Congress should act and raise the house exemption, updating an existing law that has not been updated in nearly 30 years, Chuck Flint, CEO of Coalition For Affordability and Prosperity, said during an appearance on Breitbart News Daily.
\n\nFlint explained that the housing market is “frozen” and observed that people tend to just look at interest rates. However, he said there is also a “stealth tax on capital gains,” and it needs to be addressed.
\n\n“And the law hasn’t been updated in 29 years, so Congress made this law to exclude a certain amount from capital gains tax when you sell a home, and the current amount is $250,000. If you’re a single individual, it’s 500,000,” Flint said, pointing out that this is completely outdated. In the year 2000, for example, the median price of a home was only $139,000. It has since gone up 200 percent. Because of that, the “government just gets a windfall now if you sell your home,” he explained.
\n\n“So while you’re you’ve got interest rates impacting housing market, you’ve got sellers that are staring down the barrel of a big tax, saying, ‘Ok, well, why should I put my home on the market if…
Original source: https://www.breitbart.com/economy/
