Property taxes to finance Biden’s $ 775 billion solidarity economy plan

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Joe Biden (Getty)

Democratic presidential candidate Joe Biden has unveiled another piece of his economic plan – and it will be tax-funded by real estate investors with incomes of $ 400,000 and more.

The $ 775 billion “solidarity economy” plan, which aims to support child and senior care, would target tax breaks for “like-for-like” exchanges 1031, a senior official told Bloomberg. campaign. The plan would also prevent investors from deducting property losses from their taxable income.

Jonathan gray

Jonathan Gray, President and COO of Blackstone

Biden first teased the plan on Monday during a fundraiser hosted by Jonathan Gray of the Blackstone Group. “I hope I don’t offend any of you about this, but I really think this is very consistent with a market economy and moving forward,” he told donors at the time. of the event. The candidate is expected to deliver a speech on the plan Tuesday afternoon in Delaware.

The proposed plan includes a universal preschool for three- and four-year-olds, elimination of the Medicaid waitlist for home and community services, and a child care tax credit of up to ‘to $ 8,000 for low-income and middle-class families.

This would create 3 million jobs in the care and education sectors, including 150,000 community health workers for underserved communities.

The “solidarity economy” plan is the third leg of Biden’s economic plan, which also includes a $ 2 trillion investment in clean energy and measures to boost manufacturing and innovation in the United States. . [Bloomberg] – Kevin Soleil


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