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Sohodojo Advisory Board Member
Jim Schneider
The Taxman86 Speaks...
28 March 2000
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Do tax benefits matter?; Where is the Oakland Enhanced Enterprise Community; This sounds like a great politician

1. Some people suggest that taxes do not matter

We have heard many times that paying taxes does not matter, especially when the good times are rolling. Making taxable income, and being able to pay the tax is the way to go. We respectively disagree, in as much as building working capital, in our opinion, is the key to financial success. Working capital comes from tax savings, as most large corporations know. A fully corporate funded retirement plan, with the ability to borrow, is, in our opinion one of the key planning tools. It is also protected from creditors.

2. Downtown Oakland is Hot.

Recently downtown Oakland, California was a joke to say the least, but today that has changed. As noted in the article in the San Francisco Business Times, Oakland is hot. Why? location, location, location and great transporation.

We suggest if you check out the Oakland Enhanced Economic Community Zone [the 'Zone'] you will see that the City's Zone is right in the center of the City, with the San Francisco/Oakland Bay Bridge and Bart right in the middle. We also suggest that the City's Mayor Jerry Brown, just like Mayors Riordan, Daley and Giuliani is supporting Rep. J.C. Watts, Jr.'s H.R. 815 American Community Renewal Act.

Unfortunately, we who live in San Diego, California are not so foretunate, our Mayor Golding and her staff do not support H.R. 815, we have been told. If Renewal Zones, with their ZERO CAPITAL GAINS STATUS , revitalization credits, and increased IRC Section 179 expensing comes to pass then the rebirth of downtown Oakland will be further enhanced.

3. It takes compromise to make things happen.

Today, Rep. J.C. Watts told 500 community economic developers and educators at the National Conference for Community Economic Development that legislation is coming by late Spring. (Check the House archives for news on or about March 28th.)

We have also been told in the Wall Street Journal that the President and the Speaker of the House will be making an announcement about the same in a joint press conference this week. More on this later.

Jim Schneider, LL.M.

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