Biden Attacks $50 Billion Real Estate Tax Break in Jab at Trump
- Plan would raise revenue for childcare and elder care
- The tax break has benefitted real estate investors for decades
Source: Bloomberg
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Joe Biden is threatening to eliminate a tax benefit worth billions of dollars to the real estate industry in an attack on President Donald Trump, a property developer who has boasted about using the tax code to his advantage.
The plan would target a provision for avoiding capital gains taxes on property sales to raise cash for childcare and elderly services. Known as the like-kind exchange, the tactic allows investors to roll the proceeds of real estate sales into future purchases, shielding investors from taxes on their profits.