Delicious Irony

To think that the Obama administration and his Progressive caucus have rent their garments and gnashed their teeth lo these past 5 years - railing against the injustice of foreclosures and asking that Bankruptcy courts modify legally binding contracts.

Come to find out that after all is said and done, and the foreclosures or discharges happen, the poor saps are also potentially liable for a big tax bill! Read the attached story if you can. I don't feel sorry at all for these people; the one in the lead took cash out 3 times! Why shouldn't she pay income taxes on this if the bank writes it off?

in reference to: A Surprise Tax Hit on Foreclosures - WSJ.com (view on Google Sidewiki)