Taxing Our Way into a Housing Shortage
The elusiveness of affordable homes has metastasized into a chronic affliction of our political life. It hobbled Joe Biden’s presidency and now burdens Donald Trump’s. The administration is even weighing a declaration of a National Housing Emergency .
If that declaration is to mean anything, it should begin not with subsidies or gimmicks, but with a simple fix: knock out the tax burden that is keeping many older Americans locked in their homes and younger American families locked out.
Under current law, a couple selling their home for more than they bought it for is taxed on the capital gain once it…
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