WASHINGTON (Reuters) -U.S. President Donald Trump said on Tuesday his administration is considering removing taxes on capital gains on home sales. “If the Fed would lower the rates, we wouldn’t even have to do that,” Trump told reporters in the Oval Office. “But we are thinking about no tax on capital gains on houses.” Profits […]
Business
US considering removing tax on capital gains on home sales, Trump says
Audio By Carbonatix
WASHINGTON (Reuters) -U.S. President Donald Trump said on Tuesday his administration is considering removing taxes on capital gains on home sales.
“If the Fed would lower the rates, we wouldn’t even have to do that,” Trump told reporters in the Oval Office. “But we are thinking about no tax on capital gains on houses.”
Profits from the sale of homes, like other assets, are now subject to capital gains taxes, although there are large deductions for sales of primary residences.
Republican Representative Marjorie Taylor Greene interpreted Trump’s comments as a show of support for a bill she’s proposed called the No Tax on Home Sales Act, which would eliminate the federal capital gains tax on the sale of primary residences.
“Thank you, President Trump, for supporting my No Tax on Home Sales Act!” Greene said in a post on X.
“You worked for it. You should keep it. Let’s get this bill passed!” Greene said.
Congress recently passed legislation that made permanent broad tax cuts passed in 2017 during Trump’s first presidency. The bill also fulfilled Trump’s campaign promises to include new tax breaks for tips, overtime pay, seniors and auto loans.
Trump’s political opponents say the measures will mainly help the rich and add trillions of dollars to U.S. national debt, only partially offset by deep cuts to healthcare and other benefits for the poor.
(Reporting by Trevor Hunnicutt in Washington Writing by Ryan Patrick JonesEditing by Peter Graff)