Last week, Rep. Marjorie Taylor Greene (R-Ga.) introduced the No Tax on Home Sales Act, a proposal to eliminate the federal capital gains tax on the sale of primary residences.
“Families who work hard, build equity, and sell their homes should not be punished with massive tax bills,” Greene said in a statement. “The capital gains tax on home sales is an outdated, unfair burden — especially in today’s housing market, where values have skyrocketed. My bill fixes that.”
The capital gains tax is a federal levy triggered when someone sells an asset, such as a home, personal property or investment securities, “for more than [a seller’s] adjusted basis,” which the IRS defines as the original purchase price of the item.
The IRS currently allows an exclusion of up to $250,000 ($500,000 for joint filers) in capital gains from home sales. But these limits haven’t been updated since 1997, when the median U.S. home price was $145,000. Today, that figure has climbed to $360,239. more
We would all be far better off with the elimination of gain taxes on everything else. Most people roll their home into a more expensive one thus bypassing the taxation requirement. That is the case even with a smaller “downsized” home in their later years as home prices have gone up so much. Even better, abolish the income tax completely and end the slavery to the US government. LOL
Have you noticed that Democrats will try to gain your vote by giving you other people’s money and Republicans try to do the same by giving you back your own money?
The Leftists will again try to block another MAGA Bill. They will feel again that the Rich will be getting a bigger tax break than the Working Joe.
If MTG can do that, it would be great. A family works hard to obtain property only to have part of its value taken by government when they sell it.
I want Trump and his supporters in Congress to dump capital gains taxes and inheritance taxes as well. These taxes penalize successful people, and some of the funds are probably given to underachievers and losers.
I’d be fine with a capital gains tax on selling my house if I had been able to write of purchase price and all the expenses associated with it the entire time I owned it from income tax. We need to get rid of all income and capital gains taxes and go to a pure consumption/sales tax. The “Fair tax” is still the best idea for funding the federal govt.if we fund it at all. All illicit workers would then pay taxes, and if you don’t want to pay tax, don’t buy anything.
We sold our rental condo in 2021. The amount of money we had to pay the gov-for no reason-was infuriating. Our investment in time, money, planning for our future likely was wasted and spent by putting an illegal alien in a fancy hotel for a month. We could have used that cash much better than anything the gov might have done with it.
Oldvet – unless they are buying votes with $1000 child handouts or “free” public schooling…right? Both parties are worthless…just in varying degrees.
@wonky honky:
Even better: eliminate both income and sales taxes and fund an eviscerated feddle govt with tariffs.
That is THE ONLY Benefit of HOME OWNERSHIP in Canuckistan.
HOWEVER, the Tradeoff is that WE CANNOT DEDUCT MORTGAGE INTEREST from INCOME TAX. ( I am told you folks can)
Can someone kindly correct me if I’m wrong?
@ Pogo Tuesday, 15 July 2025, 14:09 at 2:09 pm
The progressive/Marxist/Satanist stock in trade is envy and they capitalize on the resentment that without exception results from it. I picked up on that when I was a youngster. One day I recognized that there was a concerted effort to inculcate the sense across all of society that envy is not a cardinal sin, but is a in fact a virtue. The push was near ubiquitous, it was snuck in everywhere I looked. From television to school and even in Sunday mass with the damnable Jesuit priests sneaking liberation theology into the homilies.
Although I spoke about what I observer and expressed my concern regarding it being opposed to what I knew regarding the dangers envy poses and how what is being pushed is obviously preparing the environment for anti-Christian revolution, I was like a lone wolf crying in the wilderness.
The ubiquitous message has obviously been used to gain popular support for structuring the tax codes in ways that are anathema to any legitimate interpretation of being fair and just and anyone paying attention to the rhetoric (theory) vs how the schemes played out in practice could easily see how the progressive/Marxist/Satanist politicians were using envy and resentment against the population and to their own advantage.
Thomas Soul is one of the few conservative pundits that get it:
“Envy was once considered to be one of the seven deadly sins before it became one of the most admired virtues under its new name, ‘social justice’.”
― Thomas Sowell, The Quest for Cosmic Justice
Canada is a 54% overall Tax Area.
100K
-33K – marginal tax Rate
-13K – 13% HST on everything
-5k – avg. home property Tax (VERY UNDERESTIMATED 7k more likely)
-3k to -5k for GAS, CARBON, ALCOHOL etc TAX (underestimated)
… and $8 for a pound of DAIRY BOARD CONTROLLED SUPPLY MANAGED BUTTER
Listen carefully and deconstruct and consider their rhetoric in detail and progressive/Marxist/Satanists are rotten to their very core, and you bet your ass I include the Republican establishment as an unqualified statement. They are wickedness and evil personified. They are to a person and without exception malevolent pricks who hide behind a facade of social justice that is universally masking their exploitation of envy and resentment.
I mean that to be taken literally and without qualification.
Too late, I sold January a year ago and downsized. I also went from an upscale Atlanta neighborhood to a small town in SE GA. I had to pay $26k in capital gains taxes.
I have a beach condo in St Augustine I would like to sell. I have had it for over 30 years. It is not my primary home and at today’s worth I would have to cut a 6 figure check to the government. I will wait till capital gains on property is eliminated. All my property is in a trust with my daughter inheriting it. It may become her problem.
@JDHasty — Your Thomas Sowell (Now THERE’S a man we need 1,000 clones of) quotation about envy reminds me of something that I need reminding about on a daily basis:
Pride is a deadly sin.
It isn’t really a capital gains tax. It’s an inflation tax. Your house could be worth less when you sell it in adjusted dollars.
I have paid more money in property tax than I have accumulated in capital gain.
@JD and Uncle Al.
Thomas Sowell is a great voice for our liberation from intellectual fools and Wanna-Be left wing dictators. I just finished, for the second time, his book Intellectuals and Society. It’s good for a third read.