[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.]
"These are effects that will completely alter real estate activity and investment for the worse, resulting in industry contraction, disruption of many local property markets, harm to both tenants and owners, and potential job losses.
And that impact not only slams the real estate industry hard, but the entire economy. Over a 10-year span, we’re talking up to an estimated $131 billion decline in U.S. GDP, according to a 2015 analysis by Ernst & Young. The same study estimates that investments would drop by $7 billion, and labor income would fall by $1.4 billion in the long-run."