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Sohodojo Advisory Board Member
Jim Schneider
The Taxman86 Speaks...
06 September 2000
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ERISA Reborn; The Distressed Communities Have A Strong Voice; Home-based Businesses Speak Up.

1. Check out the fine print, it is interesting.

We suggest that the Joint Committee On Taxation has outdone itself with this 80 page package of goodies for the financial community. The article in the New York Times says it all, The Roth IRA will now become the Roth 401(k).

2. Robert A. Rapoza is a strong voice for Distressed Communities.

It is always interesting to see how Washington, D.C. works, and if you want to see the inside of one of the big pushers of the New Markets Tax Credit Program check out and their client list, including The Community Development Tax Credit Coalition.

This is just one of the more than 15,000 registered lobbyist in Washington, D.C. The Federal Tax receipts are now over $2T annual, which feeds alot of consultants, etc. And targeted tax policy is now the in thing.

3. Meanwhile back to the real world.

"...As for minimum wage, Mr. Daschle expressed reservations today about a Republican proposal to include tax breaks for small businesses, which he said totaled $76 billion..." We suggest that some of these people speak out of both sides of their mouths. If home-based businesses are to be encouraged then $76B [Distressed Communities is $5B over five years] over five years, which was vetoed in 1998 and 1999, out of a proposed budget of $10T or 7/ 10th of 1% really sounds excessive, doesn't it. The Small Business Tax Cut included 100% health care deductions and increased the Unified Estate and Gift credits for estates of $1M, all effective January 1999. We suggest there are a few "widows" and their children out there that may be interested in this item, also known as soccer grandmothers and mothers.

If you want to see a great web site for home-based business, check this out coordinated by our good friend Peter Economy

Jim Schneider, LL.M.

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