An Evaluation of the One‐Time Capital Gains Exclusion for Older Homeowners
评估了美国针对老年房主的一次性资本利得豁免政策，发现其虽促进少量搬迁但未达预期降级效果，且收益分配高度累退，税收损失远超财政部估计。
This paper provides an evaluation of the one‐time capital gains exclusion for older homeowners. This provision was largely intended to prevent large capital gains tax liabilities from locking older households into current, and possibly inappropriate, housing. We find the exclusion facilitates a modest number of moves, through not entirely of the downscaling type intended by Congress. Among beneficiaries, the distribution of benefits appears to be highly regressive. Modest benefits are also found to be enjoyed by the real estate and mortgage industries. Revenue losses are estimated and found to be significantly larger than estimates provided by the Treasury Department.