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.
PHILLIP GOOD
Huntington Beach
More to Read
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.