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Therefore, if you sold the same property after 1986 for the same $60,000 makes you liable for a state tax of more than $2,300. This is 2 1/2 times as much tax, or an increase of 150 percent.
In 1987, I introduced a bill that would allow the indexing of the cost basis of property sold. This adjustment to the cost would be based on the change in the consumer price index for the period of time the property is owned. There would be no tax unless there is an actual economic gain (i.e., sales price exceeds the cost of the property adjusted for inflation).
The Finance Committee Chairman referred my bill to a subcommittee that, to my knowledge, never met.
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