Effects of Flat Taxes and Other Proposals on Housing: An Overview

Description

Studies have estimated that some of these revisions would cause a decline in demand for houses and significant reduction in house prices--perhaps in excess of 15 percent. These studies, however, presumed a fixed supply of housing; even a limited supply response would greatly decrease predicted asset price effects. Supply response is likely to be large in the long run and not insignificant in the short run. Effects on housing demand might also be mitigated by increases in savings rates and lower interest rates. Thus, effects of the flat tax on housing prices are likely to be limited in the short ... continued below

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Gravelle, Jane G. June 17, 1996.

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Studies have estimated that some of these revisions would cause a decline in demand for houses and significant reduction in house prices--perhaps in excess of 15 percent. These studies, however, presumed a fixed supply of housing; even a limited supply response would greatly decrease predicted asset price effects. Supply response is likely to be large in the long run and not insignificant in the short run. Effects on housing demand might also be mitigated by increases in savings rates and lower interest rates. Thus, effects of the flat tax on housing prices are likely to be limited in the short run and very small in the long run. Rental housing demand, on the other hand, would be encouraged with a shift to a consumption tax base.

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Congressional Research Service Reports

The Congressional Research Service (CRS) is the public policy research arm of Congress. This legislative branch agency works exclusively for Members of Congress, their committees and their staff. This collection includes CRS reports from the mid-1970's through the present--covering a variety of topics from agriculture to foreign policy to welfare.

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  • June 17, 1996

Added to The UNT Digital Library

  • June 12, 2005, 6:11 a.m.

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  • Feb. 15, 2017, 2:54 p.m.

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Gravelle, Jane G. Effects of Flat Taxes and Other Proposals on Housing: An Overview, report, June 17, 1996; Washington D.C.. (digital.library.unt.edu/ark:/67531/metacrs359/: accessed September 22, 2017), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.