Proposed Tax Cuts to 1% Will Increase Federal Debt by $6.6 Trillion, Say Reagan Tax Specialists

[Editor's note: 1031Gateway supports the efforts of groups like www.SaveThe1031.org, which is exposing the devastation this tax reform proposal would unleash on our economy and mobilizing Americans to make their opposition known to Congress in order to stop this bill. Please visit www.SaveThe1031.org and fill out their form to directly send individual letters to your representative and senators in Congress, urging them to fight for the 1031 exchange.]

"The Tax Policy Center (TPC) has estimated the revenue cost and the distributional effects of a plan consistent with the House GOP blueprint."

"Federal revenues would fall by $3.1 trillion over the first decade before accounting for added interest costs and macroeconomic effects. Including both those factors, the federal debt would rise by at least $3.0 trillion over the first decade and by at least $6.6 trillion by the end of the second ten years."

"Three-quarters of the tax cuts would benefit the top 1 percent of taxpayers and the highest-income taxpayers (0.1 percent of the population, or those with incomes over $3.7 million in 2015 dollars) would experience an average tax cut of about $1.3 million, 16.9 percent of after-tax income."

Tax Policy Center
(established by tax specialists who had served in the Ronald Reagan,
George H.W. Bush, and Bill Clinton administrations)

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