President Trump is contemplating legislation to eliminate capital gains taxes on primary residences, a move influenced by proposals from Congresswoman Marjorie Taylor Greene. The capital gains tax applies when assets are sold for more than their adjusted basis and has not been updated since 1997. The National Association of Realtors reports that many homeowners currently exceed the exclusion caps and this number may significantly rise in the next decade. Greene's proposed legislation is intended to encourage homeowner mobility and alleviate tax burdens on those moving or downsizing.
President Trump is considering legislation to eliminate capital gains taxes on primary residences, proposing that even a reduction in interest rates could alleviate the need for such legislation.
The capital gains tax is a federal levy that is triggered when an asset is sold for more than its adjusted basis, with exclusions remaining unchanged since 1997 despite rising median home prices.
According to the National Association of Realtors, 29 million homeowners could face capital gains taxes due to asset value increases, with projections indicating that this could rise to 70% within ten years.
Georgia Congresswoman Marjorie Taylor Greene's bill aims to remove a disincentive to selling homes, enhancing housing supply and providing tax relief for those downsizing or relocating.
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