GOP Bill Proposes $1 Million Tax Break for Senior Homeowners to Boost Housing Market
A new Republican proposal, introduced by Representative Nicole Malliotakis of New York, aims to provide a significant tax break for senior homeowners. The legislation, known as the Nest Egg Protection Act, seeks to double the capital gains tax exclusion for homeowners over 65, allowing them to exclude up to $1 million in home-sale profits from taxation. This measure is designed to encourage seniors to downsize, thereby freeing up housing inventory for younger buyers. The bill targets homeowners who have owned their property for at least 25 years, addressing the 'lock-in effect' that discourages sales due to potential tax burdens. 
