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The impact of the Tax Reform Act of 1986

Discuss the impact of the Tax Reform Act of 1986 and whether you believe the law was a financial benefit or deficit to the development of sport facilities. Justify your response.

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Sample Answer

The Tax Reform Act of 1986 (TRA86) was a major overhaul of the United States tax code. The law made sweeping changes to individual and corporate taxes, and it also eliminated many tax breaks, including some that had been used to finance the construction of sports facilities.

The TRA86 had a significant impact on the development of sport facilities. Prior to the law, many cities and states had used tax breaks to attract professional sports teams and to build new stadiums and arenas. The TRA86 made it more difficult for cities and states to offer these tax breaks, and this led to a decline in the construction of new sports facilities.

Full Answer Section

According to a study by the Brookings Institution, the TRA86 led to a 40% decrease in the number of new sports facilities built between 1986 and 1996. The study also found that the law led to an increase in the cost of building new sports facilities, as cities and states had to offer more generous terms to attract teams.

The TRA86 was a controversial law, and there is no consensus on whether it was a financial benefit or deficit to the development of sport facilities. Some argue that the law was necessary to simplify the tax code and to reduce the federal budget deficit. Others argue that the law was harmful to the construction industry and to the local economies of cities that hosted sports teams.

Ultimately, the impact of the TRA86 on the development of sport facilities is a complex issue with no easy answer. The law had both positive and negative effects, and the overall impact is likely to have varied depending on the specific circumstances of each city or state.

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