Joe Biden on Tuesday unveiled a $775 billion plan to bolster child care and care for the elderly that would be financed by taxes on real-estate investors with incomes of more than $400,000 as well increased tax compliance by high-income earners.
The Biden campaign did not fully explain how the plan for a “caring economy” would be financed, but officials highlighted some tax breaks they would seek to eliminate to raise revenue.
In particular, a senior campaign official said a Biden administration would take aim at so-called like-kind exchanges, which allow investors to defer paying taxes on the sale of real estate if the capital gains are reinvested in another property.
The official also said they would prevent investors from using real-estate losses to lower their income tax bills.
Biden is scheduled to deliver a speech on the policies Tuesday afternoon in New Castle, Delaware.
The proposal is the third plank of the Democratic nominee’s economic plan. It calls for universal preschool for three- and four-year-olds.
It also eliminates the waiting list for home and community services under Medicaid, offers low-income and middle-class families a tax credit of as much as $8,000 to help pay for child care and increases pay for caregivers and early childhood educators.