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Sohodojo Advisory Board Member
Jim Schneider
The Taxman86 Speaks...
12 October 2000
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The End Is Near.

Congress will wrap their $300B in tax breaks within several days we are told.

"...The measure, which passed the House in May on a 420-2 vote, was also backed by a powerful lobbying coalition that included ATT and Worldcom, the American Electronics Association, the U.S. Chamber of Commerce and several farm, small business and minority groups. Cost to the government of the repeal is estimated at $55.1 billion over 10 years.

It is one of several end-of-session tax relief proposals totaling $300 billion over a decade that Republican congressional leaders hope to send Clinton in the next few days.

Other likely items include a package of tax incentives to revitalize impoverished communities, a pension bill expanding 401(k) and IRA contribution limits and several tax breaks for small businesses to offset a plan to raise the $5.15-an-hour minimum wage by $1..."

The Senate Finance Committee backed S. 3152 "Community Renewal and New Markets Act of 2000," costing $39B, up from $17B in the House version is the favored bill, with a new IRC Section 1397B, ZERO CAPITAL GAINS RATE for new Empowerment Zone Investments held for five years or more, beginning upon enactment date, and on January 2002 for 30 new Renewal Communities. This is a real sleeper!

How California's Seven Enterprise Communities lost this opportunity is beyond our comprehension [California has 54 Congressional Votes], but since Bridgeport, Conn., Nashville, TN, Waco, TX, and all the other Enterprise Communities lost out, including Las Vegas, Nevada, and Wilmington, DE., nothing surprises us any more.

Jim Schneider, LL.M.

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