Biden Targets a Tax Break That Helped Trump Build His Fortune
- Benefit for property investors costs U.S. billions a year
- Defenders of 1031 rule say it shores up real estate market
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President Joe Biden is pushing to close a tax break that helped his predecessor amass a fortune.
The Democrat has proposed narrowing a tax code provision that allows real estate investors to avoid capital gains taxes when they sell property, as long as they use the gains to buy more. Former President Donald Trump’s most valuable investment, which traces back to his $95 million purchase of a west-side Manhattan development site, has benefited from the rule.