In this video, Joe Cosenza expresses his concerns regarding the Joe Biden tax plan and the plan's effect upon Internal Revenue Code 1031 Tax Deferred Plans and transactions. This video is more of a discussion than it is an interview.
To be frank, I had difficulty doing this video since I have strenuously limited political commentary as part of my professional practice. However, out of respect for Joe and perhaps because I agree with much of his analysis, I think that this interview is a valid exception to my general rule.
Although we did not explicitly state who our favored candidate is for the 2020 presidential election, it is probably very clear that I lean toward Democrat and, at least with regard to its effect on commercial real estate Joe does not. With that being said, there is much that Joe and I agree upon.
It is important to note that this interview was originally the day before the 2020 presidential election.
We both agree that if 1031 Exchanges are eliminated in their entirety, there will be a seismic shift in the economy that may take years to recover from. Where we differ is that I believe that appropriate adjustments can be made that can allow for a more evenly distribution of wealth in the United States while Joe believes that if elected, Joe Biden and the democrats "must" eliminate the 1031 Exchange program.
Note another important aspect to this video. While Joe and I may disagree on our candidates and party affiliation, we can do so, respectfully and civilly.
Let me know your thoughts
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Howard F. Kline