Members of the Philadelphia Mastermind Meeting had the opportunity to hear a presentation from fellow member Margo McDonnell about federal tax reform proposals and how they may impact 1031 exchanges, which provide businesses the ability to grow while deferring taxes until a later date. Proposed changes to the tax code may have an adverse effect on the economy, particularly on smaller businesses who lack the capital to take advantage of new potential tax incentives designed as replacements for 1031 exchanges.