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There's another powerful tax argument to sell your underwater shares, though.
There's a powerful tax advantage to owning rather than renting, and it reaches well beyond the mortgage-interest deduction that is usually thought of as the prime homeowner goodie.
In other words, the countries from which the politically powerful tax evaders and avoiders come are supposed to design a system to reduce tax evasion.
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The 113th Congress will most likely be his last at the helm of the powerful tax-writing committee because of Republican term limits on chairmanships.
"Now we're going to shift to oversight of the health care law, and clearly there are huge problems," said Representative Dave Camp, the Michigan Republican who leads the powerful tax-writing Ways and Means Committee.
Mr. Camp is slated to take over the powerful, tax-writing House Ways and Means Committee if Republicans win the majority next week, transforming this low-key conservative Republican almost overnight into one of the most powerful men in town.
From the start, the plainspoken Mr. Rostenkowski showed a knack for deal-making, often with his Republican colleagues, and it helped him land a coveted seat on the House Ways and Means Committee, the powerful tax-writing panel, in 1961.
He spent time with his 3-year-old daughter, and could have been thinking about the influence he will have starting Wednesday, when his boss, Representative Dave Camp of Michigan, becomes chairman of the powerful tax-writing committee.
On Capitol Hill, Mr. Rangel, who heads the House's powerful tax-writing panel, has been accused of failing to disclose certain assets, as required by law, not paying taxes on a home in the Dominican Republic and fund-raising abuses.
LAWRENCEVILLE, N.J. — Debbie Schaeffer, the owner of Mrs. G TV and Appliances, probably did not give the answer the two chairmen of Congress's powerful tax-writing committees were looking for when they pressed her this week for ideas on a fairer, simpler tax code: "Get rid of the deductions that don't affect me," she said.
Mr. Prater, 52, with more than two decades of experience on the powerful tax-writing and revenue panel, has won respect and trust in both parties for his work on initiatives like the 1997 budget agreement under President Bill Clinton that led to the federal children's health insurance program.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com