US Presidency
1992

My plan would modify the passive loss rule for active real estate developers. And it would make it easier for pension plans to purchase real estate. For those Americans who dream of buying a first home but who can't quite afford it, my plan would allow first time homebuyers to withdraw savings from IRAs without penalty and provide a $ 5,000 tax credit for the first purchase of that home. And finally, my immediate plan calls on Congress to give crucial help to people who own a home, to everyone who has a business or a farm or a single investment. This time, at this hour, I can not take no for an answer. You must cut the capital gains tax on the people of our country. Never has an issue been more demagogued by its opponents. But the demagogs are wrong. They are wrong, and they know it. Sixty percent of the people who benefit from lower capital gains have incomes under $ 50,000.