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Increasing the Capital Gains Exclusion
Garcia 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
Garcia 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.
Protecting Families and Small Businesses
Garcia 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.
GALLERY
