Home Sales Tax Cap Is a Foreign Figure
Middle-class homeowners who have never lived or visited a $500,000 home, much less visualized a $500,000 profit (isn’t that the first prize in the Fantasy Five lottery?) might find the Office of Planning and Research’s opposition to Proposition 167 a tad ridiculous, “Politicians Juggle Numbers in Highway Fund to Balance State’s Books” (July 26).
Capping tax-free profits on home sales at $500,000, the office says, would greatly reduce the rate at which homeowners are willing to move and rebuild.
Iona and I think otherwise. Iona lives up the street in a paper box, I sleep on a pallet next to a closed concession stand and neither of us would think of moving once the tax incentives are removed.