Trump says he's 'thinking about' eliminating capital gains tax homes
Donald Trump says he's "thinking about no tax on capital gains on houses," hinting at scrapping the federal tax people pay when they sell their homes for a profit.
He brought this up while meeting Philippine President Ferdinand Marcos Jr., and also suggested that lowering Federal Reserve interest rates could help the housing market even without changing taxes.
Limit hasn't changed since 1997
Right now, if you sell your main home, you can avoid paying capital gains tax on up to $250,000 (or $500,000 for couples).
This limit hasn't changed since 1997.
With home prices rising and supply tight, Rep. Marjorie Taylor Greene recently pushed a bill to get rid of this tax entirely, saying it's become too much of a burden.
Trump blames high interest rates for making homes less affordable
Trump blames high interest rates for making homes less affordable and thinks cutting them would help more than just changing taxes.
He criticized Fed Chair Jerome Powell for keeping rates up and even predicted Powell might be leaving soon.
Any move to drop the capital gains tax would still need Congress to sign off first.