Eliminating levy on profit from home sales encouraged Americans to play the market
(NEWSER) - A tax break introduced by President Clinton and made law in 1997 helped fuel the housing bubble that eventually led to the current economic crisis, the New York Times reports. The cut, which allowed owners to sell their homes without paying capital-gains taxes on profits up to $500,000, created an incentive to pump money into housing rather than other, taxed investment instruments. More»
