{"id":1052,"date":"2026-03-10T18:28:44","date_gmt":"2026-03-10T18:28:44","guid":{"rendered":"https:\/\/stock999.top\/?p=1052"},"modified":"2026-03-10T18:28:44","modified_gmt":"2026-03-10T18:28:44","slug":"first-time-homebuyers-could-save-tax-free-under-new-senate-bill","status":"publish","type":"post","link":"https:\/\/stock999.top\/?p=1052","title":{"rendered":"First-time homebuyers could save tax-free under new Senate bill"},"content":{"rendered":"

<\/p>\n

‘The Big Money Show’ breaks down record home relistings as high mortgage rates sideline buyers and stall the housing market.<\/p>\n

Buying a home was once the bedrock of the American Dream, but for millions of families, that dream is being priced out of reach.\u00a0<\/p>\n

With the typical down payment more than doubling since 2019 to $30,400, Sen. Rick Scott, R-Fla., is moving to bypass “economy-crushing” inflation. His newly introduced American Dream Accounts Act would empower first-time buyers to shield their savings from the IRS, allowing them to build a down payment faster and reclaim a stake in the country\u2019s future.<\/p>\n

“I grew up in public housing and watched my family struggle to make ends meet. For us, owning a home was out of reach because we couldn’t afford it,” Scott said in a press release. “Today, so many Americans are facing that same struggle, especially young first-time buyers who view homeownership as a critical milestone to help them achieve their American Dream.”<\/p>\n

McMANSIONS BECOME FINANCIAL \u2018LIABILITY\u2019 AS BUYERS DITCH OVERSIZED HOMES<\/p>\n

On Friday, the senator introduced the bill, which would allow for tax-exempt contributions and qualified withdrawals for down payments. Individuals under 35 years old can contribute up to $7,500 annually, while those over 35 have a “catch-up” limit of $10,000 per year.<\/p>\n

A “for sale” sign is displayed outside of a home for sale on Aug.16, 2024, in Los Angeles, California. (Getty Images)<\/p>\n

There\u2019s flexibility for couples as two buyers can combine distributions, allowing for a total qualified distribution of up to $500,000.<\/p>\n

However, nonqualified withdrawals will face a 10% penalty, mirroring traditional 401(k) rules to ensure the money remains focused on buying a home.\u00a0<\/p>\n

Sen. Rick Scott, R-Fla., joins \u2018Mornings with Maria\u2019 to weigh in on President Donald Trump\u2019s $1.5T defense push, the $50B Pentagon request, mounting Iran conflict costs and the Senate showdown over the SAVE Act.<\/p>\n

Realtor.com\u2019s latest Down Payment Report found that the average amount needed for a home rose to $30,400 in the third quarter of 2025, double the figure from 2019. Additionally, the report estimated that it takes about seven years to save for that down payment.<\/p>\n

“Unfortunately, years of inflation-driving, economy-crushing Democrat-led policies aren\u2019t helping make it any easier. That\u2019s wrong, and it\u2019s why I am fighting every day to deliver real solutions that make housing more affordable for everyday Americans and make the dream of homeownership a reality,” Scott said.<\/p>\n

GET FOX BUSINESS ON THE GO BY CLICKING HERE<\/p>\n

‘The Big Money Show’ panel discusses Congress’s plan to tackle the nation’s housing crisis.<\/p>\n

“Homeownership means stability and economic mobility,” he continued. “This bill will help first-time buyers save faster, and their money go farther to ease the financial barrier to homeownership for families.”<\/p>\n

While Sen. Scott\u2019s bill takes the initiative to the federal level, several states, including Virginia, Colorado, Iowa and Oregon, have pioneered first-time homebuyer savings accounts to help Americans reach homeownership goals.<\/p>\n

READ MORE FROM FOX BUSINESS<\/p>\n

#Firsttime #homebuyers #save #taxfree #Senate #bill<\/p>\n","protected":false},"excerpt":{"rendered":"

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