GlobeSt.com: What has the Biden Administration proposed regarding 1031 exchanges?
John Harrison: The Biden proposal involves limiting the capital gains tax deferral generated from a 1031 exchange to $500,000 for an individual or $1 million for a married couple. The administration's point of view is that eliminating capital gains tax deferrals on higher profits from the like-kind exchange will provide more revenue for the administration's $1.8 trillion American Families Plan.
Before continuing, I'd like to say that we're all in favor of issues such as education and helping families that need it. This is essential. But paring back on the like-kind exchange isn't the way to do this. The economic contribution of these exchanges is more than half a million jobs, more than $55 billion in value from added economic activity and billions in local sales and property tax revenue forgone in communities.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
