Dr. Miller, a fellow of the Royal College of Physicians, is a senior clinical scientist with the Medical Research Council's Epidemiology and Medical Care Unit in London. He is an international expert in diseases of the heart. He was a professor in Residence in Epidemiology and Preventative Medicine at Albert Einstein College of Medicine, New York, in the 1980s. Michael Hudson is President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City and author of The Bubble and Beyond (2012), Super-Imperialism: The Economic Strategy of American Empire (1968 & 2003), Trade, Development and Foreign Debt (1992 & 2009) and of The Myth of Aid (1971). Kris Feder, of Bard College, working with economist Michael Hudson, assesses the extent to which capital gains accrue as economic rent and the distribution of benefits of a capital gains tax cut to the real estate industry. In one study, Feder and Hudson assess the effect of rent on consumer budgets. National Income and Product Accounts statistics show that rental housing has remained a steady 4 percent of national income since World War II, while the imputed rent for owner-occupied housing has risen from 4 to 8 percent. Bureau of Labor Statistics data show that during the same period rental costs have risen from 21 to 25 percent of disposable personal income. Feder and Hudson's initial findings suggest that the real estate gains of landlords and bankers during this period have been made at the expense of consumers and state and local governments. Their preliminary analysis from a second study, on the neglected role of real estate in the capital gains debate, reveals that 60 percent of capital gains accrue as real estate gains. Therefore, a reduction in the capital gains tax rate would benefit primarily the real estate industry, rewarding land speculation more than new direct investme Dr. Miller, a fellow of the Royal College of Physicians, is a senior clinical scientist with the Medical Research Council's Epidemiology and Medical Care Unit in London. He is an international expert in diseases of the heart. He was a professor in Residence in Epidemiology and Preventative Medicine at Albert Einstein College of Medicine, New York, in the 1980s. Michael Hudson is President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City and author of The Bubble and Beyond (2012), Super-Imperialism: The Economic Strategy of American Empire (1968 & 2003), Trade, Development and Foreign Debt (1992 & 2009) and of The Myth of Aid (1971)
