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 as 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. Senior campaign officials said Biden’s plan is informed by his experience as a single father after his first wife died in a car accident. If elected, Biden would immediately provide states and cities with fiscal relief to keep workers employed and crucial public services running, including direct care and child care services. source