President Donald Trump is reportedly weighing a proposal to cut the capital gains tax on home sales ahead of the midterms. Here is what that effort might look like and how it could affect homeowners.In an interview with Fox Business host Larry Kudlow, National Economic Council Director Kevin Hassett said this week that Trump is exploring policy proposals ahead of the November midterm elections. Kudlow said he has discussed with the president indexing capital gains to inflation and exempting sales of homes worth $2 million or less from capital gains.
Kudlow said Trump liked the indexing idea and offering bigger exemptions on home sales.The Washington Examiner reached out to the White House about the matter.“President Trump is always exploring new ideas to Make America Wealthy Again, but any policy announcements will come from the Administration directly,” White House spokesman Kush Desai said.The idea isn’t a new one, according to Joshua Rowley, a Gibbs Scholar and Research Fellow at the Mercatus Center at George Mason University. He told the Washington Examiner that Republicans have floated the idea for some time and said some even discussed doing it as part of the second reconciliation bill.“So there’s been support for it for a while, and it seems to have been building,” Rowley said.Bipartisan proposals
