On Wednesday’s broadcast of the Fox Business Network’s “Kudlow,” Speaker of the House Rep. Mike Johnson (R-LA) said that raising the capital gains exemption for people who sell their house to move “does help everybody. It would help the average homeowner to have more access to the market” and is being discussed as part of a third reconciliation bill.
Host Larry Kudlow asked, “[O]ne issue here that comes up, we’re worried about housing, not doing well. How about indexing, inflation indexing the capital gains tax or exempting from the capital gains tax, a higher exemption if you sell your home and move to another home? It seems to me these tax measures would be a big help. Family nesters will be helped by it. It would be a lot of middle-class people. Small businesses and farmers would be helped by it. Can something like that get through?”
Johnson answered, “I think it’s got a real possibility. Those are among the ideas that are on the table. We’re going to be narrowing this down in the next few days. And what I’ve got to do, my task is, as the leader of this effort is to make sure we touch base with each of the individual caucuses and regional interests among the House Republican Conference, make sure we can get everybody on board. Some of those ideas are things that would be difficult to say no to. I think that does help everybody. It would help the average homeowner to have more access to the market.”
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