The proposed House and Senate tax reform bills have serious implications for our economy, and will affect current and future home owners. Both bills mandate that in order to access the capital gains profit from selling a home, owners must have lived there for at least five years. The National Association of Realtors® estimates that 54 percent of trade-up buyers use capital gains equity as a down payment for their new home, and 10-22 percent of owner occupied home sellers only lived at their residence for 2-5 years. Put into a broader perspective, more home owners will opt to hold out on trading up their homes, reducing real estate sales and lowering the gross national product that comes from new construction, remodeling, fees, and other associated factors. In the long run, home owners of all demographics will be hurt, including making it harder for millennials who are saving to purchase their first home. To read more, click here.