A REAL ESTATE TAX BREAK MIGHT BE A BOON FOR THE ECONOMY
In his commentary "Why a tax break for developers wouldn't be constructive" (Top of The News, July 20), Howard Gleckman pans a particular piece of real estate tax legislation because "there's no evidence it will do a thing for the overall economy." But he states in the very next sentence exactly what the "passive loss" measure would do for the overall economy: boost real estate asset values and keep some owners from turning over the keys to already troubled banks. And Gleckman accurately reports earlier in his column that this reform would allow people in real estate to compute their tax the same way as all other businesses--in other words, it provides equal treatment.
Steven A. Wechsler
National Realty Committee