I don't remember this happening as you describe it.
Do you mean TCJA (tax cuts and jobs act)?
That one had some positives as well as negatives.
Negative was that you could basically deduct only the standard deduction and you can put in only $10k in RE tax.
charity for middle class became mostly meaningless since you still just get a standard deduction.
Another negative-you could not recharacterize the Roth conversion (from IRA) back to IRA-that one hurt as it was very useful if a stock price declined.
Positive-20% deduction on a pass through income for businesses, immediate expensing in section 179.
All and all-for me, personally, taxes did not change much.
Additionally, presidents do not pass laws, that's the job of the legislative branch. Though it would be interesting to know which lobbyist group wrote it.
The text in question appears to be section 13303 (3303 in the original).
Quote
SEC. 13303. LIKE-KIND EXCHANGES OF REAL PROPERTY.
(a) In General.--Section 1031(a)(1) is amended by striking
``property'' each place it appears and inserting ``real property''.
(a) In General.--Section 1031(a)(1) is amended by striking
``property'' each place it appears and inserting ``real property''.
And a bunch of other stuff I won't clutter this thread with. It's interesting as it's almost as if it was written to target cryptos without looking like it was targeting cryptos.
presidents pass the law when they sign off.
the only time a law is not passed by the president is when the legislative branch over rides a veto.
trump did not veto that law which specifically favored real estate trades only.
it is one of the worst things done by the U.S.A. to crypto. I was not a fan of Biden and I am not a fan of Trump.
They are no longer good for America and at least one of them is not running.
I get why you favor trump but I am simply explaining to you he fucked crypto bigly with that law.
If Trump were to drop out and Vance were running AND HE PICKED Liz Cheney for Vp I would likely vote for him.
And not vote Harris. I won’t vote for someone that 11 years older than me. At 67 I know enough about old to tell you Trump is shot and won’t last 4 years.
