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Biden Targets Real Estate Taxes to Fund $775 Billion Care Plan

July 21, 2020, 4:30 PM

Joe Biden on Tuesday unveiled a $775 billion plan to bolster child care and care for the elderly that would be financed by taxes on real-estate investors with incomes of more than $400,000 as well as increased tax compliance by high-income earners.

The Biden campaign did not fully explain how the plan for a “caring economy” would be financed, but officials highlighted some tax breaks they would seek to eliminate to raise revenue.

Joe Biden
Photographer: Timothy A. Clary/AFP via Getty Images

In particular, a senior campaign official said a Biden administration would take aim at so-called like-kind exchanges, which allow investors to defer paying taxes on the...

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