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Politics : Ask Michael Burke
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To: wlheatmoon who wrote (48571)2/24/1999 7:40:00 AM
From: Terry Whitman  Read Replies (1) of 132070
 
You can blame congress for the real estate mania. The repeal of the tax on primary home sales, along with lower relative interest rates has ignited a real estate building boom. People are building, scaling up, and moving on to larger homes.

You can be highly leveraged, make big gains, and pay no taxes. I am becoming somewhat nervous about the situation. A fall in income tax receipts (due to unemployment, recession, etc.) would likely put an end to the free gains, - and probably bust the real estate boom too.

TW
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