MLMIA: H.R. 2488
THE FINANCIAL FREEDOM ACT
Money In Our Pockets! (August 1999)
By Marcie Cook
I just received a letter from my congressman, notifying me that the house has passed H.R. 2488, The Financial Freedom Act. It is chiefly oriented to benefit small business, but this also includes people who are self-employed. Some provisions that likely affect you and your heirs:
Phase out the death tax by 2009.
Increase the health insurance deduction for the self-employed to 100% immediately. This provision alone could save those of you who aren't already covered by employer-paid insurance thousands of dollars every year, year after year!
Increase the meal expense deduction gradually to 60%. Under current law, self-employed taxpayers can only deduct 50% of meal and entertainment expenses.
My Congressman, Gil Gutknecht, writes, "While both the House and Senate have agreed to the above items, the fate of the Financial Freedom Act ultimately rests with the president."
Suggested Action:
Since this act can have a very positive impact on hundreds of thousands of network marketing independent reps, including your upline and downline, I suggest that you urge president Clinton to let this act become law. Please share this news with other people you know who would benefit from this act.
Marcie Cook is the CEO of America's MLM Consultants (http://www.mlmconsultant.com), one of the Premier Network Marketing consulting companies worldwide. She is also chairperson of the 1999/December 2002 Legislative Council.
210-494-3884
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