Congressman McGuire Proposes Bill to Cut Capital Gains Tax for Senior Home Sellers
Virginia Congressman John McGuire has introduced the American Dream Act, a legislative proposal aimed at addressing challenges in the housing market. The bill seeks to eliminate capital gains taxes on home sales up to $500,000 for sellers aged 65 or older, provided the buyer is a first-time homeowner. This initiative is designed to incentivize senior homeowners to sell their properties, thereby increasing housing inventory for younger buyers. The bill also applies to rental and vacation properties, not just primary residences. McGuire's proposal comes in response to concerns from constituents, including retirees who feel financially trapped in their homes due to capital gains taxes, and younger buyers who are priced out of the market. The bill is part of a broader effort to reform housing-related tax policies, which have not kept pace with inflation or rising home prices. 
