Bloomberg Tax
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Tax
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

Biden Targets a Tax Break That Helped Trump Build His Fortune

June 2, 2021, 9:00 AM

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.

In 2005, when Trump’s partners agreed to sell the site for $1.8 billion -- a deal Trump resisted -- his cut was about ...