Bloomberg: Biden Attacks $50 Billion Real Estate Tax Break in Jab at Trump

On its merits, the like-kind exchange — sometimes referred to as a “1031” exchange for its tax code designation — is difficult to defend, according to some tax experts.

“There are big real estate investors who are very comfortable with the idea that they don’t pay taxes,” said Steve Wamhoff, director of federal tax policy at the left-leaning Institute on Taxation and Economic Policy. “They think it’s shocking to think their industry would have to operate without subsidy from the IRS.”  Read more