Real Estate News 05/06/2024

Today’s News Synopsis:

President Joe Biden floated a bevy of tax increase proposals as part of the president’s FY 2025 budget. Much of his focus is on getting higher income taxpayers to pay more, but the one that seems to be capturing the biggest headlines is his planned reboot of capital gain taxes. Higher federal rates plus state taxes will mean paying over 50% in some cases.

In The News:

Forbes – “Under Biden Tax Plan, Capital Gains Tax Will Exceed 50% In 11 States“ (05-06-24)

“If you sell your stock, property or crypto and you’ve held it for more than one year, you get a classic tax break. Long-term capital gains are taxed at lower rates than ordinary income. But how much lower depends on your income.”

Redfin –  “Low-Income Americans Have Lost the Homebuying Progress They Made During the Pandemic“ (05-06-2024)

“Roughly 1 in 5 new mortgages went to low-income homebuyers in 2023, down from 23% in 2020. Meanwhile, high-income buyers have gained share because they’re more prepared to weather the storm of high home prices and mortgage rates.”

Money –  “IRS: Unclaimed Tax Refunds and Stimulus Payments From 2020 Expire This Month” (05-02-24)

“The IRS may owe those who didn’t file their 2020 taxes hundreds — even thousands — of dollars, but the deadline to claim that money is fast approaching.”

NBC Philadelphia – “Renters’ hopes of being able to buy a home have fallen to a record low, New York Fed survey shows” (05-06-2023)

“The share of renters who believe that they one day will be able to afford a home, fell to a record low 13.4%, according to a New York Federal Reserve survey released Monday.”

NAR – “Housing Trade Groups Applaud Launch of Bipartisan Congressional Real Estate Caucus” (05-06-2023)

“There is an eagerness for homeownership and housing development across this country, but the lack of affordable housing units and supply prevents many Americans from achieving that dream. It is vital that Congress supports policies that promote the growth of the real estate industry, and that is what the newly formed caucus aims to accomplish.”