We need more high-tech workers; The Marriage Penalty Repeal is coming next; Distressed Communities Legislation has arrived.
1. San Diego, Seattle, Portland, Denver, Las Vegas, Phoenix, Pittsburg, and Long Beach, California, all want high-tech.
Downtown San Diego, with the Coronodo Islands in the backdrop was the sales pitch, but the majority of high-tech companies are in North County San Diego, and the picture could have been more realistic if the I-5/I-805 Merge at 4 p.m. was used. Now if the picture was Seattle or Washington, D.C., or Atlanta it would have been the same, traffic, traffic everywhere, (i.e., Los Angeles).
The care and feeding of employees is the big push these days, and tax benefits has always worked such as 'fringe benefits'. We suggest that Empowerment Zones and Renewal Community Zones, or the D.C. Enterprise Zone, which are covered in IRC Sections 1397 and 1400, will be the key to keeping good employees, it is called tax free equity kickers. If only the Mayor of San Diego had been on the 40th Floor of the Hyatt Regency Hotel on Harbor Drive [it is within San Diego's HUBZone] looking east, that is the promised land from a tax lawyer's point of view, as seen on our Home Page. And it is within a bike ride away from all the fun things.
Is it possible to have tax free equity kickers, tax free meals and lodging, tax free health care, child care, and recreational activities [which could involve workout rooms, home theater, library, and educational]? WHY NOT?
2. Marriage penalty here we come.
July 15, 2000 will be the date on which both Houses of Congress will have passed the repeal of the Marriage Penalty, or at least some parts of it retroactive to January 1, 2000. The key test will be the way the votes fall and the potential veto by the President. Death Tax [This is the new buzz word rather than Estate Tax based on polling, we are told] Repeal is coming soon after with the Senate Finance Committee working on their 'bipartisan' version. This is real brinkmanship, especially with the budget surplus growing by the minute [See below].
3. The Distressed Communities Legislation will be passed by the House Ways and Means Committee next week, and there are surprises.
The Repubicans have finished their portion and the White House is cleaning up theirs and both sides will have a bill for next week, we are told. Is it possible that some Enterprise Communities may have made it to the promised land, only the Shadow knows and he is not talking [the latest on Distressed Communities legislation can be found on my web site].
Jim Schneider, LL.M.
The Taxman86 Speaks... is copyright 1998-2010 by James E. Schneider, LL.M. Inc.