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The big banks & investment funds will figure a way around it, meanwhile individuals and small businesses trying to grow will struggle. I know people who've use
by lsllc 4y ago
The big banks & investment funds will figure a way around it, meanwhile individuals and small businesses trying to grow will struggle. I know people who've used a 1031 exchange to sell a smaller location and move to a bigger/better version of the same. How about limiting 1031 exchanges to small business(es) (for some definition of small businesses that's actually meaningful).
- lotsofpulp 4y ago> The big banks & investment funds will figure a way around it What does this mean? How would they be able to postpone paying capital gains tax if the government said they had to pay capital gains tax at time of sale? How about eliminating it, removing an avenue for corruption and extra costs for auditing said avenues for corruption, and giving cash to someone if the goal is for the government to help someone?
- lsllc 4y agoThe same way that Trump, Bezos et. al. seem to be able to avoid paying taxes on most of their wealth, in that they generally find a way to recover profits without it being considered "income". https://www.propublica.org/article/billionaires-tax-avoidance-techniques-irs-files https://www.propublica.org/article/billionaires-tax-avoidanc... All I'm saying is that by eliminating the 1031 exchange, I suspect it'll hurt far more individuals and small businesses (resulting in stifled growth) and the "big boys" will simply use some other vehicle to continue avoid the taxes.
- ryathal 4y agoThere is currently no tax on wealth in the United States, so there is no tax to avoid on wealth.