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Biden Targets $41 Billion Tax Break for Rich Real Estate Investors

The U.S. president wants to cut back a tax break that allows investors to keep buying and selling properties without paying capital gains.

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Biden to Unveil American Family Plan Funded by Taxing Wealthy

Joe Biden is taking aim at real estate investors used to buying and selling properties without having to pay capital gains taxes.

The U.S. president’s new economic plan calls for abolishing the right to defer certain tax payments on property-investment gains of over $500,000, part of a broader effort to raise taxes on the rich to pay for the expansion of services including free preschool to less-wealthy Americans.