Bloomberg: Biden Targets $41 Billion Tax Break for Real Estate Investors

Simply put, that it unfairly benefits wealthier Americans who can afford to make large investments. Middle-class families, meanwhile, are never likely to own many assets outside their own homes and 401(k)s.

The left-leaning Institute on Taxation and Economic Policy argues the tax break has expanded far from its original intention of supporting small-scale transactions and now involves an industry of brokers who find qualifying properties to insert into the deal. In a 2019 paper, the institute explained how a trade of Midwestern farmland for a Florida apartment could be considered a like-kind exchange. Read more