Donald Trump expressed commitment to eliminating capital gains taxes on home sales during a press conference, stating that existing limits on exemptions have not kept pace with inflation, affecting many homeowners. He opined that lowering interest rates could alleviate market pressures, criticizing Federal Reserve Chair Jerome Powell's performance. Trump emphasized that this tax change could serve as a positive financial incentive for a significant number of households currently impacted by hidden tax bills related to home sales, which could potentially help around 29 million families.
We're thinking about that," Trump told reporters while hosting Philippine President Ferdinand Marcos Jr. at the White House at the start of his three-day visit.
But these limits have never been tied to inflation. Since their introduction in 1997, home prices have climbed more than 260% nationally.
If the Fed would lower the rates, we wouldn't even have to do that," he said. "But we are thinking about no tax on capital gains on houses.
This is the second time Trump has acknowledged the hidden tax bill that currently affects nearly 29 million households.
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