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FOR IMMEDIATE RELEASE
November 8, 2024

President-elect Donald J. Trump Possibly to Consider Lower Capital Gains Tax Rate for Seniors

Klein, Texas, November 8, 2024 – President-elect Donald J. Trump potentially is set to review a new tax proposal aimed at providing significant financial relief to senior citizens. The proposed "7@70 Capital Gains Tax Relief Act" is designed to ease the tax burdens on seniors by offering a reduced capital gains tax rate.

The proposal acknowledges the financial challenges many seniors face, including limited employment opportunities after age 70 and the high tax rates on realized capital gains from investments. Under the new plan, individuals who reach the age of 70 by December 31st of the taxable year would qualify for a reduced capital gains tax rate of just 7%, regardless of asset type, holding period, or other tax provisions. This represents a substantial reduction, offering seniors potential savings of 8% to 12% or more compared to current rates.

The 7% tax rate would apply to a range of capital gains, including those from the sale of collectibles (which are currently taxed at 28%), certain small business sales, and recaptured depreciation (currently taxed at 25%).

This proposal, which is being presented to President-elect Trump for consideration, is part of his ongoing efforts to provide greater financial support to America’s senior citizens.

For more information, please contact:
D. Estes
Community Tax Development- EV1Tax

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