OPINION: The American Dream is Within Your Reach

What is the American Dream? Maybe it’s saving money, traveling the world, starting a family, or building a career you love. Whatever it looks like, the dream inspires us to work hard, push forward when we are exhausted, and never give up. 

When it comes to many, the American Dream includes owning a home or starting their own business.

Hardworking Americans save, pinch pennies, and sacrifice to have a place of their own. Something they can hang their hat on, come home to at the end of the day, and raise a family in. 

But for many, these days, the American Dream seems out of reach.

That’s why in Congress, I introduced H.R. 7051, the American Dream Act. 

This legislation removes capital gains tax for 5 years on any property, including vacation and rental properties, sold by a buyer 65 or older for $ 500,000 or less to a first-time home buyer. 

So, if a 24-year-old wants to buy their first home, the seller is incentivized to sell to them, because they won’t have to worry about paying capital gains on the sale of the property. It’s a win for the first-time buyer, and the seller is eager to offload their property.

To build on this effort, I introduced H.R. 7185, the Home Savings Act. 

This allows people to withdraw from a 401k penalty-free when used for closing costs and down payments for buying a home.

It also allows family members to withdraw from a 401k when gifting the money to a family member for closing costs and down payments.

Removing these barriers is crucial for ending a cycle of lifelong 

renting so many Americans are finding themselves stuck in. 

In fact, approximately 44 million Americans are renters. Those under the age of 35 rent at a much higher rate. Roughly 65% of young Americans are renters. 

Instead of throwing away money every month, I’m committed to helping folks have something of their own at the end of the day.

The Fifth District is home to numerous small businesses, from manufacturing companies to diners and stores. 

Everywhere you turn, you can find someone living out the American Dream.

I recently had the opportunity to tour Patriot Industries in Louisa County with Small Business Administrator Kelly Loeffler.

The company is committed to American Made and bringing jobs to their community as they produce full lines of rigid Aluminum, Rigid Stainless Steel Conduit, and more. The company started with 1,000 square feet of leased space and 1 hand threading machine. 

Now, they have an impressive 140,000 square feet of advanced manufacturing across three locations in America, over 80 employees, and roughly $9 million in inventory across 12 warehouses nationwide.

The company’s success didn’t come overnight, but from years of chasing a dream and creating a beautiful life for the owner’s family.  

House Republicans’ Working Families Tax Cuts Act is creating new jobs, expanding small businesses, and providing them the resources needed to succeed. We are cutting taxes for business owners and individuals alike, putting more money back in your wallet so you can grow your dream or buy that first home.

The owner of Patriot Industries said you can tell the Working Families Tax Cuts Act is working because of the improved quality of employee’s vehicles in the parking lot.

Thanks to no tax on overtime, many employees are volunteering for more overtime hours.

Quality of life is improving. Businesses are thriving. Families are growing.

For the first time in years, the American Dream is more than a hope; it’s a reality. Go get it.