Real Estate Taxes to Fund Biden’s $775B Caring Economy Plan – The Real Deal

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Joe Biden (Getty) Democratic presidential candidate Joe Biden has actually revealed another piece of his economic plan– and it will be financed by taxes on genuine estate investors with incomes of $400,000 and above.
The $775 billion “caring economy” strategy, which seeks to support look after children and the senior, would target tax breaks for “like-kind” 1031 exchanges, a senior campaign official told Bloomberg. The plan would likewise avoid investors from deducting genuine estate losses from their taxable income.
Jonathan Gray, Blackstone President and COOBiden first teased the strategy Monday at a charity event hosted by Blackstone Groups Jonathan Gray. “I hope I do not upset any of you by that however I actually believe it is totally constant with a market economy and moving forward,” he told donors at the event. The candidate is set to talk on the strategy Tuesday afternoon in Delaware.
The proposed strategy requires universal preschool for three- and four-year-olds, the removal of the waiting list for Medicaid home and social work, and a childcare tax credit of as much as $8,000 for low-income and middle-class families.
It would include 3 million jobs in the care and education sectors, consisting of 150,000 community health workers for underserved communities.
The “caring economy” strategy makes up the third plank of Bidens economic strategy, which also consists of a $2 trillion financial investment in tidy energy and steps to increase production and development in the U.S. [Bloomberg]– Kevin Sun
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