Axing Capital Gains Tax on Homes Would Benefit California’s Rich

President Donald Trump offered little more than a vague “we’re thinking about that” when asked recently about scrapping capital gains taxes on home sales in a bid to unlock the nation’s stagnant housing market.

But that utterance was enough to get experts crunching data to figure out what exactly such a policy, which would significantly change exemption levels in place since 1997, might mean for the $50 trillion US housing market.

Their takeaway: Should conservative Rep. Marjorie Taylor Greene’s “No Tax on Home Sales Act” pass Congress, one group would stand to benefit the most: wealthy Californians.

The state, home to large and ...