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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Jim McMannis who wrote (38751)8/22/2005 3:01:24 AM
From: CalculatedRiskRead Replies (3) of 306849
 
Bush Panel's Proposals May Reduce Tax Advantages for Housing

Aug. 22 (Bloomberg) -- The status of housing as the least- taxed investment in the U.S., which has helped fuel an eight-year boom in real estate values, may be in jeopardy as a presidential commission considers changes to the federal tax code.

The panel, which is headed by former Senators Connie Mack and John Breaux and is due to report to President George W. Bush by Sept. 30, is studying options to lower taxes on many types of investments to meet Bush's goal of spurring savings and economic growth. Changes to housing-related tax incentives will also be considered, Jeffrey Kupfer, the panel's staff director, said in an interview.

Economists say such policies would have the effect of eroding the relative advantage housing has enjoyed over other investments since 1997, when Congress effectively made most sales of primary residences tax-free.

``One of the pillars of strength of the housing market is the fact of the tax-advantaged nature of the asset,'' says Anthony Chan, a senior economist at JPMorgan Asset Management in Columbus, Ohio. ``To the extent that you chip away at that, you would see housing somewhat negatively impacted.''

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bloomberg.com

Of course I disagree with some of the analysis <G>.
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