On Thursday, the Biden administration released its $6.9 trillion budget proposal for next year that’d cut deficits by nearly $3 trillion over the next ten years via tax increases.
In the budget, the administration claims that closing “tax loopholes that overwhelmingly benefit the rich and the largest, most profitable corporations,” will save billions of dollars. With that, President Joe Biden proposed to close the so-called “like-kind exchange loophole,” as his administration refers to it, arguing that it “lets real estate investors defer tax indefinitely.” But it’s not the first time Biden’s proposed to close the “like-kind exchange” benefit, and it's unlikely that it’ll be included once Congress approves spending levels.
