Any tax legislation would have to come through the House Ways and Means Committee, which is led by Chairman Jason Smith (R-MI).

“I’m always looking at tax relief for working families,” Smith told the Washington Examiner when asked about the potential to get some sort of capital gains tax cut, for instance, on home sales, ahead of November.

When pressed specifically about legislation before the midterm elections, Smith hinted that the period after the elections, but before the start of the next Congress in January, might be feasible.

“I think lame duck looks like a great opportunity for a lot of tax,” Smith said, referring to that period of time.

Another member of the tax writing committee, Rep. Blake Moore (R-UT), said cutting capital gains on home sales could increase the housing supply. He said, though, that it would be difficult to pass under budgetary scorekeeping rules.

He cast doubt on it becoming law before the November elections.

“I’ll defer to the chairman, though, on the timing … I don’t see the way that that monumental of a piece of legislation could get done before the midterms,” Moore told the Washington Examiner.

Last month, during an interview with Fox Business host Larry Kudlow, National Economic Council Director Kevin Hassett said Trump is exploring policy proposals ahead of the November midterm elections. Kudlow said he has discussed with the president indexing capital gains to inflation and exempting sales of homes worth $2 million or less from capital gains.

“I spoke to him, he liked the idea of the indexing, he liked the idea of a bigger exemption,” Kudlow said.

The capital gains exclusion for home sales is currently at $250,000 for single owners and $500,000 for married couples.

Legislation to increase the exclusion could court bipartisan support — the More Homes on the Market Act, sponsored by Rep. Jimmy Panetta (D-CA), has dozens of Republican and Democratic co-sponsors and would double the current exclusion, so joint filers would be able to exclude up to $1 million. The new cutoff would also be adjusted for inflation.

Stephen Moore has advised Trump and is a chairman and co-founder of the group Unleash Prosperity, which supports free markets, repealing regulations, and more. He told the Washington Examiner that in terms of legislation ahead of the midterm elections, for Republicans, this is sort of “the only game in town.”

“Now, whether they can do that or not, whether they can get it done, is another question, but there’s sort of no other competing idea out there,” Moore said.

Moore said he has spoken to Smith, Trump, and House Speaker Mike Johnson (R-LA) about the idea and that they have concerns about the political lift required to get it across the finish line ahead of the midterm elections.

“I think one of the worries they have is that they would spend a lot of political capital getting this done, and with a very slim majority in the House — and then the Senate just kills it through inaction,” Moore said.

Still, Moore said passing such a measure would be good economic policy and would be politically popular with voters.

Rep. David Schweikert (R-AZ), a fiscal hawk who is also a member of the Ways and Means Committee, told the Washington Examiner on Tuesday that cutting taxes without also cutting spending is difficult in the current environment, which features high government debt and rising yields on Treasury securities.

“So how do you do that without finding sort of an offset to not freak the bond market out?” Schweikert said. “Because what would happen if you did that in such a way where it became doubly expensive because the bond market says, ‘Screw you! I’m going to raise interest rates even more.’”

BESSENT SAYS WORLD IS ‘AWASH IN DEBT’ AND GROWTH IS THE ONLY WAY OUT

Housing and housing affordability have become major concerns for consumers, with supply being the major focus. And in light of that, Congress recently passed the biggest bipartisan housing bill in recent memory, the 21st Century ROAD to Housing Act.

That legislation streamlines environmental reviews to speed up affordable housing development and makes it cheaper and easier to build manufactured homes. In addition to easing federal regulations, the bill also encourages states and cities to reform their land use rules, which would mark a significant change in the federalist system with respect to city planning.