The Subway has finally arrived; The Marriage Penalty Repeal is coming; Distressed Communities update.
1. Los Angeles needs a new press agent.
If Los Angeles in general and downtown Los Angeles in particular was running for political office, it would never make it. Its PR stinks. Today the Redline Subway between the Valley and Downtown is open and free [27 minutes door to door in clean air], with connections from Union Station [Southern California has a Metrolink Program linking every area to downtown's Union Station, which is then linked to the Subway] to the Valley by way of Hollywood. It will be a Southern California tourist's dream, no cars. Better yet, Union Station, Chinatown, Little Tokyo, and the Los Angeles Historic Core are all within the Los Angeles Federal Empowerment Zone, soon to be a Renewal Community Zone, as of January 1, 2001. Wait till the creative ones on Bunker Hill figure this out. It will a new beginning for the young at heart. See more in the news.
2. Next week will be fun in Washington, D.C.
The Senate Finance Committee is taking on the Marriage Penalty again and maybe Death Tax Repeal, with the House dealing with Prescription Drugs for seniors. What happened to the Small Business Tax Cut Package, which included Pension Reform and 100% deductibility of health insurance for the self-employed, partnerships, and S Corps.?
3. Distressed Communities is still in labor.
It appears that the Distressed Communities legislation in the House is still being worked on with some deals still on the table. When it is finally agreed to it will come before the House Ways and Means Committee, and then the full House, then to the Senate. Our impression is that it will be over by the end of July, early August with everyone at the Rose Garden before the August Recess. But we have been wrong before. If we are correct however, you better check the effective dates before you start opening and closing escrows within Enterprise Communities, and Empowerment Zones since IRC Section 1045 may be applicable.
Jim Schneider, LL.M.
The Taxman86 Speaks... is copyright 1998-2010 by James E. Schneider, LL.M. Inc.