Op-ed: What Biden’s proposed limits to 1031 exchanges mean for investors and the economy

manusapon kasosod | Moment | Getty ImagesAs part of President Biden’s 2023 budget, the administration proposed severe limitations to so-called 1031 exchanges.A 1031 exchange is part of the IRS tax code, allowing real estate investors to defer taxes by exchanging “like-kind” properties. The term “like-kind” refers to the nature or character of the property. These…