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Increasing the Capital Gains Exclusion
Young 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
Young 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 the 1031 Like-Kind Exchange
Young supports helping commercial property owners and small businesses utilize important economic tools, like the 1031 like-kind exchange, to foster economic growth and invest in their communities.
Protecting Independent Contractor Status
Young knows that protecting independent contractor status is important to REALTORS® and a strong real estate industry. Young 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.