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Max Baucus

Trump wants to raise his own taxes, but would he kill popular real estate tax break?

WASHINGTON Donald Trump, who built his fortune in real estate, said this past week that he wants to raise his own taxes. One way to do it is a bipartisan proposal that would blow up one of the real estate industry's favorite tax breaks. The break, known as the like-kind exchange or "1031" for the tax code section it comes from, lets real estate owners sell one piece of property and buy a new one soon afterward without paying any capital gains taxes on the profits from the sale. The result is an ever-increasing pile of deferred capital gains, taxed only whenever there is a final sale or, better yet, never taxed as income at all upon death. "It was originally meant to...