Where has tax simplification gone; What a difference a block makes; and We will have estate and gift reform this year.
1. First it's progressive rates, then social policy, now it is age.
The Baby Boomers have clout, says Tax Analysts, Inc. If you are 50 or over a $5,000 IRA vs. $2,000 IRA may be available soon. But it is the college students who will rule the world sooner than later. See Scour for the latest in hot music, movies and video, for free of course if you have high speed!
2. On one block it is an Empowerment Zone, on the next an Enterprise Community, which one has the party?
If the current proposal to allow Enterprise Zone Businesses in Empowerment Zones the benefits of IRC Sections 1045 and 1202 and not for those in Enterprise Communities, then some strange results will occur at 1299 Pennsylvania Ave., N.W. Washington, D.C. 20002, and 401 W. 103rd Street, LA 90003. One gets no capital gains under IRC Section 1400 but no capital gains roll over, the other gets nothing at all, and one block away in the Washington, D.C. and Los Angeles Empowerment Zones, they will have IRC Sections 1045 and 1202 status. Sounds simple to a tax lawyer.
Moreover the 'Dot-Com Parties' at the Capital City Brewery, 1100 New York Avenue, N.W. Washington, D.C. 20002, will have more to talk about than Venture Capital Stories if this happens.
3. Washington Post notwithstanding, Estate and Gift Reform is coming this year.
The Washington Post does not like it, neither does the insurance industry, or the legal community, but small business owners are mad as hell with estate and gift and lawyers, accountants, and insurance people, end of story; as seen firsthand by our friends at Sohodojo who are in Washington, D.C., for this great event. H.R. 8 will pass with over 50+ Democratic Votes, it is the Baby Boomers and their parents who have the votes, not the President or the Washington Post.
Jim Schneider, LL.M.
The Taxman86 Speaks... is copyright 1998-2010 by James E. Schneider, LL.M. Inc.