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What's Missing from the Capital Gains Debate? Real Estate and Capital Gains Taxation

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  • Michael Hudson
  • Kris Feder

Abstract

The recent enactment of a capital gains tax cut resulted, according to Hudson and Feder, from the absence of a true appreciation or consideration of the real beneficiaries of such a cut, probable actual effects, the distinction between productive and nonproductive sources of capital gains (two-thirds of capital gains accrue to real estate, which is a fixed, nonproductive asset), and distortions in our current income accounting system (which shield most taxation). The across-the-board cut, which treats real estate appreciation and true capital gains as estate income from the same, is a giveaway to real estate and will steer capital and entrepreneurial resources to a search for unearned income.

Suggested Citation

  • Michael Hudson & Kris Feder, "undated". "What's Missing from the Capital Gains Debate? Real Estate and Capital Gains Taxation," Economics Public Policy Brief Archive ppb_32, Levy Economics Institute.
    • Handle: RePEc:lev:levppb:ppb_32
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    File URL: http://www.levyinstitute.org/pubs/ppb32.pdf
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    References listed on IDEAS

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    1. Michael Hudson & Kris Feder, 1997. "Real Estate and Capital Gains Debate," Macroeconomics 9711004, University Library of Munich, Germany.
    2. Steven M. Fazzari & Benjamin Herzon, 1995. "Capital Gains Tax Cuts, Investment, and Growth," Economics Working Paper Archive wp_147, Levy Economics Institute.
    3. Michael Hudson & Kris Feder, 1997. "Real Estate and the Capital Gains Debate," Economics Working Paper Archive wp_187, Levy Economics Institute.
    4. Joseph J. Minarik, 1992. "Capital Gains Taxation, Growth, And Fairness," Contemporary Economic Policy, Western Economic Association International, vol. 10(3), pages 16-25, July.
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