[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.]
"If we eliminate 1031, deals will stop happening. That will cause property values to decrease. When property values decrease, then you can't even refinance out your equity and you're locked into the property and unable to sell.
The last time we had tax reform in 1986 the real estate market plummeted and it stayed down for a considerable time. That exasperated an already bad situation and created an unintended consequence with the savings and loan crisis, which all of us taxpayers ended up having to bail out. Eliminating 1031 is not a good idea. We need to preserve 1031..."