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H.R. 4132, The Homeowners Exemption Update Act of 2007 (1 comment ↓)
H.R. 4132 would amend the Internal Revenue Code of 1986 to increase the exclusion of gain from the sale or exchange of a principal residence to $1,000,000.
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grayboy
HR 4132 is a long overdue piece of legislation. It is necessary because housing prices are up 104% since the $250,000 per single/$500,000 per couple exemption was established in 1997, and this would be the first adjustment.
The investment in a home is often the largest investment average Americans will ever make. We rely on appreciation and equity in that home for financial security. It is morally wrong and economically unwise to take massive amounts of that investment out of the economy in capital gains taxes.
It’s time for Congress to make a FAIR adjustment tax policy and give American homeowners some good news. Please ask your rep to co-sponsor and vote for this important bill.
*Thanks to Congressman and Republican presidential candidate Ron Paul for much of the language used in this comment.