Congresswoman Marjorie Taylor Greene Introduces Bill to Eliminate Federal Capital Gains Tax on Primary Residence Home Sales

Congresswoman Marjorie Taylor Greene (GA-14) has introduced a bold proposal to reform the federal tax code by eliminating the capital gains tax on the sale of primary residences. This legislation, the No Tax on Home Sales Act, aims to deliver critical tax relief to homeowners and help increase housing supply nationwide. The bill would eliminate the federal capital gains tax on home sales, encouraging mobility and reducing the burden on middle-class homeowners who are increasingly being hit with capital gains taxes.

Key Takeaways:

• The current exclusion of up to $250,000 ($500,000 for joint filers) in capital gains from home sales has not been updated since 1997.
• As home prices have risen, more middle-class homeowners are being hit with capital gains taxes originally intended for wealthy investors.
• The No Tax on Home Sales Act would apply to individuals selling their primary residence and does not apply to home flippers or real estate investors.
• The bill aims to protect first-time buyers by improving inventory and lowering prices in the most constrained housing markets.
• Homeowners who have lived in their homes for decades, especially seniors in places where values have surged, won't be forced to stay put due to an IRS penalty.
• The legislation would unlock equity for American families, help fix the housing shortage, and support long-term financial security.

Statistics:

• $250,000 (exclusion for single filers)
• $500,000 (exclusion for joint filers)
• 1997 (year the exclusion limits were last updated)
• Home prices have risen over the past two decades, making more middle-class homeowners subject to capital gains taxes.

Sources:

• United States House of Representatives -- Congresswoman Marjorie Taylor Greene (GA, 14)
• Mil-OSI USA News Outlet (http://milnz.co.nz/mil-osi-aggregation)