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Sohodojo Advisory Board Member
Jim Schneider
The Taxman86 Speaks...
30 July 2000
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A Tale Of Two Cities; The New Economy Will Rule; Where Is 2000's Tax Legislation Going.

1. We have good news and bad news.

Camden New Jersey was given an Empowerment Zone in December 1994, and on Thursday July 27, 2000 it made the front page of USA Today as America's MOST Distressed City.

How could that be with a beautiful waterfront, across the Delaware River from Philadelphia, and home to many fine educational institutions and businesses, including Rutgers University, and Sony?

On the other coast, San Francisco is going through its own crisis, it is called success, as report by the SFGate under the topic South of Market Area [
SoMa]. This is the city where the Napster story is playing out for all to see [20M users are now on-line using file swapping programs]; with the editorial writers in full bloom.

There is a message in all this, times are changing fast, and you can go on-line and see the legal briefs and the spin on major cases, if that interests you.

What we like is the Home-based Business spin, if you will, which includes "going public" from a home-based business beginning. This is must reading. The website says it all.

2. The New Economy will rule and the taxmen are in trouble.

Paul Krugman in the Sunday New York Times paints an interesting picture of the what Napster and the New Economy really mean.

He suggests that the Internet, high speed computers, web sites, and low tax jurisdictions are causing business to shift in the New Economy, especially if it is entertainment oriented. If you take his reasoning and add this and put it all in the Camden Empowerment Zone, what do you have?

3. Will we have tax legislation come September?

Do not bet on it is the word on the street, but there is hope for some items, including the Community Renewal and New Markets proposals and may be some Small Business Tax Cuts.

If this comes to pass then the Capital Gains Roll Over introduced in IRC Section 1397B for Empowerment Zones, and may be Enterprise Communities will shake up the landscape for the New Economy and the companies that are in the middle of it in tax favored zones. Web Pay Per View, Red Herring, and a Webcam of the New San Diego Padre's Ballpark, which is within the San Diego Enterprise Community.

Jim Schneider, LL.M.

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