President Trump supports the No Tax on Home Sales Act proposed by Congresswoman Marjorie Taylor Greene, which aims to eliminate federal capital gains tax for homeowners. This legislation addresses the financial strain on homeowners who must pay substantial capital gains taxes when selling primary residences. Approximately one-third of U.S. homeowners exceed the current exclusion limit set in 1997, which is viewed as outdated. Homeowners in states with rising property prices face larger implications from this limitation, and the proposal seeks to provide them with necessary relief and retain their equity.
The No Tax on Home Sales Act aims to eliminate federal capital gains tax for homeowners, specifically benefiting those selling their primary residences.
Trump emphasized the need for reform, suggesting the bill could offer significant financial relief to homeowners facing high capital gains taxes.
The current exclusion limit of $250,000 for capital gains taxes, established in 1997, is criticized for being outdated and impacting many homeowners.
Homeowners in states with rising property values, such as Hawaii and Washington, are particularly affected by the existing capital gains tax limitations.
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