The Administration Tax Reform Proposal And Housing
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The Administration Tax Reform Proposal and Housing
Author | : Patric H. Hendershott |
Publisher | : |
Total Pages | : 33 |
Release | : 1985 |
Genre | : Housing |
ISBN | : |
This paper estimates the likely impact of the Administration tax reform plan on housing. Our analysis incorporates two general equilibrium impacts -- a one percentage point decline in the level of interest rates and a decrease in the property tax rate on principal residences -- and corrects errors regarding discount rates and refinancing in the basic rental model. A 7 percent increase in market rents (11 percent without the decline in interest rates) is projected. Consideration of the individual components of the Administration plan suggests that the only significant negative provisionis the cut in the personal tax rate from 0.53 (including a 6 percent state and local rate deductible at the Federal level) to 0.41. Without this cut (and the decline in interest rates which is largely attributable to the cut), market rents would fall by 6 percent. Rents rise only because rental housing is a negatively taxed asset in the sense that a tax cut lowers the supply of the asset.The general-equilibriwn effects will offset the negative direct effects -- the cut in marginal tax rates and loss of deductibility of property taxes -- on owner-occupied housing in the aggregate. However, this housing will generally be cheaper for households with incomes below $40,000 -- especially below $25,000 -- but will be more expensive for those with incomes above $60,000.This constitutes an improvement in both efficiency and equity because under current law the price of owner housing services is far lower for high income households than for low income households. Homeownership rates should increase by 2 to 3 percentage points for households with incomes below $40,000 and 1 to 2 percentage points in the aggregate
Comprehensive tax reform
Author | : United States. Congress. House. Committee on Ways and Means |
Publisher | : |
Total Pages | : 1064 |
Release | : 1986 |
Genre | : Income tax |
ISBN | : |
Comprehensive Tax Reform Proposal of the President
Author | : United States. Congress. House. Committee on Ways and Means |
Publisher | : |
Total Pages | : 184 |
Release | : 1985 |
Genre | : Taxation |
ISBN | : |
Tax Reform Proposals
Author | : United States. Congress. Senate. Committee on Finance |
Publisher | : |
Total Pages | : 674 |
Release | : 1985 |
Genre | : Taxation |
ISBN | : |
Comprehensive Tax Reform
Author | : United States. Congress. House. Committee on Ways and Means |
Publisher | : |
Total Pages | : 1064 |
Release | : 1986 |
Genre | : Income tax |
ISBN | : |
Comprehensive tax reform
Author | : United States. Congress. House. Committee on Ways and Means |
Publisher | : |
Total Pages | : 1168 |
Release | : 1986 |
Genre | : |
ISBN | : |
Simplification and Administration of the President's Tax Proposals
Author | : United States. Congress. House. Committee on Ways and Means. Subcommittee on Oversight |
Publisher | : |
Total Pages | : 162 |
Release | : 1978 |
Genre | : Government publications |
ISBN | : |
Tax Reform, 1969
Author | : United States. Congress. House. Committee on Ways and Means |
Publisher | : |
Total Pages | : 532 |
Release | : 1969 |
Genre | : Income tax |
ISBN | : |
Considers H.R. 5250 and H.R. 202 and related bills, general proposals and policy recommendations, to close tax advantages for unearned income and provide larger tax deduction for families with handicapped or retarded children.
Property Tax Reform
Author | : Dick Netzer |
Publisher | : Urban Institute Press |
Total Pages | : 224 |
Release | : 1973 |
Genre | : Business & Economics |
ISBN | : |
The National Climatic Data Center (NCDC) of the U.S. National Oceanic and Atmospheric Administration (NOAA) presents a collection of reports that highlight climate, temperatures and precipitation, drought, hurricanes, tornadoes, heat, and freezing weather in the United States and locations around the world. The center provides yearly summaries of each of these major weather events. Some maps accompany the reports.