That’s been in the tax code forever, and for good reason. It has been under attack many times, but level heads have prevailed. In the current atmosphere, heading towards socialism, if the Democrats win, I don’t know.
I worked with rabid liberals in California, and the oil industry was always under attack. They would be told that they get huge tax breaks which they refer to as taxpayers subsidies. When I tried to explain depletion to them they looked at me like I was an alien. When the cost of gas went up they would be furious that the price at the pumps went up immediately, and would not accept that they needed to charge for replacement.
It’s scary having such ignorance in charge of the economy, or in AOC case, purposely wanting to bring the economy down.
Yes, Varney said that Biden claims it only benefits the rich. This is pure BS. I have many, many clients who have done 1031 Exchanges and they are just normal husband & wife who own 1 single-family rental or a condo & exchange it for another in a different town to where they are moving. Many kept the condo or home that 1 of the taxpayers were living in before they got married & moved into the other's house. They rented it out & now want to move or exchange for a duplex or a similar circumstance.
None of them are "rich". Just normal people trying to get by without having to sell & pay tax on their gain.