Sohodojo Advisory Board Member
Jim Schneider
The Taxman86 Speaks...
05 September 2000
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What is The Plan
"...Gore's $500 billion plan for selected tax relief includes a $3,000 tax credit for people who need or provide long-term care at home, $2,400 to help poor families pay for child care and a provision making up to $10,000 in college tuition tax-deductible annually. Bush's $1.3 trillion tax cut plan would reduce all income tax rates, with lowest rate dropping to 10 percent and highest to 33 percent. He also would double the child tax credit to $1,000..." See the NY Times.
The Tax Plans of the two candidates are getting big time attention, with the $500B vs. the $1.3T Plans getting lots of press.
Is it true that the economic boom began in 1981 with a six month recession in the middle? I do not think so, if you talk to people in Southern California. However, the energy of the small business owner [$50M or less per IRC] is clearly leading the way.
If you had the chance to check out Harry Knowles Web site, from
his home-based business in Austin, Texas, and saw his page on
trailers
Is it possible that every college student could be a home-based
business, financed by their parents? This could be a novel
approach: but it is not, just check out The Industry Standard's
partnership with three on-line job sites, all dealing with
independent contractors.
How about raising capital? California is leading the way for
Internet Offerings of $5M or less.
Nevada Corporations located in Irvine, California are using it to raise capital in California and other states where it is available.
Texas is another hot place for raising capital and is following California's lead.
Whatever is the final result, it is clear to say that we are talking about $20T to $30T of tax receipts over the next ten years, and tax cuts of $500B to $1.3T do not seem too excessive if properly structured. The Distressed Communities proposals are rated at $20B over the next ten years, with Gore proposing to double that if we read his proposals correctly. Bush has not stated an inner city tax proposal, but clearly supports Renewal Communities, as does Senator Joe Lieberman. See Entrepreneur Magazine, September 2000, exclusive interviews with Bush and Gore. [That Magazine also covers home-based businesses, a $159B Market from Irvine, California, in a business park which just so happens to be in a contiguous census tract to the Santa Ana Empowerment Zone. Do they know that or even care?]
So if President Clinton wants his legacy to include helping those left behind we suggest that he get behind the Distressed Communities legislation with Enterprise Communities included. He has got the cards.
Jim Schneider, LL.M.
Taxman86
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