Biden attacks US$51b real estate tax break in a jab at Trump
Washington
US presidential candidate Joe Biden is threatening to eliminate a tax benefit worth billions of dollars to the real estate industry in an attack on US 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.
The strategy is projected to save investors US$51 billion between 2019 and 2023, according to Congress's Joint Committee on Taxation.
Whether or not it is repealed, the proposal lets Mr Biden contrast his bid to help single-parents and ageing Americans with Mr Trump's career in real estate.