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Increasing the Capital Gains Exclusion
Mike supports the More Homes on the Market Act which would double the current capital gains exclusion for homeowners when selling their principal residence and index it to future inflation. Without the fear of a massive tax liability, more long-time homeowners will be incentivized to sell their homes and help alleviate the inventory shortage.
State and Local Tax Deduction
Mike supports removing the marriage penalty resulting from the limit on the state and local tax (SALT) deduction by doubling the $10,000 cap for married couples filing jointly.
Preserving Independent Contractor Status
Mike knows that protecting independent contractor status is important to REALTORS® and a strong real estate industry. Mike is fighting tirelessly to preserve independent contractor status for REALTORS®, and to ensure that REALTORS® can continue to work to serve the needs of clients, consumers, and their communities.
Protecting Families and Small Businesses
Mike understands that repealing the stepped-up basis and applying capital gains at death could create a massive new administrative burden for many American families, farms, and small businesses. That is why he fought to prevent those tax changes from becoming law.
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