucrats

6:14:58 to 6:15:09( Edit History Discussion )

Henry E. Jr.Brown: that power. we had managed to get a statutory allowance for the means test and in chapter 13, but the final language pushed through by the sponsors and the credit card industry did an enron around

6:15:09 to 6:15:21( Edit History Discussion )

Henry E. Jr.Brown: these provisions. and that's how we got here. and i'm glad that there is a will to fix it. this bill will allow chapter 13 debtors to have it in the same basis as provided in the section 1325-b-2-a-2.

6:15:21 to 6:15:36( Edit History Discussion )

Henry E. Jr.Brown: keep in mind that while we are fixing the law for other charitable donations, basic problems in the law remains unchanged by wiping out the allowable expenses in chapter 13 for debtors with an income

6:15:36 to 6:15:47( Edit History Discussion )

Henry E. Jr.Brown: above the state medium and replacing them with rigid i.r.s.-based means tests, the new law still leaves families and sbists at the tender -- small businesses at the tender mercies at the

6:15:47 to 6:15:57( Edit History Discussion )

Sherrod Brown: i.r.s. what else will we find was left out? members were assured that the i.r.s. guidelines would provide the right answer in all cases. and as we've discovered, that hasn't worked out as well