President Trump supports a bill eliminating the federal capital gains tax on primary residence sales. Introduced by Congresswoman Marjorie Taylor Greene, the No Tax on Home Sales Act aims to alleviate financial burdens on homeowners. Greene argues this measure encourages selling by addressing the concern of losing profits to taxes. Statistics indicate nearly 29 million American households face equity exceeding current tax exclusions, which have not adjusted for rising home prices since 1997. This change could potentially boost housing inventory and assist many average sellers in retaining profits.
"We're looking at that," Trump responded. "It could be a very big positive. I think it's going to be a great incentive for a lot of people that really need money."
Dubbed the No Tax on Home Sales Act by Greene, the bill would eliminate the federal capital gains tax on the sale of a primary residence.
I just think this is a great gift for the American people, and it's very core to what we were founded on," Greene told Realtor.com in an exclusive interview.
Roughly 1 in 3 homeowners - nearly 29 million households - in America has built up more equity than the federal capital gains tax exclusion for single filers protects.
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