Any tax reduction is beneficial, says National Association of Realtors senior economist Sigrid Fennemore. "Some people think the capital gains tax is onerous," says Fennemore. "People are less likely to dispose of assets before because of their dislike of paying capital gains. A reduced capital gains tax is more likely now to free up these assets because of a higher return."
With more disposable income, consumers would have more money to purchase homes, stocks and other high-ticket items, she says. While Fennemore would not comment on the association's view of a reduced capital gains tax, she did note that the NAR was in favor or lower taxes in general.
President-elect George Bush has commented publicly that he favors an across-the-Board income-tax reduction.
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