Our personal household experiences and the people around us have enlightened us about the issue currently faced by American taxpayers. Almost 30 years ago, a law was passed that exempted $250,000 for a single filer and $500,000 for a joint-filing couple from capital gains tax on the sale of their primary residence.(under Section 121 of the Internal Revenue Code), Astonishingly, these exemption amounts have not increased in all these years.

Given that real estate prices have increased almost 200% over the years and the cost of living has also increased the same amount, these stagnant exemption amounts make the law outdated and burdensome, especially for the ones who are 55 years or older. This stagnancy amounts to an indirect tax increase for most of us. This impacts our retirement planning as these dollars can be crucial for emergencies, nursing home expenses, and other unforeseen situations as we age. 

Our proposition is that exempted amounts need to be updated to reflect current real estate prices and living costs. It is a crucial issue that requires urgent attention and fair solutions in order to help those in dire need and to ensure equity in our tax system.

We urge you to be the change and sign this petition to help increase the federal tax exemption on sales of primary residences.