The Tax Reform Act of 1986 is one of housing politics' forgotten stories. Through a few changes in accounting and taxation, the Age of the Dingbat ended, to be followed by the Age of the McMansion. Thread 1/ https://en.m.wikipedia.org/wiki/Tax_Reform_Act_of_1986 … https://t.co/NqjCIwpDeH
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Prior to 1986, the federal tax code subsidized apartment construction. For example, someone spends $15 million to build apartments. Every year, they could use depreciation to reduce their taxable income by $1 million, even if actual value of the building didn't go down. 2/
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The top marginal tax rate back then was 50%, which meant that prior to 1986, the federal government was paying for half the construction cost of every privately developed apartment building in the USA. 3/
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Replying to @alfred_twu
What’s your source on this?
11:16 PM - 20 Jan 2019
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