"The bottom line isthat a mobilized caregiving and early education workforce wouldsave working families time and money," Biden said. (Photo: TiffanyHagler-Geard/Bloomberg)

(Bloomberg) –Joe Biden said Tuesday it is a moral and aneconomic necessity for the government to better support those whocare for children and the elderly, as he announced a sweeping planto address the country's "caregiving crisis."

As the third part of his agenda to rebuild the economy once thecoronavirus has been defeated, Biden outlined a $775 billionprogram over 10 years that would add jobs and boost pay forcaregivers, eliminate the waiting list for home and community careunder Medicaid and provide preschool for all 3- and4-year-olds.

Related: 10 staggering statistics aboutcaregiving

"The bottom line is that a mobilized caregiving and earlyeducation workforce would save working families time and money, gettheir loved ones the care and early childhood education they need,and put more people to work," Biden said during a speech in NewCastle, Delaware.

The proposal would be financed by taxes on real-estate investorswith incomes of more than $400,000 as well as increased taxcompliance by high-income earners.

Neither Biden nor his advisers detailed the proposed taxchanges, but a campaign official said they would target "like kind"exchanges, in which investors roll the proceeds of real estatesales into future purchases, shielding them from taxes on theirprofits. The official also said Biden wants to prevent investorsand estates from using real estate losses to lower their income taxbills.

"The 1031 exchange allowance is a pretty small tax allowance,"Bloomberg Intelligence's Andrew Silverman said, referring to thelike-kind exchanges. Citing an analysis by Congress's JointCommittee on Taxation, he said companies "save about $3 billion ayear on these kinds of exchanges. Individuals, on the other hand,save more than twice that, $7 billion a year."

The bottom line for investors is that "taxes will increase foreveryone," Silverman said. "Even if the impact isn't directly onthe majority of investors, the hit will come indirectly."

Kushner Cos., the real estate firm once run by Trump'sson-in-law and adviser Jared Kushner, has benefited from thestrategy. In 2017, the company bought a New Jersey apartmentcomplex with the proceeds from a Toledo, Ohio, property sale usinga like-kind exchange, Bloomberg reported.

Biden's plan was the third part of his four-part economic planhe is rolling out ahead of the Democratic National Convention nextmonth. The others involved manufacturing and clean energy, and thefourth will address racial equity.

Biden has been trying to chip away at Trump's support amongvoters on the economy, and polls show Trump's longstandingadvantage on that issue is beginning to erode.

The plan calls for direct grants to states under Medicaid toprovide training and jobs for 150,000 community health workers, andtraining for 35,000 workers to combat the opioid crisis. It wouldalso create a public health job corps of 100,000 people. Bidenwould also offer tax credits and federal funding for businesses tobuild child care facilities.

"When we usually talk about a jobs package, there is a big pushfor shovel-ready jobs," Biden said. "But that's what care jobs are.These workers are ready now. These jobs can be filled now. Allowingmillions of people, primarily women, to get back to work now."

Ivanka Trump, the president's daughter and a top adviser, toutedher father's work on childcare initiatives.

".@realDonaldTrump has done more to support America's workingfamilies in 3 yrs than Biden has in + 4 decades," she wrote onTwitter, pointing to the Trump administration expanding the childtax credit and securing paid leave for the federal workforce.

–With assistance from Jennifer Epstein, Felice Maranz andCaleb Melby.

Read more: 

• House bill would provide $200 million in caregiverrespite spending
• Caregiving costs to working families to double by2050
• Caregiving duties drive many employees out of theworkforce

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