Varney reports Biden eliminate 1031 Exchanges for real estate.
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.