New Bill Targets Foreign Land Grabs with 50% Tax to Protect American Soil

In a bold move to protect American soil, Rep. Pat Harrigan, R-N.C., has unveiled the Real Estate Reciprocity Act, a legislative jab aimed at foreign entities gobbling up U.S. real estate while their governments lock Americans out of their markets. The bill proposes a hefty 50% tax on property purchases by foreign nationals or government-linked entities from countries that don’t allow Americans to own land. It’s a tit-for-tat approach: if you block our citizens from buying your dirt, we’ll make it costly to snatch ours.

Harrigan’s plan doesn’t stop there. It mandates foreign buyers to register with the IRS and requires the Secretary of State to annually list countries that bar U.S. citizens from their real estate markets. This comes as nations like China, Saudi Arabia, and Vietnam enforce strict bans or restrictions on foreign land ownership, while their investors freely scoop up American farmland, urban apartments, and even plots near military bases. China alone held 350,000 acres of U.S. farmland across 27 states last year, per USDA data, and foreign entities collectively own 43.4 million acres—nearly 2% of all U.S. land.

The timing is critical. With housing costs soaring and many Americans priced out of the market, foreign cash purchases are driving up prices in cities like New York and raising security concerns near sensitive military sites. Harrigan’s bill joins a wave of efforts to curb foreign land grabs, particularly by China, which has sparked bipartisan alarm. If passed, this act could reshape the landscape of who owns America’s backyard.