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NAR Responds to Capital Gains Question

WASHINGTON, DC-Published reports quote Senate Republican Leader as stating he favors a 5% capital gains reduction. An NAR spokeswoman notes that any tax reduction would be help create more disposable income.

By Diane Cook | Updated on January 16, 2001

WASHINGTON, DC-Senate Republican Leader Trent Lott is calling for a 25% reduction in capital gains, according to published reports. Lott, according to these reports, is calling for a 5% reduction from 20% to 15% to provide a short-term economic boost. That last such cut occurred in 1997 with the capital gains tax rate dropped from 28% to 20%.

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.”

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