president, today unveiled a 10-year, $775 billion plan to fund universal childcare and in-home elder care that would be paid for by taxing real estate investors.

The details on the funding mechanism are scarce. The 10-page plan only mentions the tax once, saying it “will be paid for by rolling back unproductive and unequal tax breaks for real estate investors with incomes over $400,000 and taking steps to increase tax compliance for high-income earners.”

According to a Bloomberg report, "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."

This is an area the Biden campaign has raised previously. In fact, on May 5, the Federation of Exchange Accommodators sent a letter to the Biden for President campaign defending like-kind exchanges.

The document is titled “The Biden Plan for Mobilizing American Talent and Heart to Create a 21st Century Caregiving and Education Workforce.” The plan allocates $450 billion over a decade to “give more people the choice to receive care at home or in supportive community situations, or to have that choice for their loved ones.”

It would also help expedite clearing a waiting list for Medicaid home and community services. According to Kaiser Family Foundation data cited in the document, the waiting lists currently have more than 800,000 people and the wait is up to five years in some states. The plan would also fund the hiring of 150,000 community healthcare workers.

For early childhood education, the proposal includes $8,000 tax credits for families with one child and $16,000 tax credits for families with two or more children making up to $125,000. (Families with incomes up to $400,000 per year would receive partial credits.)

The plan would also offer universal preschool for three-and four-year-old children through greater investment, expanded tax credits, and sliding-scale subsidies.

The plan would subsidize childcare for families earning up to 1.5 times their state’s median income so they would pay no more than 7 percent of their income towards childcare. The plan would also include credits for businesses to add childcare facilities to their workplaces.

It is the third plank of Biden’s proposed recovery plan. The first two parts included a pathway to reopening schools safely and a roadmap for protecting the coronavirus supply chain.

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