Republican Presidential nominee released the following statement today urging President Clinton to support a capital gains tax cut for homeowners.
"Mr. President, I know how you feel about the Dole/Kemp economic, plan. You've said you're 'unalterably opposed' to our plan to balance the budget, cut tax rates 15% across-the-board, and give every family a $ 500-per-child tax credit. You've said that our proposal for a balanced budget and tax relief is like 'going to the store.'
"But I hope there is at least one central element of my economic plan on which we can both agree: America's homeowners deserve tax relief if they choose to sell their house.
"For millions of American families, a first home is the largest single investment they will ever make. Under current law, if you sell your house at a profit and attempt to invest the proceeds in some other than another home, you are taxed on the gains you have made on your investment.
"I don't think that's right.
"Under the Dole/Kemp plan, homeowners would be allowed to exclude up to $ 500,000 from taxation on a gain made from the sale of a home, as long as the home was their principal residence for at least three of the previous five years.
"I urge you today to join me in supporting this common-sense relief for America's overtaxed families--who already pay more in taxes than in food, clothing, and shelter combined.
"If you insist on opposing real tax relief for all Americans, can't we at least agree that the American family deserves to have tax relief on their biggest single investment -- their home?
"Please let us know in your acceptance speech Thursday if you are willing to endorse my proposal to give homeowners much-needed tax relief. And please accept my best wishes on the occasion of your becoming your Party's nominee for President'