CONGRESS FOR VOTERS

John McGuire (R-VA)

American Dream Act

H.R. 7051 · House bill Taxation

A Republican bill with 12 Republican cosponsors · See all 12 cosponsors

Last activity — Referred to the House Committee on Ways and Means.

In committee

Introduced and handed to a committee in the chamber it started in.

The committee holds it, and most bills are never heard from again. A hearing or a committee vote would be news; silence is the usual outcome, and it kills the bill without anyone voting against it.

Its path through Congress

  1. Introduced
  2. In Committee

What this bill would do

The American Dream Act aims to amend the Internal Revenue Code of 1986. It proposes to exclude gains from the sale of real property from gross income under specific conditions. This exclusion applies to individuals who have reached the age of 65 at the time of the sale. The sale must be made to a first-time homebuyer for use as their principal residence. Additionally, the sale price cannot exceed $500,000. This provision is set to expire after December 31, 2031.

Yes· 3 of 5

  • Scored +6

    Would people over 65 be better off under this?

    The bill provides a specific tax exclusion for individuals who have attained the age of 65.

  • Scored +5

    Does this cut taxes for middle-income families?

    The bill provides a tax exclusion for capital gains on property sales up to $500,000, which benefits many middle-income seniors.

  • Scored +4

    Would middle-income households be better off under this?

    The tax exclusion provides financial relief for households selling property within the $500,000 limit.

The opposite

  • Scored -2

    Does this reduce what the federal government spends?

    By excluding gains from gross income, the bill reduces federal tax revenue.