On May 6, FEA sent a letter to Leon Cooperman, chairman and CEO of Omega Advisors, regarding the economic impact of like-kind exchanges.
FEA is troubled by Cooperman’s call for the elimination of like-kind exchanges in his Oct. 30, 2019, letter to Senator Elizabeth Warren as well as his comments on multiple CNBC programs, including his most recent interview on April 23, 2020.
Eliminating or limiting like-kind exchanges would have a contraction effect on our economy by increasing the cost of capital, slowing the rate of investment, increasing asset holding periods, and reducing transactional activity. Given the current and future economic climate, our nation’s tax policies should encourage, rather than hinder, the survival and successful growth of small and mid-sized businesses.
Click here to view a copy of FEA’s May 6 letter to Leon Cooperman.
