Trump says he may eliminate capital gains tax on home sales
'We are thinking about no tax on capital gains on houses,' Trump told reporters in the Oval Office during a meeting with Philippines President Ferdinand Marcos Jr.
Trump was responding to a question from Real America Voice reporter Brian Glenn, who is in a relationship with Rep. Marjorie Taylor Greene. The Georgia GOP congresswoman recently introduced a bill in Congress calling for the elimination of the tax on home sales.
Minutes earlier, the president had unloaded on Federal Reserve Chair Jerome Powell for not lowering interest rates.
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3 President Trump speaks during a meeting with Filipino President Ferdinand Marcos Jr. in the Oval Office on Tuesday.
AFP via Getty Images
'It's causing a problem for people who want to buy a home,' Trump said.
'People aren't able to buy a house because this guy is a numbskull. He keeps the rates too high, and probably doing it for political reasons,' Trump went on, claiming that Powell will be out in 'eight months' — despite his term expiring May 15.
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3 Single tax-filers can already exclude up to $250,000 in capital gains on their taxes when they sell their homes.
kalafoto – stock.adobe.com
3 The capital-gains deduction hasn't been changed since 1997.
Andy Dean – stock.adobe.com
The president said the housing market could be unleashed 'just by lowering the interest rates.'
Single tax-filers can currently exclude a maximum of $250,000 in capital gains when they sell their homes, a limit that has been in place since 1997. Joint filers can exclude up to $500,000.
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'Families who work hard, build equity and sell their homes should not be punished with massive tax bills,' Greene said in a statement about her bill.
'The capital gains tax on home sales is an outdated, unfair burden—especially in today's housing market, where values have skyrocketed.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.'
Congress recently passed Trump's One Big Beautiful Bill that codified many of his promised tax cuts, including no taxes on tips and overtime pay.
The elimination of capital gains tax would have to be passed by Congress.
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