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After the 1986 Tax Reform Act, Ed Slott made a strategic decision to specialize in IRAs—a move that not only set him apart in a niche field, but also helped him build a nationally recognized reputation as a leading expert. By leaning into his niche, he intentionally set himself apart from generalists by charging more to reflect the unique value he delivers. Today, Ed is the President of Ed Slott and Company, a financial education firm based in Rockville Centre, New York, offering seminars and newsletters for both financial advisors and consumers, with a particular focus on IRAs. In this episode, he shares how having specialized knowledge of the ins and outs of IRAs helped him stand out among other tax experts, the marketing strategies that grew his visibility (leading to a nationwide speaking business and the launch of his Elite IRA Advisor Group), and much more. For show notes and more visit: https://www.kitces.com/437
What once was seen as a tax loophole is now becoming a mainstream strategy for business continuity—if done right.The Concierge CPAWith Jackie MeyerFor CPA TrendlinesThe world of business risk has changed drastically since 1986, and so has the way innovative entrepreneurs protect themselves. In a recent episode of The Concierge CPA, host Dr. Jackie Meyer sits down with Van Carlson, founder and CEO of SRA 831(b) Admin, to demystify one of the most misunderstood tools in modern financial planning: the 831(b) captive.More Jackie MeyerAt its core, the 831(b) tax code allows business owners to form small insurance companies to self-insure specific risks. But as Carlson explains, “It's not just about taxes—it's about protecting your business from the risks no one else will cover.”Originally created during the 1986 Tax Reform Act to help farmers and businesses insure against unique or underwritten risks, the 831(b) structure has evolved into a modern enterprise risk solution. And for Carlson, who's led audits and compliance for hundreds of captives, this is not a loophole—it's a legitimate strategy. “We embolden business owners through innovative risk management,” he says. “And the risks they face now—cybersecurity, supply chain failure, brand damage—are unlike anything we saw in the 1980s.”
How can businesses safeguard themselves against economic uncertainties using the 831B tax code? Join us as we welcome Van Carlson, the innovative founder and CEO of SRA831B, who unveils the potential of this tax code as a powerful tool for business risk management. From the complexities of the 1986 Tax Reform Act to the practicalities of building a financial reserve with pre-tax dollars, Van breaks down how businesses can manage self-insured risks effectively. Traditional insurance markets often leave gaps, but with 831B plans, companies can create their own financial buffer to tackle unforeseen expenses and maintain business continuity. We illustrate this with real-world examples, such as auto dealerships and warranties, highlighting how these strategies mirror the operations of large insurance companies and benefit industries across the board. In our discussion, Van shares his fascinating journey from being a history teacher and football coach to becoming a trusted insurance professional dedicated to ensuring client success. The episode focuses on the importance of integrity, honest communication, and setting up sound risk management practices for small and mid-sized businesses. We emphasize educating business owners on the necessity of financial reserves, not just for physical damages but also for modern threats like cyber risks. By advocating for sensible regulations and tax incentives, Van and SRA831B are committed to equipping businesses with the tools they need to thrive amidst economic challenges, ensuring a legacy of sustainability and success. Tune in to discover how these insights can revolutionize your approach to risk management and secure your business's future. Timestamps 00:00:00 - Introduction and Welcome to the Business Legacy Podcast 00:00:12 - Introducing Van Carlson and SRA831B 00:00:30 - Explanation of 831B Tax Code for Businesses 00:02:15 - Importance of Risk Management in Modern Business 00:03:45 - The Genesis of the 831B Tax Code 00:05:00 - Challenges in Traditional Insurance Markets 00:06:30 - Building Financial Reserves with 831B Plans 00:08:10 - The Role of SRA831B in Risk Management 00:09:00 - Real-World Applications: Auto Dealerships and Agricultural Giants 00:10:15 - Importance of Identifying Unfunded Liabilities 00:11:58 - Managing Insurance Policies and Risk Financing 00:13:20 - Advantages of 831B Plans in Risk Management 00:14:45 - Industries Benefiting from 831B Strategies 00:16:00 - Transition from Educator to Insurance Innovator 00:17:00 - Emphasizing Integrity in Business Practices 00:18:15 - Impact of COVID-19 on Business Risk Management 00:19:30 - Educating Clients on Self-Insured Risk Management 00:20:25 - Leaving a Legacy of Business Resilience 00:21:30 - Promoting Sensible Regulations and Tax Incentives 00:22:45 - Preparing Businesses for Cyber Threats and Emerging Risks 00:24:00 - Conclusion and Final Thoughts from Van Carlson 00:25:00 - Closing Remarks and Where to Find More Information About SRA831B Resources from the Episode: Go to https://www.831b.com/ to find out more about what SRA 831 is up to. Legacy Podcast: For more information about the Legacy Podcast and its co-hosts, visit businesslegacypodcast.com. Leave a Review: If you enjoyed the episode, leave a review and rating on your preferred podcast platform. For more information: Visit businesslegacypodcast.com to access the shownotes and additional resources on the episode.
MICK HEYMAN, CFA and Founder of Heyman Investment Counseling, has a 40-year career in wealth management, helping individuals and institutions of all sizes to build and preserve wealth with his stress-free method for mellowing your money. Mick started his career at a small firm in Cincinnati before moving to Louisville to focus on equities with a team of top equity managers, managing billions in assets for clients. His career came full circle when he moved to San Diego to work with individual investors, some of whom have remained loyal to him for more than 30 years. Mick received a Bachelor of Economics from Northwestern and is a designated CFA. Despite a formal education in economics, it was really his interest in philosophy and psychology which showed him that human emotion is ultimately what drives the market. This realization has helped him make better money decisions for himself and his clients, using an understanding of human nature and an appreciation for long-term trends. What You Will Learn: Who is Mick Heyman? Mick shares how he discovered emotions were more important than pure numbers in investing, despite struggling with economics in college How emotional control is crucial during market volatility. Financial stress doesn't need to be as intense as people make it. Mick shares an example of helping clients prepare emotionally for market crashes, which proved valuable during the 1987 crash Importance of keeping "dry powder" (cash reserves) to buy during market dips. Biggest investment regrets often come from selling rather than holding. The importance of analyzing what would happen in worst-case scenarios. The value of portfolio diversification in managing risk. How has cable news become commoditized over time? Why do news channels rely on fear to drive their viewership? What makes FOMO so dangerous when watching markets closely? What lessons can we learn from Black Monday's 22% market drop in 1987? How did the 1986 Tax Reform Act impact investors? What can we learn from historical interest rate changes, from 15% mortgages to recent 3% rates? How do 30-40 year market trends inform our investment decisions today? How important is it to know yourself as an investor? Why is understanding your risk tolerance crucial? What makes patience so valuable during market volatility? How can we best learn from our investment mistakes? Mick shares how everyone can contact him. Additional Resources from Mick Heyman: Website: https://www.mellowyourmoney.com/ Email: mick@mellowyourmoney.com LinkedIn: https://www.linkedin.com/in/michael-mick-heyman-cfa-b417bb16/ Facebook: https://www.facebook.com/mick.heyman Instagram: https://www.instagram.com/mellowyourmoney/ Attention Investors and Agents Are you looking to grow your business? Need to connect with aggressive like-minded people like yourself? We have all the right tools, knowledge, and coaching to positively effect your bottom line. Visit:http://globalinvestoragent.com/join-gia-team to see what we can offer and to schedule your FREE consultation! Our NEW book is out...order yours NOW! Global Investor Agent: How Do You Thrive Not Just Survive in a Market Shift? Get your copy here: https://amzn.to/3SV0khX HEY! You should be in class this coming Monday (MNL). It's Free and packed with actions you should take now! Here's the link to register: https://us02web.zoom.us/webinar/register/WN_sNMjT-5DTIakCFO2ronDCg
Tonight's rundown: Hey BillOReilly.com Premium and Concierge Members, welcome to the No Spin News for Tuesday, October 22, 2024. Stand Up for Your Country. Talking Points Memo: Bill examines the crucial role Latino voters will play in determining the outcome of the election. The Presidential Election isn't just about Trump vs. Harris. Bill explains what it's really about. Why won't CBS News release the unedited transcript of its '60 Minutes' interview with VP Harris? Lawyer Daniel Suhr joins the No Spin News to discuss the FCC complaints filed against CBS and ABC News for news distortion. Smart Life: Admitting when you make a mistake. This Day in History: Ronald Reagan signs the Tax Reform Act of 1986. Final Thought: BillOReilly.com poll results. In Case You Missed It: Read Bill's latest column, Night Fever For a limited time, get our three latest Political Memorabilia mugs at a 25% discount. Our Political Memorabilia 2.0 bundle includes a Not Woke mug in navy, a Team Normal mug in white and our newest mug, No Socialism in navy. ORDER TODAY! Election season is here! Now's the time to get a Premium or Concierge Membership to BillOReilly.com, the only place for honest news analysis. Get Bill's latest book, CONFRONTING THE PRESIDENTS, out NOW! Learn more about your ad choices. Visit megaphone.fm/adchoices
#546: The Federal Reserve slashed interest rates by half a percentage point. What does this mean for your mortgage, your savings account, and the economy at large? In this First Friday economic episode, we dive deep into the Fed's decision. But that's just the beginning. As the presidential election looms, we'll also unpack the economic proposals from both candidates, examining how their plans for housing, taxes, and more could shape your financial future. We emphasize critical, non-partisan analysis of economic proposals. We want you to understand complex economic issues and their potential impacts, rather than advocating for specific political positions. Here are more specifics about this episode: The Federal Reserve's decision to cut interest rates by half a percentage point – the first rate reduction since the pandemic – is the biggest economic story of the month. We start by exploring the implications of the Federal Reserve's rate cut, from falling mortgage and auto loan rates to potential increases in home prices and a tightening housing inventory. We also touch on the flip side: declining yields on high-interest savings accounts and CDs. We unpack the reasoning behind the Fed's decision, including shifting concerns from inflation to unemployment. We delve into economic indicators like the "dot plot" and "R-Star," explaining their significance in predicting future interest rates and economic trends. Then we discuss the latest jobs report, with 254,000 new jobs added in September, surpassing expectations. We break down the unemployment rate's drop to 4.1 percent. As the conversation shifts to the upcoming election, we take a nonpartisan approach to examining economic proposals from both presidential candidates. The episode focuses on policy rather than politics, encouraging critical thinking about each proposal's potential impacts. One area of bipartisan agreement - a proposal for no tax on tips for service workers - is scrutinized. We explain why economists across the political spectrum view this idea skeptically, highlighting the lack of specificity in defining "service workers" and "tips." Housing policy takes center stage, with both candidates proposing regulatory streamlining for home construction and opening federal lands for development. We discuss the limitations of federal intervention in what are often local zoning and regulatory issues. The episode also examines proposals for first-time homebuyer assistance, explaining how subsidizing demand in a supply-constrained market could potentially lead to higher housing prices. Throughout the discussion, we emphasize the importance of evaluating these policies based on their potential economic impacts rather than political affiliations. This episode will help you make more informed decisions about personal finances and policy preferences. Timestamps Note: timestamps will vary on individual devices based on advertising length 0:00 Introduction to the Fed's recent interest rate cut 2:35 Unpacking the impact of rate cuts on mortgages and savings 5:12 Explanation of the dot plot and R-Star concepts 9:47 Analysis of September's job report and unemployment figures 15:23 Discussion on labor force participation trends 21:08 Introduction to election-related economic policies 25:40 Examination of bipartisan "no tax on tips" proposal 31:15 Analysis of housing policies from both candidates 37:22 Critique of down payment assistance for first-time homebuyers 42:56 Exploration of the Tax Reform Act of 1986 and its housing impact 48:03 Discussion on proposed acts to limit corporate housing investments 52:17 Case study of Argentina's recent housing market changes For more information, visit the show notes at https://affordanything.com/episode546 Learn more about your ad choices. Visit podcastchoices.com/adchoices
Send us a textReady to slash your tax bill? Schedule your free consultation and let's strategize your tax savings together! Book now at: www.prosperlcpa.com/applyOr, if you still need more time, here are some other ways to begin winning the tax game... Get on our newsletter to gain access to free live events and exclusive insight you won't find anywhere else: https://api.leadconnectorhq.com/widget/form/Aaf69tgWyr9qCmGB4IiUUnlock the secrets to saving big on taxes for high earners—join our FREE live Tax Q&A calls Wednesdays at 3pm EST Reserve your spot now at: https://api.leadconnectorhq.com/widget/form/zQ2vD3JHLDpisIuO9n4E Get your FREE Personalized Tax Planning Video at: https://api.leadconnectorhq.com/widget/form/Aaf69tgWyr9qCmGB4IiU Signup for our Essentials of Real Estate Tax Planning Course at: https://mark-perlberg.mykajabi.com/offers/meLbFMwG. The course will count toward any of our services. In this insightful video, Michael Rozbruch, a CPA and certified tax resolution specialist, shares valuable strategies for building a highly profitable tax resolution practice. From overcoming career shifts to understanding crucial IRS procedures, he explains how to effectively manage tax issues and help clients get out of debt. If you're an entrepreneur, CPA, enrolled agent, or attorney looking to grow your business through tax resolution, this video is a must-watch. Learn to take advantage of the Tax Reform Act, manage IRS notices, and develop profitable client strategies!Want more tips and personalized strategies?
Send a message to the Financial Perspectives podcast and receive a shout out!Discover how to align your charitable intentions with your investment goals as we chat with Sanem Alkan on smart philanthropy and impact investing. Sanem's expertise brings to light the transformative shifts in philanthropy, from the pivotal 1969 Tax Reform Act to today's cutting-edge trends like the United Nations' Sustainable Development Goals (SDGs), blended finance, and venture philanthropy. Learn how to merge financial returns with social impact, leveraging strategic philanthropic tools such as program-related and mission-related investments. Sanem also explores the critical role of planning and advisory support for achieving tax-efficient charitable giving.For business owners, Sanem unveils advanced strategies like charitable remainder trusts, donor-advised funds, and corporate foundations, which not only offer tax benefits but also bolster legacy planning and business reputation. She provides a wealth of resources for those eager to deepen their knowledge in this evolving field, including books, organizations, and certification programs. Tune in and transform your approach to philanthropy and impact investing on this month's Financial Perspectives episode.If you'd like to learn more about the show, have a topic or speaker to suggest, or would like to leave us a comment, email podcast@cfa-sf.org. This podcast is produced by CFA Society San Francisco, a not-for-profit professional association, providing professional learning and career resources to over 13,000 investment industry professionals worldwide. To learn more about CFA Society San Francisco, visit our website or connect with us on LinkedIn.The information contained in this podcast does not constitute financial or investment advice. Please consult your own financial advisor for information concerning your specific situation.
As we head into the November election, tax policy is undoubtedly a top issue for many voters. K-12 schools, higher education, local governments, libraries, and more all rely on taxation to raise adequate revenue to provide public services. Tax policy has also been used as a tool to attract jobs, spur economic growth, and promote entrepreneurship. But what are we actually seeing in Ohio and across the nation?rnrnIn 2017, the Trump Administration signed into law what many cite as the biggest tax overhaul since the Tax Reform Act of 1986. And just this year, Republican lawmakers introduced legislation in Ohio that would eliminate Ohio's income tax and repeal the Commercial Activities Tax by 2030. While such legislation is unlikely to pass in Ohio, it opens up the debate for what constitutes effective and equitable taxation.
Unlock the secrets of mastering the tax benefits of whole life insurance with our latest Money Advantage podcast episode. We promise you'll gain an in-depth understanding of tax laws related to life insurance strategies, like the pivotal 1988 government decision to limit cash value life insurance investments due to their tax perks. By diving into the historical context of the Tax Reform Act of 1986 and the Revenue Act of 1987, we uncover the intricate relationship between these laws and the economic climate of the time, helping you make smarter financial decisions today. https://www.youtube.com/live/0XcaTFWcOhM Travel back in time with us to explore how Nixon's 1974 move away from the gold standard set the stage for inflation and the creation of IRAs and 401(k)s. These financial products shifted funds from whole life insurance, leading to the popularity of universal life policies. Our discussion reveals how high interest rates and regulatory responses like the 1988 Tamra Act reshaped the life insurance landscape, ensuring it remained a protection tool rather than a tax haven. The 1979 FTC report's critique of whole life insurance also played a significant role, challenging traditional perceptions and influencing market dynamics. We round off the episode by dissecting the Modified Endowment Contract (MEC) and the Tamra Act's regulatory impacts on life insurance policies. Discover the nuances of the one-year and seven-year rules, the scenarios leading to a policy becoming a MEC, and the resulting tax implications. We delve into circumstances where intentionally MEC'ing a policy could be beneficial, such as for estate planning or achieving better returns than traditional banking options. This rich historical insight equips you with the knowledge to navigate today's complex financial landscape with confidence. Tax Loopholes vs. Tax IncentivesWhole Life Insurance and TaxesThe History of Whole Life Insurance and TaxationWhat Does it Mean to Be a MEC?Applying Whole Life Insurance tax Benefits TodayBook A Strategy Call Tax Loopholes vs. Tax Incentives To kick off this conversation, let's get something clear: tax loopholes are not actually loopholes. The word “loophole” has a negative connotation, and if often used to suggest that people who use tax incentives to reduce their taxes are doing something sneaky or unethical. The reality is that the IRS writes tax law to be as specific and intentional as possible, and those “loopholes” are actually intentional incentives from the government. Tax incentives work to provide tax credits or breaks for investors who can do things that the government does not want to spend their own money on. For example, there are many tax incentives in real estate because housing is a constant and prevalent need. If housing cannot be provided by landlords, the government may have to provide more housing, and so the government creates tax incentives to have investors take the lead. Tax breaks don't exist by accident. They are purposeful and are designed to get investors to take specific actions. Whole Life Insurance and Taxes Whole life insurance is a popular “tax-advantaged” asset because you can technically access your cash in a tax-free way. You can do this through a policy loan, which must still be paid back, or by withdrawing only up to your base premium. Otherwise, you can still have a taxable event. That being said, whole life insurance has long been a popular strategy for tax purposes, and in fact used to be even more beneficial from a tax standpoint, until the IRS got involved. And while there are some limitations, now, whole life insurance is still extremely advantageous from a tax standpoint. The History of Whole Life Insurance and Taxation Until the 1960s, whole life insurance was the premier savings vehicle for American families. It provided great flexibility and protection and was a powerful tax advantage.
Welcome to another episode of Weaver: Beyond the Numbers, Location Cubed, which examines the complexities of real estate investment and market dynamics. In this episode, Howard Altshuler and Aaron Grisz discuss the challenges and opportunities of today's real estate landscape with Dan Thomas, founder and president of DT Capital.Key Points: • Prioritize lower leverage in real estate investments to mitigate risk during market downturns.• Regularly monitor and adjust financing strategies to ensure alignment with current market conditions.• Collaborate closely with lenders to maintain flexibility in loan terms and protect investment returns during economic shifts. Thomas shares his extensive experience in the real estate sector, focusing on how he navigated the challenges of different market cycles, including the aftermath of the 1986 Tax Reform Act and the Great Financial Crisis. His insights reveal the importance of careful leverage management and understanding market dynamics, particularly in multifamily and commercial properties. "Leverage is a two-edged sword; it can amplify your returns, but it also increases risk, especially in a volatile market,” Thomas explained. His approach to real estate investment emphasizes the need for conservative financing and meticulous oversight of project execution, ensuring long-term success even in uncertain economic conditions. Subscribe and listen to future episodes of Weaver: Beyond the Numbers, Location Cubed, on Apple Podcasts or Spotify.©2024
Host Dick Donahue talks about consumer delinquency rates, AI, and preparing for the sunset of the 2017 Tax Reform Act.
On today's episode, we welcome Troy Eckard to the podcast. Troy has nearly four decades of experience exclusively focused on domestic oil and gas, making him a top expert in his field. His family-owned energy company, Eckard Enterprises, represents 1800 high-net-worth partners with over $850 million in assets under management, including mineral rights and working interests in midstream pipeline projects. Eckard Enterprises is renowned for its transparency, business ethics, track record, and results. Troy, welcome to the podcast! How are you doing today, my friend? Troy, who was highly recommended by several trusted and prudent investor friends, is here to shed some light on the alternative investment world and how it differs from traditional investment platforms. He explains that when he started his career in 1985, alternative investments were seen as taboo and risky. However, over the past 40 years, the internet has revolutionized this asset class, making it more credible and accessible. Today, alternative assets are a mainstream investment opportunity, comparable to publicly traded assets. We delve into whether these investments are suitable for high-income individuals without a windfall or those with large liquidity. Troy explains that one's financial position and personality determine their appropriateness for alternative investments, emphasizing the need for understanding the commitment involved. He shares insights on how these investments can provide long-term benefits and stability, especially through strategies like the 1031 exchange, which allows for tax deferment and continued wealth generation. Troy also touches on the tax advantages of investing in oil and gas, highlighting the impact of the 1986 Tax Reform Act and the evolution of drilling technology. He explains how these investments can offer significant tax deductions while creating sustainable income. The conversation reveals the importance of working with reputable sponsors and understanding the complexities of the oil and gas industry to avoid pitfalls and maximize returns. This episode provides a comprehensive overview of the opportunities and challenges in the alternative investment space, particularly in oil and gas, offering valuable insights for high-net-worth individuals and those considering diversifying their investment portfolios. Stay tuned for Part 2, where we'll continue this enlightening discussion with Troy Eckard. EPISODE RESOURCES https://eckardenterprises.com/dsi https://www.truedentalsuccess.com Dental Success Network Subscribe to The Dentalpreneur Podcast
In this insightful episode of the Farm4Profit Podcast, we explore the fascinating world of Micro-Captive Insurance with none other than Van Carlson, the esteemed Founder & CEO of SRA. With over twenty-five years of experience in the risk management industry, Van brings a wealth of knowledge and expertise to the table, sharing valuable insights on how small to mid-market businesses can leverage 831(b) Plans to effectively manage their property and casualty risks while enjoying significant tax benefits.Van's journey in the industry began with Farmers Insurance Group, where he started as an agent and swiftly rose to prominence, growing his book of business to become one of the largest in his home state of Idaho. Today, his primary goal is to continue the upward trajectory of SRA, constantly innovating and developing new products to meet the evolving needs of the market.The heart of this episode lies in understanding the intricacies of 831(b) Plans and how they offer a unique opportunity for business owners to retain up to 50% of their risk and premiums. By placing funds in a tax-deferred 831(b) Plan, businesses can build a funded reserve for potential losses, thus gaining greater control over claims and even participating in underwriting profits within their plan. It's an ideal strategy for savvy business owners willing to take calculated risks for greater rewards.Van also draws parallels between 401(k) and 831(b) accounts, shedding light on their similarities in terms of tax benefits, contribution limits, and compliance requirements. However, the real magic of 831(b) Plans lies in their ability to mitigate various business risks that may not be covered by traditional insurance, such as supply chain interruptions, cybersecurity attacks, and even brand damage.Delving deeper into the history of 831(b) Microcaptives, Van discusses the legislative milestones and regulatory framework that have shaped their evolution over the years. From the Tax Reform Act of 1986 to the more recent PATH Act of 2015, which increased premium amounts and introduced inflation riders, these legislative developments have made 831(b) Plans an increasingly attractive option for businesses seeking comprehensive risk management solutions.Join us as we unravel the complexities of Micro-Captive Insurance and discover how it can be a game-changer for your business's risk management strategy. Whether you're a seasoned entrepreneur or just starting out, this episode offers invaluable insights into safeguarding your assets and maximizing rewards in today's dynamic business landscape. Tune in now to learn from the best in the industry and take your risk management strategy to the next level.Don't forget to like the podcast on all platforms and leave a review where ever you listen!Websitewww.Farm4Profit.comShareable episode linkhttps://intro-to-farm4profit.simplecast.comEmail addressFarm4profitllc@gmail.comPhone515.207.9640Subscribe to YouTubehttps://www.youtube.com/channel/UCSR8c1BrCjNDDI_Acku5XqwFollow us on TikTokhttps://www.tiktok.com/@farm4profitConnect with us on Facebookhttps://www.facebook.com/Farm4ProfitLLC/
Please enjoy October 22, 1986: Remarks on Signing the Tax Reform Act a great episode of the legendary Ronald Reagan - A Classic Old Time radio Show.
In this episode of Where Public Finance Works, we explore the remarkable journey of Martin “Marty” Feinstein, an influential figure in the fusion of public finance and investment banking technology. Born and bred in New York, Marty's story begins with his early exposure to computing at Jamaica High School, training on an IBM 1030 mainframe, and progresses through his ascension in the field post completing his master's from Albany State. Join our host, Tyler Traudt as he guides us through Marty's story from his foundational programming work at International Paper, creating a forest-yielding algorithm, to his pivotal role at First Boston, where his uncle's advice steered him into the world of public finance. Marty recounts his transition from programming to financial analysis, and how the arrival of PCs and evolving technology shaped the industry. Listen along as he details the profound shifts in bond pricing technology, from the Monroe Bond Calculator to the dominance of Bloomberg terminals. Marty candidly discusses the impact of the Tax Reform Act of 1986, which threw municipal finance into tumult, and how it prompted changes in refunding bonds and the entry of analytical databases. As he reflects on his later roles and working with his team at DebtBook, we learn how Marty's legacy is defined by a commitment to progress and the ability to harness knowledge for continuous improvement. Featured Guest Marty Feinstein is the Managing Director of Finance Product & Enablement and Head of Data Analysis/Excel Model Development at DebtBook. He first entered the Public Finance field in 1980 as a computer programmer at First Boston Corporation. In 1995, Marty joined Smith Barney (later to merge with Citi) where he became a director and headed the Finance Structuring Group within the Public Finance Department. Marty also worked for Global Financial Markets Institute as a consultant responsible for training clients in general Public Finance knowledge or Excel cash flow modeling. In April 2020, Marty joined DebtBook to help the team design and build user-friendly internal models to speed data entry of client information and train staff in general Public Finance knowledge. Download Now: The Issuer's Guide to Modernizing Debt Management
We delve into the dynamic landscape of retirement planning, exploring the critical issues surrounding the sunset of the Tax Reform Act. Learn how this crucial step not only ensures a safer retirement but also unlocks the potential for a tax-free financial future. #TaxReformAct #TaxStrategy #MarginalTaxRates #RothConversions #RetirementIncome #FinancialPlanning #TaxEfficiency
We continue the introduction to the richest real estate investor in the globe, the owner of The Irvine Company, Donald Bren.Read the entire episode here: https://tinyurl.com/m2ehfys71970'sAt that point, cities and the County were increasingly imposing costly demands on the developer. These demands included roads, flood control channels, parks, and schools — all of which were previously provided by the cities and the County. The James Irvine Foundation became serious about selling The Irvine Company to comply with the Tax Reform Act. When thinking of purchasing the company, Bren combined forces with Taubman, Allen, and the others. Understanding from Bren the need to have heiress Joan Irvine Smith on their side, Taubman and Bren had decided to allow Joan Irvine Smith to become an 11% partner of the consortium, allowing her to retain partial ownership of the Company she loved after the proposed purchase — which she relished. On May 18, 1977, Mobil bid $336.6 million. The next day, May 19, the consortium bid $337.4 million — more than one-third higher than Mobil's original offer. At noon the following day, May 20, 1977, Mobil announced that it would not attempt to outbid the consortium. The consortium was prepared to go higher. The court approved the price, declared Taubman-Allen-Irvine the winner, and the sale of The Irvine Company was completed. Therefore, 112 years after James Irvine acquired the Irvine Ranch, the company became a Michigan corporation.The consortium purchased the company for $337.4 million. Key to the financing of the acquisition was the $100 million loan, which was assembled by a group of 9 banks. The timing of the acquisition could not have been better, as the nation came out of the 1973-74 recession, and the economy grew warm in 1976 and 1977.1980'sIn 1983, Bren made a startling move. He offered to buy out Taubman and his partners by launching his own leveraged buyout of The Irvine Company, for their 51 percent of the Company, for which they had contributed less than $100 million six years earlier, Bren offered the “Eastern” shareholders $516 million. Determining that they had made a sizeable profit and uncertain about the future resulting from the heated “greedy eastern carpetbagger” campaign and the residential leasehold crisis, the Taubman-led easterners agreed to accept Bren's offer. Orange County newspaper reporters tried to uncover why these astute businessmen would sell a company which appeared to have an unlimited financial future, but Taubman would only comment “My father always told me you take some and you leave some.” To his hometown “Detroit Free Press” he boasted: “This was a better deal than the Louisiana Purchase.” But Joan Irvine Smith objected to the buyout price as being too low, and objected to Bren's saddling the Company with a $560 million debt (the $516 million buyout plus interest due to five banks making the loan). This valued the company at just over $1B and her 11% shares at about $100M. She filed suit. With the buyout also came $560M of debt. Bren worked with First Boston Company on financing the buyout, and he worked closely with accountants Kenneth Leventhal & Company on how to make the payments. The lawsuit lasted quite a few years in the 80s and after endless months of discovery, depositions, the trial which was in Michigan (where the company was incorporated) resulted in the judge awarding her $256M including accumulated interest.Join our newsletter here: www.montecarlorei.com
In this episode, John Baker shares his tips and strategies for getting wealthy with real estate investing. He discusses the importance of prudently leveraging real estate and explains the tax benefits of investing in real estate. John also shares his personal experiences and wealth-building strategies, including investing in ATM funds and using retirement accounts for real estate investing. He emphasizes the importance of passive income and cash flow and provides advice on working with turnkey providers and building a team. He also discusses the importance of family and the shift in priorities that can occur after a life-changing event. John concludes with closing thoughts and advice for those looking to get started in real estate investing. Resources John's Free Book PDF Version “There is A Raccoon on my Leg, A Journey to Discover the 30 Rules of Real Estate” https://members.wvmls.com/content/Raccoon_John_Baker.pdf Rich Dad, Poor Dad by Robert Kiyosaki The Cashflow Quadrant by Robert Kiyosaki Tax Relief for American Families and Workers Act of 2024 Get Rich Education https://getricheducation.com ATM Investing, Dave Zook, The Real Asset Investor https://therealassetinvestor.com Rental Property Calculatorhttps://www.calculator.net/rental-property-calculator.html Tax Reform Act of 2017 Bonus Depreciationhttps://www.bing.com/search?q=tax+reform+act+of+2017+bonus+depreciation&qs=NWU&pq=tax+reform+act+of+2017+bonus&sk=NW_XFC1NW4NWU1&sc=10-28&cvid=D640A57229844266AF345EDB53E6FE6E&FORM=QBLH&sp=7&ghc=1&lq=0 QRP-Qualified Retirement PlaneQRP Damion Lupo https://eqrp.com/founder/
On this episode of the Massimo Show Rod sits down with one of his mentors, Jerry Anderson, a veteran in the commercial real estate brokerage industry with over 50 years of experience. Jerry, currently a Corporate Advisor for eXp Commercial, has successfully run two international brokerage companies and is a pioneer in single point of contact and master franchise brokerage models. Jerry has succeeded and thrived through at least four economic downturns, otherwise known as inflection points in brokerage, throughout his career, so Rod begins the podcast by asking him about the current state of the market and how it differs from previous downturns he's experienced. At first glance, Jerry thought this downturn was similar to the 2008 financial crisis, but after watching some activity over the past few months, he said there are several differences, especially where things are heating up in the financial/lending industry, and “not in a good way.” Jerry elaborates that the central dilemma for US brokers right now is that “Interest rate percentages have really been very, very low, in my opinion, for way too long. We have to reset all that. We have to get people accustomed to higher interest rates. If you own a property…at 3% or 4%, [we have to ask] why would you want to sell?... [and advise] All you're going to do is pay capital gains tax, move on, and have a higher interest rate.” Jerry also points out that interest rates used to be higher, he remembers he “was pretty happy when interest rates [used to be] 12% and I was making money as a broker at 12%.” With Jerry's lengthy expertise, Rod asks what advice he would give to brokers saying there's no velocity in the current market and there's “nothing I can do.” Jerry suggests that interest rates are relative, brokers have “had it pretty easy for the last 10 years… the habits they gave up, they're going to have to reinsert… You have to be an advisor in this marketplace more than ever before because people don't need you… you have to help them figure out what they do need.” “It's a beautiful time for you as a broker to make calls and say, let me share with you what's happening because we have our thumb on the heartbeat of the market.” Jerry continues to explain that brokers have to refocus, understand where the market is and its impacts, and share that knowledge and awareness with property owners and buyers to put them “in a position to be successful…” Rod further emphasizes Jerry's points by adding that The Massimo Group encourages our clients to be an authority in the market versus a commodity, an advisor versus a facilitator. “...This is not a time to take your foot off the pedal. This is the time to jam that pedal to the floor [with] more calls, more effort, more work if you want to just maintain a sliver of market share…” Lastly, Rod enquires what Jerry feels are some of the greatest inflection points in brokerage history that have changed the way brokers work. Jerry recalled the Tax Reform Act of 1986, technology, particularly software and the internet, and the structure of brokerage companies. Jerry briefly discusses his white paper The Commercial Real Estate Brokerage Industry Is Broken For Both Brokers and Associates. Rod postulates if he feels brokerage was broken back then and it still is today, how can we fix it? Jerry details the strengths and weaknesses of some prior brokerage models, from the small shop to national and international brokerage companies, franchises, and now virtual models. Jerry believes the current model that eXp is experimenting with is the closest to having it figured out. Note: These highlights are designed to provide an overview of this episode's content. Listeners are encouraged to tune in to the full episode for a comprehensive understanding of the topics covered. At the Massimo Group we have 15 years of experience helping the most dedicated brokers, like you, build the CRE business and life they have always desired. If you'd like to learn more visit https://massimo-group.com/
Professors Bridget Crawford and Victoria Haneman discuss the estate and gift tax and how it could apply to the gifts received by Supreme Court Justice Clarence Thomas. For additional coverage, read these articles in Tax Notes:Harlan Crow Dodges Wyden Request for Details on Thomas GiftsWyden May Pursue Harlan Crow's Tax RecordsWyden Asks Harlan Crow for Details of Gifts to ThomasIn our “Editors' Corner” segment, Ellen Aprill, the John E. Anderson Professor of Tax Law Emerita at Loyola Marymount University's Loyola Law School, chats about her Tax Notes piece, “Reviewing For-Profit Philanthropy and the 1969 Tax Reform Act.” Follow us on Twitter:David Stewart: @TaxStewTax Notes: @TaxNotes***CreditsHost: David D. StewartExecutive Producers: Jasper B. Smith, Paige JonesShowrunner: Jordan ParrishAudio Engineers: Jordan Parrish, Peyton RhodesGuest Relations: Alexis Hart
Tax evasion is an illegal attempt to defeat the imposition of taxes by individuals, corporations, trusts, and others. Tax evasion often entails the deliberate misrepresentation of the taxpayer's affairs to the tax authorities to reduce the taxpayer's tax liability, and it includes dishonest tax reporting, declaring less income, profits or gains than the amounts actually earned, overstating deductions, using bribes against authorities in countries with high corruption rates and hiding money in secret locations. Tax evasion is an activity commonly associated with the informal economy. One measure of the extent of tax evasion (the "tax gap") is the amount of unreported income, which is the difference between the amount of income that should be reported to the tax authorities and the actual amount reported. In contrast, tax avoidance is the legal use of tax laws to reduce one's tax burden. Both tax evasion and tax avoidance can be viewed as forms of tax noncompliance, as they describe a range of activities that intend to subvert a state's tax system, but such classification of tax avoidance is disputable since avoidance is lawful in self-creating systems. Both tax evasion and tax avoidance can be practiced by corporations, trusts, or individuals. Economics. In 1968, Nobel laureate economist Gary Becker first theorized the economics of crime, on the basis of which authors M G Allingham and A Sandmo produced, in 1972, an economic model of tax evasion. This model deals with the evasion of income tax, the main source of tax revenue in developed countries. According to the authors, the level of evasion of income tax depends on the detection probability and the level of punishment provided by law. Later studies, however, pointed to limitations of the model, highlighting that individuals are also more likely to comply with taxes when they believe that tax money is appropriately used and when they can take part in public decisions. The literature's theoretical models are elegant in their effort to identify the variables likely to affect non-compliance. Alternative specifications, however, yield conflicting results concerning both the signs and magnitudes of variables believed to affect tax evasion. Empirical work is required to resolve the theoretical ambiguities. Income tax evasion appears to be positively influenced by the tax rate, the unemployment rate, the level of income and dissatisfaction with government. The U.S. Tax Reform Act of 1986 appears to have reduced tax evasion in the United States. In a 2017 study Alstadsæter et al concluded based on random stratified audits and leaked data that occurrence of tax evasion rises sharply as amount of wealth rises and that the very richest are about 10 times more likely than average people to engage in tax evasion. --- Send in a voice message: https://anchor.fm/law-school/message Support this podcast: https://anchor.fm/law-school/support
Can you retire when you have debt? This episode of the One for the Money podcast focuses on answering that question. More and more Americans are retiring with a mortgage, but is it right for you? Doing so depends on many factors that can't be assessed in isolation. Listen to the end when I share a simple strategy to pay off your mortgage early.In this episode...Keeping mortgages past age 65 [01:44]Why are more people retiring with a mortgage? [02:57]Retiring with a mortgage [06:58]Debt and relationships [08:16]Advantages of paying off the mortgageWhether you can retire or retire early with debt depends on the type of debt you have. If you don't have a three- to six-month emergency fund, have multiple sources of debt, have multiple credit cards to pay off, have an auto loan, and have a mortgage, then the answer is almost certainly no. If you only have a mortgage, retiring may be possible depending on several factors, such as retirement income, mortgage payment, mortgage interest rate, and years remaining on the mortgage. Having no debt, including a mortgage, makes retirement so much easier. I wouldn't recommend an early retirement before paying off your home. Paying off your mortgage early essentially provides a risk-free rate of return. For example, if your mortgage rate is at 5%, paying it off early saves 5%. While that savings isn't an incredible rate of return, it's pretty fantastic, considering you don't have to pay that on the loan. However, more and more Americans are entering retirement with a mortgage. A 2016 report by Harvard's Joint Center for Housing Studies showed that in 1996, 25% of homeowners in their late 60s to 70s still had a mortgage, but in 2016 that number had jumped to nearly 50%.Why are more people retiring with mortgages?Several developments over the last three decades may explain the dramatic increase in the share of retirees with mortgages. Americans today seem to have less aversion to debt than the generation that grew up after the Great Depression. Although consumer debt levels always ebb and flow with economic cycles, total debt as a percentage of disposable income is significantly higher today than in the late 90s. The Tax Reform Act of 1986 made mortgages a more attractive form of debt. The reform eliminated the income tax deductions for interest on credit cards and other types of consumer debt with one exception: mortgage interest.For the majority of the last decade, mortgage rates were extremely low. While the rates have climbed rapidly this year, 85% of homeowners in the United States have a rate lower than 5%. That makes taking a mortgage into retirement a little more manageable. People have also been purchasing homes later in life because homes have become expensive. In the late 80s and early 90s, housing prices were about three times the typical household earnings, while prices today are more than four times.Paying off your mortgage earlyA simple tip to paying off a mortgage early is making one extra payment each year, applied to the principal. What kind of difference can that make? Let's say you secured a 30-year fixed-rate mortgage for $400,000 with a 5% interest rate. Your regular monthly payment would be $2147 per month. If you make an extra monthly payment of $2147/per year, you'd pay off your 30-year mortgage four years and five months early and save over $62,000 in interest in the process. That's a huge savings of time and money, which would set you up very well for early retirement. Ultimately, a paid-for home gives you something a mortgage cannot: peace of mind. Removing that worry significantly impacts psychology and happiness, which is why I believe a paid-for home is a critical piece of early retirement planning.Resources & People Mentioned
Erik Brynjolfsson's paper “The Turing Trap: The Promise and Peril of Human-Like Artificial Intelligence” argues that the “imitation game” of creating tech that mimics humans has increased productivity and living standards, but does not exist without costs. Those costs make up “The Turing Trap” which happens when humans not involved in creating AI cannot compete with the productivity and efficiency of the robots designed to do their jobs, and lose control of their economic and political futures. The Turing Trap sits at the center of contemporary labor force struggles, including the Great Resignation, the fight for “good jobs” and cratering male labor force participation. Michael Strain, who directs AEI's Economic Policy Studies, joins Dr. Brynjolfsson and I to discuss what economic policy can do to encourage more innovators aim higher and create machines that augment rather than replace human labor, and how that effort is crucial to the American Dream. Mentioned in the episode https://www.brynjolfsson.com/ (Erik Brynjolfsson) https://www.amazon.com/Utopia-Thomas-More/dp/1512093386 (Utopia Paperback by Thomas More) https://www.amazon.com/Foundation-Isaac-Asimov/dp/0553293354 (Foundation Mass Market Paperback by Isaac Asimov) https://www.amazon.com/Worldly-Philosophers-Economic-Thinkers-Library/dp/1441743669 (Heilbronner's Worldly Philosophers) https://newsinfo.iu.edu/news/page/normal/5075.html (Doug Hofstadter) https://digitaleconomy.stanford.edu/news/the-turing-trap-the-promise-peril-of-human-like-artificial-intelligence/ (The Turing Trap by Erik Brynjolfsson) https://www.aei.org/profile/michael-r-strain/ (Michael R. Strain) https://www.amazon.com/American-Dream-Not-Dead-Populism/dp/159947557X (The American Dream is Not Dead) https://www.city-journal.org/html/when-high-schools-shaped-americas-destiny-15254.html (The High School Movement) https://taxfoundation.org/tax-basics/pigouvian-tax/#:~:text=A%20Pigouvian%20tax%2C%20named%20after,sugar%20taxes%2C%20and%20carbon%20taxes. (Pigouvian Tax) https://taxfoundation.org/tax-basics/consumption-tax/ (Consumption Tax) https://www.investopedia.com/terms/t/taxreformact1986.asp (Tax Reform Act of 1986) https://scholar.harvard.edu/files/mankiw/files/smart_taxes.pdf (Greg Mankiw Pigou Club)
This episode talks about Vell's balling on a budget. The Good Read for this episode is Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes by Tom Wheelwright. After 31 years… Major Tax Reform — and what it means to you True overhaul of the tax law only happens about once every 30 years. In the past 75 years, the U.S. tax law has only seen three major revisions; one in 1954, the next in 1986 and most recently at the end of 2017. I have been fortunate as a tax professional to be heavily involved in the last two reforms. In 1986, I was a manager in the National Tax Department (NTD) of Ernst & Whinney (now Ernst Young). My primary responsibility during my three years there was to create, teach and administer tax courses to the Firm's U.S. tax professionals. Just as I arrived in the summer of 1985, I discovered that much of NTD's resources were being devoted to following the tax reform bill that had been introduced that year. This gave me, as a young tax professional, some amazing insight into the legislative process as well as the horse trading for tax reform. President Reagan wanted two things; simplicity (the 1985 act was call the Tax Simplification Act of 1985) and he wanted it to be revenue neutral (no net increase to the deficit). It took another year before bill was finally passed as the Tax Reform Act of 1986. (Simplicity took a back seat to other goals of the reform.) In 1986 the big winners from tax reform were individuals, with significantly lower tax rates, insurance companies (who got by relatively unscathed) and businesses. The big loser was real estate investors (the passive loss rules were used as a last-ditch effort to make a “revenue-neutral” bill. The result a few years later was the Savings and Loan debacle accompanied by a massive real estate depression and the government bailing out real estate through the RTC (Resolution Trust Corporation). Fast forward 31 years to 2017. What's Popping in Vell's World consist of Nia Long UPDATE, Delux Magazine's 2022 Power 100, Hurricane Ian, and more. Follow on Facebook, Instagram, and Twitter @VellsWorldPodcast Email vellsworldpodcast@ldmonger.com with any comments, questions, or concerns you would like mentioned in our upcoming episodes. To sponsor an episode send us an email. Don't forget to subscribe, tell a friend, and follow on all social media platforms. You can leave a voice message and become a monetary supporter for as little as .99 cent on the anchor.fm. --- Send in a voice message: https://anchor.fm/vellsworldpodcast/message Support this podcast: https://anchor.fm/vellsworldpodcast/support
In this fifth episiode of The Rust Belt Apartment Podcast the team sits down with John MacFarland of Cost Segregation Services to take a deep dive into past, present and future of cost segregation in real estate. 00:00 - John MacFarland Intro2:35 - Gary's History Lesson3:20 - Component Depreciation 4:55 – The Tax Reform Act of 1986 5:50 - Hospital Corporation of America vs Commissioner6:25 - Cost Segregation 11:22 - Definition of the Cost Segregation process 12:50 - 5 Year and 15 Year Depreciation15:25 - Processes & Guidelines16:45 - Engineering Study of the Asset18:18 - Can I conduct a cost segregation study myself?20:30 - Defense of methodology22:50 - Return on Investment24:35 - The Look Back Study26:25 - Predictive Analysis28:00 - CSSI, the IRS and Audits32:21 - OK John, what is the catch? This sounds too good to be true36:38 - Size and scope of CSSI Cost Segregation Studies41:45 - Bonus Depreciation vs Cost Segregation45:25 - Post-Sale Cost Segregation50:21 - Predictive Analysis Reviews51:00 - $50 Million Dollar Case Study1:00:15 - $15 Million Dollar Case Study1:01:00 - $6 Million Dollar Case Study1:03:16 - Closing Remarks
The United States Tax Court (in case citations, T.C.) is a federal trial court of record established by Congress under Article I of the U.S. Constitution, section 8 of which provides (in part) that the Congress has the power to "constitute Tribunals inferior to the supreme Court". The Tax Court specializes in adjudicating disputes over federal income tax, generally prior to the time at which formal tax assessments are made by the Internal Revenue Service. Though taxpayers may choose to litigate tax matters in a variety of legal settings, outside of bankruptcy, the Tax Court is the only forum in which taxpayers may do so without having first paid the disputed tax in full. Parties who contest the imposition of a tax may also bring an action in any United States District Court, or in the United States Court of Federal Claims; however these venues require that the tax be paid first, and that the party then file a lawsuit to recover the contested amount paid (the "full payment rule" of Flora v United States). The main emblem of the tax court represents a fasces. History. The first incarnation of the Tax Court was the "U.S. Board of Tax Appeals", established by Congress in the Revenue Act of 1924 (also known as the Mellon tax bill) in order to address the increasing complexity of tax-related litigation. Those serving on the Board were simply designated as "members." The members of the Board were empowered to select, on a biennial basis, one of their members as "chairman." In July 1924, Coolidge announced the appointment of the first twelve appointees, of which seven members were appointed from private life and the other five from the Bureau of Internal Revenue. Additional members were appointed in the fall, and the Board when fully constituted originally had 16 members, with Charles D. Hamel serving as the first Chairman. The Board was initially established as an "independent agency in the executive branch of the government." It was housed in the Internal Revenue Service Building in the Federal Triangle. The first session of the Board of Tax Appeals spanned July 16, 1924 to May 31, 1925. In 1929, the United States Supreme Court indicated that the Board of Tax Appeals was not a "court," but was instead "an executive or administrative board, upon the decision of which the parties are given an opportunity to base a petition for review to the courts after the administrative inquiry of the Board has been had and decided." In 1942, Congress passed the Revenue Act of 1942, renaming the Board as the "Tax Court of the United States". With this change, the Members became Judges and the Chairman became the Presiding Judge. By 1956, overcrowding and the desire to separate judicial and executive powers led to initial attempts to relocate the court. In 1962, Secretary of the Treasury Douglas Dillon appealed to the U.S. General Services Administration (GSA) to incorporate funds for the design of a new building in its upcoming budget. The GSA allocated $450,000, and commissioned renowned architect Victor A Lundy, who produced a design that was approved in 1966. However, funding constraints brought on by the Vietnam War delayed the start of construction until 1972. The Tax Court was again renamed to its current formal designation in the Tax Reform Act of 1969, changing it from an historically administrative court to a full judicial court. The completed United States Tax Court Building was dedicated on November 22, 1974, the fiftieth anniversary of the Revenue Act that created the court. --- Send in a voice message: https://anchor.fm/law-school/message Support this podcast: https://anchor.fm/law-school/support
Have you ever wondered what it would be like to be a knight? Perhaps there are some perks and what about responsibilities? Well on this episode we have a conversation with a royal knight to learn about his story and get some advice from a knightBrad Blazar is recognized globally as an expert when it comes to raising capital. At the young age of 23, he started and was the founder of a very successful company in the oil and gas industry. This was brought to an abrupt stop in the late 80's due to The Tax Reform Act and collapsing oil prices, but it was not about to slow him down. Brad went on to find his true passion in life, raising money and helping people. He has raised billions of dollars in the last years for investment sponsors and those in real estate in addition to closing the largest sales for multiple companies. Now Brad consults to companies needing access to capital around the world.Brad's premier coaching program Capital School has reached a global audience around the world.Support the showNext Steps Share your thoughts with a review - https://www.uncensoredadviceformen.com/reviews/ Let's connect on LinkedIn - https://www.linkedin.com/in/joshuabrucewilson/ Subscribe and Watch on YouTube - https://www.youtube.com/channel/UCI11BikVb5CbEwIwjmR89Iw
Scott and Jeff talk with Ken Kies about TRA86, the last major tax reform since the Tax Cuts and Jobs Act. Ken was the Chief Republican Tax Counsel of the House Ways and Means Committee during the process of passing TRA86. How bipartisan was the TRA86? Was Ronald Reagan involved in the details? How much did the lobbyists matter? This episode gets into the details of TRA86 from someone who was on the front lines of tax reform when it happened.
Brad Blazar is recognized globally as an expert when it comes to raising capital. At the young age of 23, he started and was the founder of a very successful company in the oil and gas industry. This was brought to an abrupt stop in the late '80s due to The Tax Reform Act and […]
Rebecca Walser thinks that the 401(k) is a failed experiment. In her opinion, the Revenue Act of 1978 was nothing more than a corporate tax dodge for highly compensated executives, and not a state retirement vehicle. While working as a benefits consultant, Rebecca was looking for a way to administer an alternative savings plan for a client as opposed to just a cash bonus savings plan. She came upon the 401(k) provision and noticed it was a “tax dodge” that could be leveraged. One of the main conditions for this to happen was to ask the IRS if they could allow for the provision to not be taxable – otherwise, Rebecca's client would have “phantom income.” They needed the IRS to confirm that the money wouldn't be taxed until it was accessed. At that time, corporations were severely underfunding their pensions. On the benefits side, they were responsible for putting money away and investing the funds, as well as for having enough to honor those pensions and meeting those obligations. When the 401(k) provision came to be, it shifted the burden to individuals to elect to make the contribution – and all of this happened without any testing. In the late ‘70s and early ‘80s, it was a stockbroker's world. People had to call their stockbroker to invest in the market. Private banking and stock brokerages weren't something mainstream America had access to, and suddenly Wall Street had massive million-dollar-cost averaging and it was a way Wall Street had exploded. When it comes to longitudinal, long-term investments – and when you look at various indexes – Americans don't make the minimum averages of any index. There's one piece of advice that Rebecca considers to be absolutely right every single time, and that you can take to the bank: ‘Buy Low, Sell High'. When you look at behavioral finance, you realize people have a fear of missing out when the market is high. Even though some people may have had their portfolio 40% higher pre-Corona, they're still thinking that there's space for it to grow, so they don't want to sell out. When some investors start to see a stock coming down, they keep their position of waiting for it to get to “one dollar higher.” What happens in these cases is that the stock declines and reaches a low at which point the investor says, ‘I can't afford to lose anymore' – and ends up selling when the stock is at the bottom. By nature, when we're managing our money, we do the opposite of what we're supposed to do. The DALBAR Statistics show that the average investor has done so much worse than the average and indexes themselves. Wall Street attached itself to pre-tax wealth-building. When pre-tax paying came about organically, people were intrigued by the idea of putting their money in a “silo,” where they could save up and have to pay taxes on it only when they retired – and since they would eventually be in a lower tax bracket, they could pay less taxes. However, they forgot to tell people one thing: in order for you to be able to choose your tax rates when you're going through your lifetime, taxes have to remain relatively stable During Reagan's second term, with the passing of the Tax Reform Act of 1986, the top bracket to 28%. This widened the bracket, and people who were making $28k a year (after deductions) became part of that bracket. The retirement of baby boomers will shift us to the new phase of taxation in America. It's the thing that has been talked about since the ‘70s: this decade between 2020 and 2030 will be the decade where everything that has been pushed down the road will come to fruition. For the first time in the history of America, the country will have a European-styled system for a third of its people (one-third of Americans will be on social security and Medicare). Back in 2009-2010, David Walker stated that tax rates would have to double in order keep the U.S. solvent. Not only does he still stand by that statement but he also thinks that tax rates in the future will never be as low as they are today. Before the pandemic, Rebecca Walser was extremely concerned. Now, after having seen how the world dealt with Covid-19, she is mortified by how scary of a fiscal position America is in, especially because of its special status as the World Reserve Currency. Currently, there is over $8 trillion of printed stimulus currency in the U.S.. To give some perspective: Reagan took office in January of 1981. One trillion dollars of debt wasn't reached until October of that year. From October of 1981 till February of 2020, the Federal debt was under 29 trillion dollars. In the last 20 months, $8 trillion has been printed to deal with Covid-19. Before the pandemic, Rebecca was worried. Now, we're at a point where we're talking about a global Central Bank reckoning. The U.S. has been the World Reserve Currency since 1944. In the past, China and India wouldn't bilaterally trade in their domestic currencies, they would buy dollars and use those to trade. Then, you had the BRICS (Brazil, Russia, India, China, and South America) wanting to make a pact to bilaterally trade for the first time. Over the last 15 years, the dollar hasn't been used much in bilateral trades in countries around the world. Three months ago, China announced its intention of doing its own digital currency – two months ago, the UK announced its move toward digital currency. As the world moves toward digital currency, the U.S. dollar will literally become irrelevant as the World Reserve Currency. Nearly 3 trillion dollars, nearly half of the U.S. annual spending, comes from its ability to sell its paper to the world. If this opportunity were to end, America would lose almost half of its lifeline (support to the military, social assistance, etc.).
Welcome to the Instant Trivia podcast episode 256, where we ask the best trivia on the Internet. Round 1. Category: Your Basic Monster 1: Count yourself lucky to know that one of these monsters drinks your blood and can turn into a bat. vampire. 2: A full moon gets this type of monster in a hairy situation. werewolf. 3: In a Mary Shelley work, he's the doctor who used electricity to charge his constructed monster to life. Dr. Frankenstein. 4: St. George fought and killed one of these mythical, fire-breathing monsters. dragon. 5: This monster is a giant, one-eyed creature from Greek mythology. cyclops. Round 2. Category: Poets 1: Georgia poet Sidney Lanier spent several months in a Maryland prison during this war. the Civil War. 2: His poems, chiefly in the Scottish dialect, was first published July 31, 1786, in Kilmarnock. Robert Burns. 3: In one of his cute couplets he quipped, "A bit of talcum is always walcum". Ogden Nash. 4: Charles Baudelaire's masterpiece, "Les Fleurs du mal", translates as these "of Evil". Flowers. 5: This Maine poetess sometimes wrote under the shorter pen name Nancy Boyd. Edna St. Vincent Millay. Round 3. Category: Stupid Answers 1: It's the first amendment to the U.S. Constitution that mentions religion. First Amendment. 2: It's the name given the nearly 1-week-long military conflict between Israel and several Arab neighbors in 1967. Six-Day War. 3: Carvings of a bell and a star are found on her gravestone in Porum, Oklahoma. Belle Starr. 4: (Hi, I'm Jason Williams of the New Jersey Nets) In 1999 this flashy Sacramento Kings guard was second in voting for NBA Rookie of the Year. Jason Williams. 5: Kodiak Island is the habitat of this type of bear, Ursus arctos middendorffi. Kodiak bear. Round 4. Category: Denmark 1: This most important naval battle of World War I took place off Denmark's coast. the Battle of Jutland. 2: Between 1513 and 1972, all Danish kings were alternately name Frederik and this pious name. Christian. 3: Now a ruin, the Trelleborg Fortress of these warriors was built using half the timber on the island of Zealand. the Vikings. 4: This 11th century "Great" Dane united Denmark, England and Norway. Canute the Great. 5: This 11th century "Great" Dane united Denmark, England and Norway. Canute the Great. Round 5. Category: Financial Matters 1: This alphanumeric clause of the 1978 Tax Reform Act now enrolls over 40 million Americans. 401(k). 2: A killer bee is an investment banker helping thwart a hostile one of these. takeover. 3: Appropriately, investing in housing can be one of these, letting you pay less to the IRS. tax shelter. 4: Term for the interest rate on a bond, as well as a piece of paper that lowers your grocery bill. coupon. 5: This 6-letter word can mean frugality, or a savings and loan association. thrift. Thanks for listening! Come back tomorrow for more exciting trivia!
Can you sell your rental property as a 1031 exchange? It depends. Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions. Submit your tax question to taxtuesday@andersonadvisors. Highlights/Topics: Can I offer my condo as a rent-to-own rental for six months and sell it as a 1031 exchange? If you're offering the condo as rent-to-own, you're contemplating the sale of that property, so it becomes a sale property, not a rental property, and taxed differently Should I invest into limited partnership (LP) multifamily syndications with the same LLC as I have active personal rentals? Ideally, everything should be in its own LLC or you may be at risk for outside liability I am a co-founder of a startup (C Corp). Can I establish a self-directed Roth IRA and put my company share in it? Yes, you can, but it depends on how you go about doing it - Rollover as Business Start-ups (ROBS) For all questions/answers discussed, sign up to be a Platinum member to view the replay! Go to iTunes to leave a review of the Tax Tuesday podcast. Resources: Infinity Investing: How The Rich Get Richer And How You Can Do The Same by Toby Mathis http://aba.link/infinitybook 1031 Exchange https://www.irs.gov/pub/irs-news/fs-08-18.pdf IRS - Section 168 https://www.irs.gov/pub/irs-drop/rr-14-17.pdf IRS - Section 179 https://www.irs.gov/newsroom/irs-issues-guidance-on-section-179-expenses-and-section-168g-depreciation-under-tax-cuts-and-jobs-act Bonus Depreciation https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act Depreciation Recapture https://www.investopedia.com/terms/d/depreciationrecapture.asp Entity Formation https://andersonadvisors.com/entity_formation/ Cost Segregation Authority https://costsegauthority.com/ Real Estate Professional Requirements https://www.irs.gov/pub/irs-utl/33-Real Estate Professionals.pdf Airbnb https://www.airbnb.com/ Retirement Plans https://andersonadvisors.com/retirement_plan/ Wills and Trusts https://andersonadvisors.com/living_trusts/ Tax Reform Act of 1986 https://www.investopedia.com/terms/t/taxreformact1986.asp Self-Employment Tax https://www.irs.gov/businesses/small-businesses-self-employed/self-employment-tax-social-security-and-medicare-taxes Old Age, Survivors, and Disability Insurance (OASDI) https://www.ssa.gov/policy/docs/progdesc/sspus/oasdi.pdf Capital Gains and Losses https://www.irs.gov/newsroom/capital-gains-and-losses-10-helpful-facts-to-know-0 Section 121 - Capital Gains Exclusion https://www.irs.gov/taxtopics/tc701 Step-Up in Basis https://www.investopedia.com/terms/s/stepupinbasis.asp#:~:text=A%20step%2Dup%20in%20basis%20is%20the%20readjustment%20of%20the,for%20tax%20purposes%20upon%20inheritance.&text=The%20asset%20receives%20a%20step,of%20property%20transferred%20at%20death. Fannie Mae https://www.fanniemae.com/ Freddie Mac http://www.freddiemac.com/ Schedule A https://www.irs.gov/forms-pubs/about-schedule-a-form-1040 Schedule C https://www.irs.gov/forms-pubs/about-schedule-c-form-1040 Schedule E https://www.irs.gov/forms-pubs/about-schedule-e-form-1040 Schedule K-1 https://www.irs.gov/forms-pubs/about-schedule-k-1-form-1065 Unrelated Business Income Tax (UBIT) https://www.irs.gov/charities-non-profits/unrelated-business-income-tax Unrelated Debt-Financed Income (UDFI) https://www.irs.gov/pub/irs-tege/eotopicn86.pdf Rollover as Business Start-ups (ROBS) https://www.irs.gov/retirement-plans/rollovers-as-business-start-ups-compliance-project IRC 469(c)7 https://www.law.cornell.edu/uscode/text/26/469 Secure Act https://www.congress.gov/bill/116th-congress/house-bill/1994/text Toby Mathis http://tobymathis.com/about-toby-mathis/ Anderson Advisors https://andersonadvisors.com/ Anderson Advisors Events https://andersonadvisors.com/all-events/ Events@andersonadvisors.com Anderson Advisors Tax and Asset Protection Workshop https://andersonadvisors.com/asset-protection/ Anderson Advisors Tax-Wise Workshop https://andersonadvisors.com/tax-wise-workshop-for-businesses-investors/ Anderson Advisors Infinity Investing Workshop https://andersonadvisors.com/investing-workshop-passive-income-generating-machine/ Anderson Advisors on YouTube https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ Anderson Advisors on Facebook https://www.facebook.com/AndersonBusinessAdvisors/ Anderson Advisors Podcast https://andersonadvisors.com/podcast/
On this episode of the Impact Real Estate Podcast, we chat with George Barry, a pioneer of the tax credit market and President at Foss & Company. George takes us back to the 1980s and gives us a necessary lesson of how and why the Tax Reform Act came to be. As a veteran of the space, George also looks into the future and tells us the changes and trends he sees in the tax credit world. It's the kind of episode we absolutely love here at the Impact Real Estate Podcast.
Tax experts discuss the SALT Cap Workaround, available to partnerships and S corporations, comprised solely of individual partners or shareholders. This workaround will enable those businesses that qualify, to deduct from their federal taxes, the $10,000. cap on state and local tax deductions, imposed by the 2017 Tax Reform Act.
Whether you support him or not President Biden is a pretty savvy politician. He’s been waiting all of his political career to put forward proposals that will put him in the history books as making an impact for the social good of society. It is clear from his first 100 days in office that his plan includes a lot of spending, close to 5 trillion dollars. To pay for all this spending he is looking to increase taxes and deficit spending. The tax increases that have been proposed will have an impact on small businesses directly and indirectly. The first area that will impact small businesses is the corporate tax rate. While the majority of small businesses are not corporate filers there is about 10% of small businesses are and will be impacted by the change in the corporate tax rate. The other way this tax increase could impact a larger percentage of small businesses is through the trickle-down effect. The vast majority of small businesses are pass-through tax entities. What that means is, say you have a partnership or S corporation you don’t pay the corporate tax rate but you pay the personal tax rate based on your 1040 return. Where President Biden’s tax plan will impact more small businesses is the limit he has proposed on qualified business income tax deduction. The qualified business income tax deduction was part of the 2017 Tax Reform Act and gave pass-through tax entities the ability to lower their reported taxable income by 20%. The proposed plan is to remove that deduction for filers reporting over a million in profits. The other area that could impact small business owners is the capital gains tax increase. While most people think the capital gains tax only impacts the wealthy on Wall Street the impact for small business owners comes into play if they decide to sell their business. As the Baby Boomer population nears the retirement stage of their life they are looking to sell their businesses. We are seeing increased interest from the Millennial generation to start or buy businesses. However, the capital gains tax proposed could result in a 50% tax on the proceeds from the sale of your business depending on what state you live in. The other topic that doesn’t always get brought into the tax conversation but certainly has an impact, is payroll taxes. The PRO Act was recently passed in the House of Representatives and it is part of the President's infrastructure proposals. The PRO Act does two primary things, it makes it much easier for employees to unionize but the big thing for small businesses is that it reclassifies independent contractors. If you are a small business that uses independent contractors the PRO Act would mean those contractors would have to be classified as employees for the time they work for you. This means the business would be responsible to pay payroll taxes on the amount paid to their contractors. Also, depending on the number of hours worked the business would have to offer their contractors benefits as if they were normal employees. What I’ve learned from the pandemic and running a small business for the last 20 years. No one has a clue about what will happen in the future so the best you can do is to base your decisions today on what you can see. Today we see more taxes and regulations being proposed and the current administration is more pro-worker than pro-business. What I hear from my clients is they are losing their appetite to take risks and hire more people due to what they see today. Resources Shared: The Marks Group
The Brewbound team recaps all the beer news that broke while you were celebrating the socially distant holidays: The federal government making permanent excise tax cuts from the Craft Beverage Modernization and Tax Reform Act; the Dietary Guidelines for Americans upholding its recommendation of two daily drinks for men; the Sheehan Family Companies lawsuit; and much more.
Many small companies have been hit hard by the Covid crisis, and for one industry in particular, a looming tax hike could cause further economic turbulence. Steve Forbes on the tax reform act that’s set to expire Dec. 31, which could put small breweries out of business, and on what's at stake if Congress doesn't act fast. Steve Forbes shares his What’s Ahead Spotlights each Tuesday and full podcast episodes each Friday.
12 distilleries are speaking out to avoid a 400% federal tax increase, which will happen if the Craft Beverage Modernization and Tax Reform Act isn't extended. In conclusion, by some local juice today. See omnystudio.com/listener for privacy information.
With more than 30 years of high-level government experience and nearly two decades of work with the Distilled Spirits Council, the Alpine Group's Rhod Shaw dives into the election outcomes and what that means for the spirits industry moving forward. He covers why this election was unlike any others, and what's next for the Craft Beverage Modernization and Tax Reform Act, tariffs and cannabis legalization.
With more than 30 years of high-level government experience and nearly two decades of work with the Distilled Spirits Council, the Alpine Group's Rhod Shaw dives into the election outcomes and what that means for the spirits industry moving forward. He covers why this election was unlike any others, and what's next for the Craft Beverage Modernization and Tax Reform Act, tariffs and cannabis legalization.
Greg was a new partner in a CPA practice when the Tax Reform Act of 1986 took effect. The tax changes were dramatic and created tremendous chaos and change for tax preparers. At midnight on April 15th 1987, Greg remembers that their lobby was full of irate clients waiting for their tax returns, and Greg’s [...]
Margie A.S. Lehrman is the CEO of the American Craft Spirits Association and an accomplished attorney. She joined the trade organization in 2016 and was a major player in getting the American Craft Beverage Modernization and Tax Reform Act passed. In this episode, we spoke to Margie about modernizing state spirit laws to address the economic impact of the pandemic, the evolution of the craft spirits category, as well as the structure and growth of ACSA under her guidance. Learn more about Park Street: https://www.parkstreet.com/Sign up for our daily industry newsletter: https://lp.constantcontactpages.com/su/3ONywJQFollow us:LinkedIn: https://www.linkedin.com/company/parkstreetcompanies/Facebook: https://www.facebook.com/ParkStreetCompanies/Twitter: https://twitter.com/ParkStreetNewsInstagram: https://www.instagram.com/parkstreetcompanies
Our Cornerstone Retirement Blueprint Process is focused around 5 key pillars of retirement planning designed to help our clients achieve the retirement they have always dreamed of. On this episode, we’ll explain the second pillar in our process: investment planning. What can you do with the remaining assets after your income plan is in place? Show Notes, Contact & Resources: https://www.cornerstonevegas.com/cornerstone-retirement-podcast/ Timestamps: 1:36 – Once the income plan is established, what do we do with leftover funds? 2:39 – The income plan revolves around 3:22 – Finding tax efficiencies 4:42 – Benefits of a REIT 6:35 – How the Tax Reform Act helps even more. 8:40 – The other asset classes we utilize with clients. 10:35 – Structured notes issued by a-rated banks. 11:51 – There’s 10 to 11 asset classes we’ll balance in a portfolio. Here’s how we come up with that formula. 14:26 – A lot of people don’t know what kind of risk they’re taking on in their investments. 15:28 – Another software program we utilize 18:20 – Investors are concerned about fees and we try to design portfolios with that in mind. 19:48 – What we mean by ‘dry powder.’ 22:13 – Why active management can be a big benefit. 23:01 – An example of a client we helped with investment planning during the COVID pandemic.
In episode 12, Matt gets together with Mr. Gabe Toth, Distiller at Colorado's The Family Jones Distillery and Author of "Craft Floor Malting: A Practical Guide." They cover a LOT of ground, including the importance of (and flavor impacts of) quality grain, the impacts of COVID-19 on the craft beverage industry, Federal Excise Tax and the Craft Beverage Modernization and Tax Reform Act, What floor malting is all about, and why the idea of supporting local business is so important. And please pardon the bleeps. Things started to go off the rails there for a bit. . . --- Send in a voice message: https://anchor.fm/single-malt-matters/message
Human history is like a book with many chapters. Every generation writes their piece and leaves their mark. Some chapters are uneventful and boring. Our chapter is not. The early part of the century brought us the Spanish Flu, the Golden Age, World War I, and the Great Depression. The middle of the century brought us World War II, the Holocaust, The Desert Fox, Vietnam, America's first orchestrated coup of a foreign country, Woodstock, free love, and bell bottoms. The later part of the century brought a break from the Gold standard, the S&L crisis, The Tax Reform Act, NAFTA, Desert Storm, bank failures, Cabbage Path Kids, and the a presidential impeachment. So far, the 2000's have brought Y2K, 9/11 , more Desert Storm, more coups, global warming, the 2008 mortgage crisis, another impeachment, BREXIT, bank failures, the Patriot Act, and most recently, a black swan called COVID-19. COVID-19 is unique in that it has profoundly impacted the entire world and it was utterly unexpected by world leaders, markets, or working citizens everywhere. This one event is likely to leave its mark on the world for generations to come. Our kids and grandkids will be talking about the Global Pandemic. We're making history, and the decisions we make and actions we take now matter. The World is Changing for "Good"Of course, we see lots of bad stuff going on. First off, a global pandemic that has the characteristics of COVID-19 is bad. Being locked up in our homes and restricted from socializing is bad. Not being able to work and bring in income is bad. But you don't need come to this show to talk about the bad stuff. It's everywhere. Even where things are not that bad, the fact that humans generally don't like change amplifies the bad in the changes we're experiencing. It is possible to find some good stuff if we look. For every negative, there is a positive (and vice versa), because nature exists in balance. I've listed at least five things that are changing in our world. I suspect each of these things are changing for good. Of course, I recognize that they will change again sometime down the road, but there are some things that exist in different form before COVID-19 and after COVID-19. Please: support the show and join our community as a Patron through my Patreon pageFive Ways the World is ChangingSocial Distancing and the behaviors discovered and refined during social distancing are here to stay. We're not going to stay 6 feet from one another forever, but we will be thinking about vectors of transmission and about new ways of connecting will stick around. Technology is taking amore prominent role in our lives. The learning curve for adoption of some technologies like video conferencing is forced upon us. This will mean more of this technology in the future - along with the behaviors (like telework) that are enabled by these technologies. We're finding community again! Community becomes a lot more important when we need one another. At times like Global pandemics, information exchange, social outreach, and appreciating one another are all going up. The environment is getting cleaner! People are seeing fish in the water in Venice! The sky is turning blue again! The fact that we're not rushing around so much as the world is changing is having a positive effect on the environment. Families are being stress tested. Some families are buckling under the pressure, but many families are finding new ways to appreciate and support one another. Always two sides to every coinOne the one side, we're seeing the negatives of the fact that the world is changing: forfeiture of human rights and privacy, death and pain from disease, financial ruin for many families and small business owners, etc. On the other side, we can find gratitude in having a family, in finding new ways to connect, and in appreciating one another like we used to!
DC Beer's Richard sits down with Katie Marisic, the Federal Affairs Manager for the Brewers Association (BA), to talk about BA's advocacy role for the 8,000 craft breweries across the United States. Katie discusses the BA's craft beer legislative victories in 2019 and previews the exciting activities coming up in 2020. Recap of 2019: Extension of the Excise Tax BreakBreweries have been subject to excise taxes since the Civil War. Excise taxes are placed on each barrel of beer produced by a US brewery (and foreign beer imports). In 2017, the BA successfully helped pass the Tax Cuts and Jobs Act to lower the per-barrel excise tax from $7/barrel to $3.50/barrel for the first 60,000 barrels for domestic brewers producing fewer than 2 million barrels annually. It also cut rates for breweries producing more than 2 million barrels annually and foreign importers. This tax cut was in effect from January 1, 2018 to January 1, 2020. Katie and Richard discussed the wide-ranging benefits of the excise tax cuts since the original passage in 2017. Local craft breweries have reinvested the tax savings into their business operations, hired new employees and increased benefits for employees, and improved quality control and assurance mechanisms. Breweries are also using tax savings to invest into local and national charities. The entire beer supply chain has felt the effects of the tax cuts. The agricultural industry (specifically hops and barley growers) continue to expand operations and create new products. The BA also helps these growers apply for R&D grant funding to improve cultivation. The number one legislative goal for the BA is to make these excise tax cuts permanent. Although the BA did not achieve this ambitious goal in 2019, it was able to secure a one-year extension of the tax cut when Congress passed the Craft Beverage Modernization and Tax Reform Act of 2019 in late December. Looking Forward to 2020: The Fight for A Permanent Excise Tax Cut The BA has the same goal for 2020: to make these beer excise tax cuts permanent. Katie will continue to tell the story of small craft breweries that continue to help grow local economies and play positive roles in their communities--but need legal and regulatory certainty to thrive. As such, the BA seeks to either make the tax cuts permanent, or at the very least, ensure that tax cut extensions are passed earlier in the year, as opposed to another “last minute” December bill passage.Katie noted that some in Congress have expressed a few concerns about permanent tax cuts. First, some believe that the tax cuts will lower the cost of beer (and thus promote excessive drinking). Second, they believe that the tax cuts will result in a large loss in government revenues. Katie laid both concerns to rest by noting that tax savings instead lead to reinvestment into beer operations and more jobs, while the tax cuts will yield only minimal revenue losses for the US government.Upcoming Brewer's Association Events in Washington Part of the BA's mission is to bring breweries to DC to speak with their local representatives. In May, the BA will hold its annual “Hill Climb,” in which breweries from across the country will descend upon DC to lobby members of Congress and their staff. The Hill Climb coincides with the annual SAVOR Week.In November, the BA will also host its annual Homebrew Contest, in which Congressional staffers will compete in a homebrew challenge. This is a great way to spread the word about the BA and its affiliate, the American Homebrewers Association (AHA). To help support the BA, you can call your Representative and Senators to advocate for a permanent excise tax cut for brewers. You can also sign up for the “Support Your Local Brewery” initiative to stay in touch on federal- and state-level policies that are important to your local breweries.You can catch up on all the DC Beer Show episodes here, and subscribe to our weekly newsletter, the DC Beer Weekly Pour.
We have seen several changes in the tax code and laws and regulations when it comes to taxes during the Trump presidency. The Tax Reform Act of 2017 change deductions and the way many filers itemized for tax year 2018, then, with the sweeping passing of the SECURE Act in late 2019, the rules regarding our tax deferred accounts were immediately and forever changed. Did your plan keep up? Have you identified strategies to be as efficient as possible with your money?
No prep? No problem! On Sunday, January 26, 2020, DC Beer's Richard, Adam, and Brandy visited Silver Branch Brewing Company for a live DC Beer Show recording. The co-hosts brought up members of the audience to talk about a range of Washington DC craft beer topics, including the latest retail trends, recent legislative “wins”, and upcoming FeBREWary events.First Guest: Eric Kintner of Wardman WinesEric Kintner is a Certified Cicerone and a trusted source of beer knowledge for his customers at Wardman Wines. Eric's clientele range from local college students to established residents in the area to new move-ins. Wardman provides 3-4 free beer tastings a week for its customers--check out their calendar and stop by for a free tasting soon!Eric and the DC Beer Show hosts discussed the latest trends in beer retail. Eric observes that while smaller DC craft breweries consistently sell their “tried and true” brands, large distributors always look to sell the most “trendy” beer styles. Today, large distributors continue to sell Hazy IPAs, but Eric has noticed that many breweries are taking more creative approaches to these brews, helping to broaden the brand.Second Guest: Clay Palmer of Silver Branch The DC Beer Show next welcomed Clay Palmer, bartender/certified beer server at Silver Branch. Clay discussed a few of the new beer releases at Silver Branch, courtesy of Head Brewer Christian Layke. One popular choice is Obsidian Castle, a dark Czech lager with roasty malt flavors. Another is Full Tweed Jacket, a medium-bodied Scotch Ale/Wee Heavy with a rich, malty flavor.Silver Branch currently has around 20 drafts currently on tap, with plans to continue to release new craft brews and expand their offerings. Their beers are also available in cans in a number of local Maryland locations (and beyond).Third Guest: Greg Parnas of Marylanders for Better Beer & Wine LawsGreg Parnas, legislative counsel for Marylanders for Better Beer & Wine Laws and DCBeer contributor, closed out the session by discussing legislative successes for breweries in 2019. Maryland breweries received more favorable contractual rights when dealing with large distributors and wholesalers. The Virginia Craft Brewers Guild blocked a proposal by Anheuser-Busch that would have expanded the dollar value of marketing “gifts” they could provide to bars. DC craft breweries reduced a number of restrictions to help them become more competitive against larger wholesalers. And most importantly, Congress extended a tax break for all American breweries under the Craft Beverage Modernization and Tax Reform Act. Looking forward, Greg hopes that the recent good news on US-China trade talks and the USMCA (or the “New NAFTA”) will help bring about more predictability and stability to the market.Greg and Richard also previewed the months-long Maryland festival of brewing, FeBREWary. One of the main events is the February 14 “Love Thy Beer,” where 30 breweries will compete to brew the best “Cupid's Curse” beer. FeBREWary will also celebrate the 100th anniversary of the 19th Amendment by debuting the “Suffragette Stout,” brewed by a team of female brewers from across Maryland. You can grab a Suffragette Stout at Denizens Brewing Company.You can catch up on all the DC Beer Show episodes here, and subscribe to our weekly newsletter, the DC Beer Weekly Pour.
The Bourbon Pursuit team takes a minute to look back on some of our favorite podcasts we recorded this year. We also look at all the bourbons that were released in 2019 (around 55) and Ryan and Kenny vote on their favorite while we have to wait for Fred. Then we take some time to look into 2020 with what we think is going to happen with TTB labels, marijuana, tariffs, and the 3 tier system in 2020. We wrap up the show giving our individual 2020 predictions about barrel programs, secondary markets, and other legalities. Happy New Year! Show Partners: At Barrell Craft Spirits, they spend weeks choosing barrels to create a new batch. Joe and Tripp meticulously sample every barrel to make sure the blend is absolutely perfect. Find out more at BarrellBourbon.com. Receive $25 off your first order at RackHouse Whiskey Club with code "Pursuit". Visit RackhouseWhiskeyClub.com. Show Notes: Barrel Picks: https://www.patreon.com/posts/jack-daniels-wow-32305844, https://www.patreon.com/posts/eagle-rare-with-32446056 This week’s Above the Char with Fred Minnick talks about barrel char. What was your favorite episode of 2019? What was the most awkward episode? Bourbons released in 2019. What do you see on the horizon for tariffs and the export market? Do you think we will see a marijuana or CBD infused whiskey in 2020? Will TTB crackdown on new COLAs in 2020? Do you predict a shakeup in the 3 tier system? Will we see the rise of the big secondary groups in 2020? Other predictions for 2020. 0:00 You know, we weren't drinking whiskey this. I know as soon as we started I was just like, should we stop and get this? I was like, yeah, we're gonna roll let's let's actually we sounded much more cohesive, so maybe we don't drink anymore. 0:23 Everybody it is Episode 233. It is our final show of 2019. And usually during this time of the year, things are winding down, I guess except if you work in retail, then it's a bunch of last minute shoppers, but we still have some news to cover. So let's get into it. Last week, I opened the show talking about the craft beverage modernization and Tax Reform Act being in jeopardy. And we also talked about it in this week's podcast. Well, some hopes have been answered and the tax cut has been approved and extended for one additional year. It is passed in both the House and the Senate. So now, graph distillers can take advantage of one more year tax 1:00 breaks. So we'll see what's going to happen in 2020. It will be furthered again or if it's now time for craft distillers to start preparing for a 400% tax increase in 2021. If anything has the word Weller associated to it, there's bound to be some hysteria that follows. This past week, a new Weller single label that was orange hit the TTB. This caused a bunch of memes to spread like, well a pumpkin spice well or honey and even a Weller jaundice. I'm not too sure who thought of that idea, but the market needs no excitement every single week. Now, there are no public details from Sazerac on this line. So it's still yet to be determined when or even if it will ever be released. The proof and the price point. On the bourbon pursuit side, we're finishing out 2019 with a bang. For the past few weeks, we've been lucky enough to select two more single barrels for our Patreon community. Two weeks ago, we traveled down to Lynchburg, Tennessee to select a barrel proof jack daniels. And to my surprise, these whiskies they're only five years 2:00 result. But we ended up choosing a barrel that was 131 proof and just completely floored us on taste and complexity. It was also a good time just talking to a lot of folks that work there because it was truly an all encompassing experience with humble people who just love what they do. And we did our best not to getting into those is jack daniels of bourbon conversations. Anybody that works there because we knew it wasn't gonna go anywhere. And this week, or should I say last week, we traveled down to Buffalo Trace and selected our first ever Eagle rare barrel. And to keep the story short, we had our team of 10 people, along with Susanna who leads the barrel program with Joshua steely who manages the premier bourbon brands and the infamous Freddy Johnson. It was a split decision all the way to the very end, where Joshua and Freddy ended up being our tiebreakers. You can read the stories for both of these pic experiences with the link in our show notes. And these barrels will only and always be exclusively available to our Patreon community. 3:00 thank you as always to our retail partner, keg and bottle for making it happen. You can read more about them and order whiskey online and have it shipped to your door at keg the letter in bottle.com. And not only that is we're starting out 2020. with even more barrel selections, we have our first 1792 foolproof selection happening on the third of January. So go to our Patreon page, check it out to see all the single barrels that we have lined up and the ones that are be coming in. As I look back and reflect on 2019 it's been a monumental year of growth for the podcast, but it was also the launch of our whiskey quickie series. We selected 19 single barrels from various distilleries, we really 17 episodes of pursuit series, and the podcast. It reached a new milestone of 950,000 downloads in 2019. So thank you, all of you out there that listen and support this podcast. We just couldn't do it without you. We decided to celebrate this very special occasion and buy some new equipment to help you even bring 4:00 better quality in 2020. So we can't wait to start recording all new podcasts with the new gear coming in. And today's podcast is going to be more about looking back at 2019 reflections but also looking into 2020. What was our whiskey of the year? And what do we think is going to happen with things like TTB labels, marijuana tariffs, the three tier system and more in 2020 we covered all in today's podcast, but first, sit back, relax and let's listen for what Joe has to say over a barrell bourbon. And then you've got Fred minnick with above the char. 4:32 I'm Joe Beatrice, founder of barrell craft spirits, myself and our master distiller Tripp stimpson spend weeks choosing barrels to create a new batch. We meticulously sample every barrel make sure the blend is absolutely perfect. Next time ask your bartender for barrell bourbon. 4:49 I'm Fred Minnick. And this is above the char this week's idea comes from Jess or blonde ambition, on Twitter. Great handled by the way blog 5:00 invention, kind of jealous of that handle? she asked, What's the average char for a barrel. Now it's interesting, this is something that the distillers they tend to be very emphatic about their belief in the charring of the barrel. As you know, by law, every barrel has to be newly charred oak in order for it to store bourbon. And there have been a lot of experiments over the years to include buffalo traces, experiment for their experimental line that they store whiskey and in a barrel that was charged for nearly like two minutes and the barrel barely held together. So you can't really have a barrel that's charred for more than a minute, minute and a half in order to have like, decent volume come out of it. So the average char that most people use and that they found that they 6:00 derive the best flavor for them is usually about a char number four or 55 seconds, you'll also hear it called the alligator char. Now you're finding a lot of people really kind of live by the chart number three, chart number three is you know in that 45 second to 52nd range and it gets people a lot more you know, a lot more durability out of the barrel but the wood also gets, you know, when that whiskey gets deeper down there and that line, they tend to come out a little earlier. And I've seen some people do a chart number two and a chart one and to be honest with you, those whiskies tend to be a little greener, you find you find a lot of like a stringent notes and I had typically not been much of a fan of that of those. Of course all that is to say that at the end of the day charring plays, fire little or roll into the flavor of the 7:00 Whiskey then the leaving the stage outside and letting them dry age or the toasting mechanisms. So I think the charring while important, is not the most important aspect of the barrel. And that's this week's above the char Hey, if you have an idea for above the char hit me up on Twitter, Instagram or wherever the hell you want to at Fred minich just email me on my website Fred MiniK calm until next week. Cheers 7:34 Welcome back to the final episode of bourbon pursuit for 2019 Kenny Ryan and Fred down here in the I don't know is this is somewhat of a new setup for us. So we're trying to invest in some new equipment make it sound better make everything kind of work. So yeah, yeah. Wait until the very last episode. Here to get some new equipment. Well, you know, we're, I keep I keep looking at all the Fred stuff that he has and his new setup. I get jealous. 8:00 Do I get jealous and envious now? Yeah, Mike envy that little bit. It's a little bit of mine. It is at least you know how to turn it on. It took me it took me a while to figure it out to use that damn thing. Yeah, it's all right, we'll get there. But today, what we're going to do is we're going to be going over kind of like a recap of some of the favorite things that we did or we saw or a part of in 2019. Also looking into 2020 with some predictions and some kind of ideas that that I kind of have, and we'll kind of just, we'll take it from there. And you know, one thing that the certain data just originally came or just recently came out, there are now 800,000 podcasts that are out there now. And it's an astounding amount and we just want to say thank you to the listeners out there. Not all bourbon, are they out? Well, I mean, there, there's probably a new one every other day feels like it 800,000 other ones now, but you know, want to say thank you to all of our listeners out there, because we definitely appreciate it and hopefully you continue listening to us more as we go into 2020. But what's kind of one thing I want to kind of look at is kind of reflect back on 2019 a little bit 9:00 Like, you know, Fred or Ryan I'll let you kind of dive in or I'll kind of say a few of them like did you have a like an episode that you were really happy about or you're proud about or really got a lot out of you want to take this further you want me to go 9:14 you know, we had so many great ones. I really enjoyed getting Matthew Ray Walton here at English from WWE. And I, the reason why I I love that is you know, inevitably you're going to have new people come into into kind of like the media spotlight and everything for for whiskey and I I applaud that I want to see new people coming in and, and giving their opinion about whiskey and kind of like furthering the story of what we know whiskey is and who enjoys it. And to have like, someone of that caliber who's on TV like every every week and body slamming people I just think that's kind of cool. And you know, we've become pretty good friends and I just think what he has done for 10:01 Whiskey and continue to do so is is fascinating and I'm also I also it's not just because she's one of my best friends but the Peggy know Stevens episode that you and I did 10:14 notice both of those I was not a bar. 10:18 Well, we were mentioning this earlier, it's very rare that all three together it is and I think it's because, you know, it's kind of like when, when the President goes on the stage to talk, you know, you need to have one of the people in the bag, in case 10:30 too many chiefs. Yeah, there's gonna be one designated survive. Yeah. 10:35 This the Peggy no Stevens episode to me was like, you know, she revealed a lot of things there. That was, you know, she didn't have to. And, you know, I wrote the book, whiskey women, and I think she was she was a reason why I wrote it. She was a trailblazer in that in this world. 10:58 And then on the other side, Jackie's 11:00 I can whom we all three were there when was never a fun one she's always great. She's great and Campbell was great and you know I just got to tell you we had a lot of fun this year and every episode I was a part of and you know, just fantastic for me personally. Yeah, I mean for me one of the one of the ones I really enjoyed the most you know, as as Ryan I started venturing off into the our own little side business as well with pursuit spirits. But as we started really kind of like turning a new chapter for bourbon pursuit as well. Like we're, we're not just interviewing master distillers and it's not all cultural, but we're looking at even like, further behind the curtains of things. And that's when we did Episode 182 with Jeff hoffmeyer, brinda yamo and really talking about like, what's the secrets behind sourcing whiskey? Like we all knew that there were there were source whiskey out there, but not a lot of people knew the process what it takes there. I mean, got every talked about, like the whole like a counterfeit full of or a whole truckload full of like counterfeit rum potentially Right. I mean, like 12:00 There was there's a lot of things that a lot of people just didn't really know about it beforehand. Yeah, that was kind of like 12:06 that broke a little news in our world for for a broker to come out and say that there's counterfeit bourbon out there, and someone's bottled it and we don't know who you know. And as a consumer, it's kind of like, it kind of goes back to that old. That old adage, really only buy wood from people you trust and like, that's why the distilled and bottled by are like a source purveyor. Like the pursuit series. 12:32 Your best What's that? 12:35 But you know, that opened a lot of eyes, I think. And yeah, I totally agree. What about you, Ryan? Do you have a favorite one from this past year? Or maybe the most awkward one? Well? 12:49 Well, I think everyone knows which the most awkward one detail. I don't know which one you'd be referring with a counterfeiter, which, I mean, that probably is I it was awful. 13:00 Doing it at the time because it was so awkward but 13:04 as Fred and I talked about with other people and I think it did bring us three like a lot closer and you know because you know you had some people taking shots at us and questioning and all that stuff so we kind of we kind of bonded over it so that and I think a lot of people enjoyed it as well kind of shed some light on a dark subject of this hobby and hopefully deter some people from doing it but probably my most like memorable and fun one I always am in amazed by the business aspect of this and like I really enjoyed the one we did with coffee just because I've started businesses you know myself and on a much smaller scale than he had with rabbit hole and like this guy was literally leveraging his everything to make it happen and you could just tell like, you know it, it was about to come to fruition but it had yet and later we found out that you know, they were purchased by a printer card and 14:00 It was just fascinating for me to hear, you know, because I mean, it's ballsy to come into Kentucky, where you have the most you know, you have the big boys and literally that in you have no connection to the industry whatsoever. And you just start a brand and in succeed like that, it's pretty incredible. So, and I wasn't on that interview, but Kobe is someone who definitely came in and, you know, made some enemies in the process as well. And like he, and he, but he kept pushing forward and his way and so that story is fascinating. For that reason. He got like, one of these big entrepreneur organizations, you got Entrepreneur of the Year for the whole country. So like he's, he caught a lot of people's attention naturally. That's, I mean, it says impressive and, you know, speak on the business side of things like one of the ones that both you were not there for, but I was one dealing with Episode 223 with Ken Lewis, a new riff and really hearing his story of how he just 15:00 Kind of like just randomly got into the liquor business. And then he eventually sold off the the party sources that now become liquor barns in Louisville. And now he just has that one. He had that one location and said, you know what I want to get into the actual distilling process and everything like that, and then kind of talked about how when he was actually at the party source, how he bought all these barrels of MGP just saying like, hey, like, I don't know, maybe I'll do something with them one day. And you know, lo and behold, that's really what kick started everything that happened in New Earth and they did a clean cut from Okay, to their own product. There was no blending or anything like that, and they're not sourcing anything else. It's just moving towards their product and you know, they've had a strong 2019 as well even going into it from from that side, man. Think about how good their whiskey is to know you know, and they just 15:47 they just kind of came out of nowhere for a lot of people we've we've known about them for sure. But for a lot of people are just like discovering new riff and they're like, Oh my god, this is good. And so that story too, is like it's so rare and whiskey. 16:00 That we see someone who Gamble's at all, and and then their whiskies. Good. Yeah usually it's things we see most of them that that don't succeed you know we get you're like, man I'm sorry you spent your whole life savings on this and make this sorry about that but now it's it's hard for me to remember what episodes got released this year because we record some and some get released and so I'm like, you know, just thinking back because if you're not familiar with our process, we batch record I know you're familiar with it but the audience 16:32 we batch record to me, Vance and kind of release them as we go and just so the audience can know and feel sorry for Ryan and I we've just been bullied into like that we have to plan for the next quarter and right after this and it's like we have to come up with new episodes and and he's been trying to schedule it can he's been trying to schedule this with us for a long time and we have a whole syllabus of like, coming up after the show. Let me get your copies at the door. Have a seat. We're going to go over that. 17:00 what's what's your here's a question for you, Kenny. What is your? What's your favorite moment of trying to get Ryan and I to do something? Probably when I get to call y'all names I'm like, well, you bastards. Finally look at these texts. Charlie, I'm trying to get answers to plan the calendar January. I don't like, like, 17:19 I'm in Disney World Day. I'll be back home said no, but I mean, like I said, finally, like when I get those, I feel like I'm just it's it's always waiting. And then as soon as I get it, I'm like, okay, bam, I can start knocking things out, start getting everything ready. And there's there's a whole process behind it. I just got to make sure that we're gonna add like two weeks buffer, you know, when you try to get stuff done with us. Right. 17:41 But I applaud you for for the person. The Pursuit pays off. Yeah. Oh, there we go. So let's go ahead and let's start, you know, looking at to actually, you know, kind of talk about this too, because I don't want my best Bourbons of the year. I don't know, you know, I know Fred's gonna be recording his you know that we're recording this here. 18:00 About two weeks prior to this actually being released and Fred's going to be releasing his, his best Bourbons and best whiskies of 2019. You know, Ryan, I kind of want you to kind of talk about this too, but you know, I think 2019 was actually a very very good year for American whiskey and bourbon. And I'm I actually wrote down every single limited release and everyday bourbon that got released to and I'm just going to go through this really quickly because I want just to say like, just the gravity of really what went out there. And as soon as I say these things, you'd be like, Oh, yeah, that was actually just like back in February now now kind of rain. So of course you've got the antique collection and you got Van Winkle but you had Cornerstone right Elmer tealy 100th The amaranth grain of the gods four roses 2019 small mash Maker's Mark RC six angels empty cash drink knob Creek, quarter oak, double Eagle, very rare old charter oak series, angels envy Ella Rosso Bardstown bourbon company with their fusion fight for habit more. Bill need had some experimental that came out web saffle eight and Sam from GP for gateway. 19:00 Four releases this year blood oath pack five old Carter had a few Bourbons and rise. Woodford Reserve backer at addition Woodford Reserve batch proof Woodford Reserve chocolate malted, rye, peerless bourbon Weller full proof. 1792 12 year king of Kentucky 2019 Baker's 13 Wild Turkey, Cornerstone right I had on there twice, so maybe I'll take that one back. Old forester birthday bourbon Parker's heavy char rye, Kentucky, bourbon number nine Stranahan snowflake 2019. Remus volstad, reserve bourbon from MGP. And those were all the limited releases. So now we go into just the everyday releases. Old forester rye, crema Kentucky they had two releases this year for roses small batch select heaven Hill bottle and bond seven year Cooper's craft barrel reserve 100 proof Maker's Mark 100 proof uncle nearest 1884 small batch whistlepig piggyback rebel yield 100 proof Woodford Reserve week whiskey decal 13. Year bottle and bond, Jim beans legend Kentucky out confiscated Baker seven and the bullet single barrel program was also announced. And then you also had others like barrel dovetail all the barrel 20:00 releases all Bazell Hayden, Caribbean, right, you had all of the Booker's batches. I mean, when I did account, like we were saying we have options out there. It was like almost like 55 new entrants into the market this year of just limited releases. But there's also a good handful of just every other day stuff. So in my opinion, 2019 was a fantastic year for American whiskey. So there's there's two things two ways to look at this one. Yes, it was a fantastic year. The other way is is that these distilleries are getting savvy about releases Yeah, every every release is a new press release is a new story somewhere it's new and so they're not just like saying like, Okay, we got Woodford Reserve and Maker's Mark, let's go, you know, pushing that so they, they've, they've learned that the consumer base like something new, special and different. And so that's what that list tells me is that some some MBAs and the boardrooms have spotted that and it's the strategies were 21:00 Yeah, I think it also tells us that, you know, they're starting to catch up on their stocks of aging product. They're starting to, you know, you starting to see like, seven, eight year, you know, stuff getting pushed out there that, you know, finally they weren't, you know, eight years ago they didn't have and so I think they're able to catch up on and start releasing some more stuff now. I mean, this was this was just from the big guys, right like this is this doesn't even take account the other 300 craft distilleries or maybe 3000 craft distilleries there are across our nation now. Right. So there's a lot of stuff that was released. And for it, I kind of see what you're saying that this is, this could be a telling sign of what is going to come in 2020 like, yeah, we just named off maybe like 3030 to 40 kind of like, you know, big kind of things that kind of shook up that. It's because it seems like every week that there's a press release, and everybody's like, Oh, yes, I gotta go get this one. Right, right. I mean, even just last week, like pretty much everybody around here. We got 22:00 larceny barrel proof and we got the old Fitz 15 years and it's like, okay, like already gearing up for first to 2020 to go and find new bottles, right? So I guess that's just kind of the maybe that's just a new evolutionary cycle that we're going to see. And I would like to say like what the question to me is like you say that list and we know their strategy, I think what can be very telling us the pricing of each one of those as like. And the one the the big winner of that entire list to me, is the old forester rye coming in at $23. And that's just and we know that Jackie's I can kind of fight for that to be at that price point. And the other ones like you know, where what are their price points, I mean, they're hovering anywhere between 75 and 150. And so you know, a lot of these like new kind of products, they're not really pricing in, you know, the old consumers who brought them to the dance, they're, they're gone for that. That new consumer who's like thinks that $75 is too 23:01 Yeah, I mean, I could definitely see that I mean, I think Ryan and I, we we had this conversation of even before we went in the car when we were just talking about pursuit series and we're talking about like, oh, like what happens if we run out of glass and we just like kill the brand and start a new brand? Like what like what do we do here? Right so there's there's definitely even though it's very smaller scale, we have ideas and things even think about you know, even when that happens, but Ryan, what about you mean is there one of these like everyday ones that kind of like stuck out to you or anything like that is kinda like maybe one of your best whiskies of Yeah, I mean, Fred already mentioned that before sir I mean, it's frickin It's so good. 23:39 I get it in pretty much when I can every cocktail to like it's good both ways. And then the the decal bald and bond I thought was really excellent. You know, and price grade and, you know, the blind tasting of the heaven Hill, bald and bought seven year also proved that it's a very good and you know, at 40 bucks as much to your chagrin 24:00 Right, much to my chagrin, but 24:02 it's really good whiskey and it's $40. You know, like Fred said, most stuff that you got to get that quality is like 7500 bucks. So, you know, that's, you know, it was good. Yeah. And that's, I mean, I guess this will be another question for you all like going into 2020. Can you picture bigger brands trying to come out with more extensions that drive a price point even lower? Or do you think they want to create more extensions that create a higher price point to try and match some of the craft distillers, the Sorcerer's and everybody out there that can't make a price point as low as you can if you're actually distilling it you own these barrels for since they were, you know, basically born at that point? Well, we had to market leaders come out with very lowest price points. Brown Forman, and the Ico so brown Foreman's old Forester, Ryan Diaz, you would be George decal, bottle, the bond and those two kind of like under, you know, let's say $30 or 25:00 $40 price points. 25:03 You know, that was very telling to me, and then you saw beam do that as well, like they're not pricing on collection. Yeah, they're not pricing high. So I do think that there is a little bit of an effort to kind of make us think that they are pricing in that direction, like larceny still like 25 bucks for for the most part most places you go. But then there 25:27 you know there are other things are like 150. So that I think that what you're seeing is, is that you're seeing that they're going to always have something under $30. But they're going to start stacking the chips toward that hundred and $50 market and I think we might start seeing the price go up more because the demand is there in the high affluent areas that places like 25:51 I mean Hollywood, places like Wall Street. So there's like a desire to have this and they and they and that crowd just won't drink it. 26:00 $30 whiskey, they just won't it's timin that's cheap. They're too good for that. And so if if the bourbon industry does not price themselves to be competitive to scotch for those money people, then they won't get them and then so that's kind of like their rationale behind a lot of it. Yeah, I mean, you are seeing a lot of things that are pushing that hundred $50 price point and I can definitely see exactly why they would want to do it too. I mean, you've got to you have to push to kind of get those affluent people I mean, we see it all the time. I mean, we've I always say for myself that I don't have a drinking problem I've got a buying problem and I will always be able to go and if I find any limited edition bottle like even if it's hundred 50 bucks I'll be like, Yeah, go ahead and get it like it. I just don't know i mean, i i have a I have a bad urge. always buy stuff, right? That's, that's just me but at the same exact time, there's always going to be a lot of people out there in the bourbon world that are never going to pass up anything that a price point that is limited or anything like that, too. So I don't know. We'll 27:00 We'll kind of see how that plays out in 2020. So we're kind of moving on a little bit here. So looking into 2020. So one of the things that kind of happened even recently, as even as of today, it's still kind of unfolding, as we talked about that. In 2019. There's been a trade war, we've had tariffs, we've had a lot of things going on that has really hurt bourbon in export interest. And we've talked about it plenty of times of how the export market is really where a lot of growth can be, as soon as you start getting all the scotch drinkers around the world to actually start seeing bourbon as a first class citizen form. And so there's been things have already kind of progressed a little bit today. There's been some stuff with China. We're not going to get too into politics here, but I kind of want to figure out like, 27:45 what do you all see on the roadmap or their horizon for this in 2020? This is very scary as we record this right now. I mean, there might have been, there might have been something that came to fruition, but at the moment in 28:00 In Washington, DC, the craft Modernization Act is on the table to be renewed. And if it is not renewed in craft distillers, I think we'll talk first, what is the craft Modernization Act to because I know I've heard about before I read it, but for everybody, I have no idea what it is. So, basically, this was a so you got a lemonade stand, they give you $5 now, so to keep it to kind of keep it 28:25 to basically to give you like, the the easy version is that a couple years ago, they passed a craft Modernization Act, they basically gave craft distillers as defined by you know, the the government or we AC essays qualifications, 28:42 that they would get less they would pay less taxes, then then the big guys and it gave them kind of a competitive advantage. This was very, very important to them, especially as these terrorists were coming on and they were losing those like foreign markets because they couldn't afford to, you know, to eat the 20 years. 29:00 25% tariff that they were going to go overseas and so there was sunshine clause in that which means that when it's when this period is up, you know, they're going to cut it and or they're going to re evaluate it and that period is up and so now you have craft distillers who are looking who've been you know, taking advantage of this tax and investing it back into their you know, there's like a paying taxes on certain areas and they've been investing it back into their company. And when if that goes away, then they have to you know, there's like a 200 400% tax increase like right away on on like excise taxes and that puts them at a competitive disadvantage. You know, some of these guys have like big corporate support like you know, wouldn't build those now and rabbit hole and people like that, but for the most part, this is very dangerous, very dangerous and and from what I can tell, it is not good. 30:00 Going to may not pass and the other thing is too is that also defined a lot of things in in spirits 30:08 like or in drinks like a define Mead and gave like some definitions to meet and there's also another thing that's happening kind of on the federal level is that they're trying to define what a barrel is and with that would eliminate the basically the smaller barrels and the craft distillers have you know love them or hate them for it but they've kind of defined their ways with those smaller barrels. And so I've always felt like there's a lot of like 30:34 backdoor Washington stuff going on with the big boys you know, the trend kind of cut out is squash some of the little things and because that means you take away those smaller barrels, I mean, he basically eliminate probably a quarter to half of of the craft whiskey distillers 30:51 I guess I kind of like a follow on question to that is, 30:55 you know, you talked about investing into the business, you talked about being able to 31:00 A lot of that money means is dc dc if if this doesn't pass like is 2020 going to be like the year of either sink or swim for a lot of these craft distillers than I do. I mean, I think 2020 is a very telling year. 31:14 And if you don't have money if you're if you're cash flow short, this is this is going to be a bad year. And then the other thing too is like, just what you're starting to see. You're starting to see and you guys are a part of this and a little bit. You're starting to see like independent bottlers come in and they are relieving a little pressure by going to the smaller distillers and buying barrels. So what you're seeing is is like anybody who has some solid craft whiskey, they're actually putting stuff out on the market. So they're getting kind of kind of a band aid effect. They're not helping their brand, but they're getting cash flow by selling 15 barrels to last lantern or 15 barrels to bourbon pursuit to bottle 32:00 Are pursued series to bottle for for upcoming line. And so that that's 111 positive for these guys is that there there's there's a business model there that can help them. But you know if they're new and they're little cash strapped they don't have aged whiskey man I want to be in their shoes tough What about you? Rami? What do you see something that happened with the export market like here? Do you think it's going to get better or worse? 32:33 Well, I mean, I guess it all really it's so hard to predict with the election coming and everything there's so much in the air like 32:40 nobody knows what's going to happen and the dude know we're all going to need a drink. 32:46 Yeah, exact. We're all for that one. It's just so you know, the waters are so unsettled there in Washington, you know, on both sides, and so it's hard to predict anything on with anything with what we have going on. 33:00 In 2020, it's just like, let's all just be nice, you know, in 2020, let's just we're all bourbon brothers, you know, not let the politics divide is but as far as exports, I have no idea because it's, you know, I'm sure a lot of people are sitting back to waiting to see what happens. Yeah, I would think that something in a trade war needs to that sound like an educator responded said a very educated who will let it will let it pass. But I mean, for me, I kind of see this as I would like to see something change. You know, we we talked about it before, I've seen the export market as as the could be the future of bourbon growth. And you don't want another whiskey glut era to say that, you know, a bottle of bullet here in Kentucky or in the United States is $35. And then you go across the seas, and then it's $75 when there's a bottle of scotch for 50. Nobody's going to go Yeah, by the bullet, right. I mean, so well, and I think right now, like Remember, our young said with he said, Well, even though we have issues with exports over there, we can fill a need here and domestically. So you know, I think the need here domestically, still as 34:00 So, so much that it's not really going to affect too many people except for like jack daniels who relies heavily on exports. Yeah, and that is true and they're losing like 120 $5 million. Which, but still for them that's like, that's like one day I revenue probably. But 34:18 it matters. It matters because the world stage the conversation is, is like it kind of goes back to really, you know, the 1950s when these bourbon distilleries were fighting to make bourbon a unique product to the United States and get exports overseas as they were always coming up against the Battle of like foreign governments saying like, you're not whiskey, you're not you're not whiskey. scotch is whiskey. And so so all a lot of this is is a kind of, 34:51 it's kind of an international battle that just hasn't stopped in, you know, scotch and bourbon brands that they're very closely knit and everything but 35:00 You know, scotch is dominant is dominant and it is known as whiskey and bourbon is just like a, like a fraction of what they get. And and, and I don't think that the bourbon brands will ever fully admit this. But they're jealous of scotch and what they have done internationally. It's like Kenny with your MC. Yeah. 35:24 Pretty much 35:27 and they do it with us bourbon barrels. And so they're like, you got our dirty second sloppy seconds. Right? And, 35:35 and so they want they want a piece of that. And as then that's all there is to it, but they're also not in a position to do it. And so like, you know, Al is very smart to say like, we can't do it overseas, which, so let's focus on domestic markets. I mean, that's the it's the right move. I mean, I I'd venture to say places like Boise, Idaho and Bismarck, South Dakota is not right that South Dakota riders and 36:01 South Dakota I left my Atlas upstairs. So I'd venture to say that places like that, you know, you might go into a random place and there's five Bourbons, you know, why not make it 20 36:13 All right, Ryan, I'll talk to you a little softball here right because one of the great conversations that we did have this year we talked about marijuana and whiskey and whether they were going to have an impact on one another or anything like that, but this was actually something that Chris Hart had actually posted out on one of the forums and says, Do you think we will see a marijuana or CBD infused whiskey in 2020 36:36 I mean especially with with all the states that are going to opening up legalization to like it's it's there is a trickle effect happening cbds and everything so I mean, you drive around here and Kentucky I see signs like on every gas station every like I think I saw like a mechanic shops that we sell CBD here or something, you know, it's like 36:55 diversify, diversify. bound. Oh, I guess I mean, if they look if it's legal that you 37:00 I think they will because people, I've talked to people and they'd really seem whether it's a placebo or not, they really think the CBD like works for them and whatever element they're trying to deal with. But uh, you know, I mean char Bay's pretty close to doing it anyway, so I'm not a hobby ever whiskey. And I'm not sure that it will taste good, but maybe, I don't know what to say. Yeah, I mean, for me, I mean, it can't be called bourbon, right? Maybe I don't really know. But can it be called bourbon? If he doesn't if he can't, because it's not really low what unless you're distilling with it right. One of the things that has been done is they take the seeds and they distill it in a in a like, qualifies as a grain under the hemp rather qualifies as a grain as a seed on like some kind of USDA code. And so there have been people who have mashed it and cooked it and fermented it and y'all know me Romans one 38:00 of those that had done that previous previously and then from here's the thing about this, I've talked to a lot of, you know, marijuana people and they don't really want this, it seems to me like, and I'm sure there definitely are people who you know, within the weed business who want to see like infused alcohol. But most of the people that I talked to who are kind of like in the, you know, the luxury lifestyle of marijuana, like trying to like make it be like its own thing, they're like, you know, pair it, but don't, don't combine it they want they would like to see you know, marijuana become like a, like a luxury good as something that you would enjoy recreationally like we do bourbon, and they don't like that a lot of them don't like the idea of combining it with alcohol because that perpetuates like a stoner or a drunken kind of, it's hard to like persona, you know, it interacts with somebody so differently, you know, right. And then you interact you have the two and it's like, well, how do you dose it you know, correctly say, one shot for somebody might like 39:00 I'm trip out and like call the ambulance on themselves or something, whereas somebody else needs like four. And so I don't know, it just seems like it'd be tricky to combine the two were because you can't really dose it out as well. But constellation invested billions into the business for a reason. And they're studying like how how to get it to metabolize the same way as alcohol because, you know, weed metabolizes differently than alcohol, and they're trying to figure out how to make it work. So someone's going to do it eventually. Next Best gummy. 39:31 I mean, so there's, there's, there's eventually it's going to happen. I mean, who knows? Who knows? I mean, I could see it happening. I mean, they're there today, they're already infusing different kinds of sports drinks or anything like that with it. But you know, alcohol is a, as we all know, a very heavy, heavy regulated kind of sector here. So pick up again and get shipping much less and 39:54 using it using it with Oh, gosh, you know, so, you know, this is the other thing 40:00 That I kind of got wind of this. We had a Patreon community person actually sent us a sample of this. And it was called it was from heritage distilling and it's called BSB 103. And it stands for brown sugar bourbon, and it says this high altitude bourbon is flavored with natural brown sugar and cinnamon for flavor kick that will sure wake you up whiskey aficionados looking to try something new. Also, it was only 60 proof and not 80. And this originally just kind of just went through the TTP went through the whole approval process like didn't really say much about it right? Is it is it labeled as like your flavored whiskey or it says it's like the fanciful name is BSB 103. Okay, underneath it and say brown sugar, but it says no, it says like brown sugar, bourbon and like letters and all around. It's what it says everything that it was originally just called brown sugar. bourbon is what originally called they had to rename it to be sb 103. And so we know that this isn't the first time right there's plenty of other instances where we've seen things 41:00 Just a slip through the cracks and yeah there's a bottle and bond like flavored whiskey few years ago. I mean it happens this is what keeps Wade interesting, right? is what keeps him like, you know really like metal. So I guess, do you do you all think that the TTB and just in 2020 in general, do you think it's gonna even get more relaxed or more strict 41:23 with the careers of master distiller spanning almost 50 years, as well as Kentucky bourbon Hall of Famer and having over 100 million people taste his products. Steve nalli is a legend of bourbon who for years made Maker's Mark with expertise and precision. His latest project is with Bardstown bourbon company, a state of the art distillery in the heart of the bourbon capital of the world. They're known for the popular fusion series, however, they're adding something new in 2020 with a release named the prisoner. It starts as a nine year old Tennessee bourbon that has been finished in the prisoner wine companies French oak barrels for 18 months. The good news is, you don't have to wait till next year to try it. Steve and the team at Bardstown 42:00 company have teamed up with rackhouse whiskey club rackhouse whiskey club is a whiskey the Month Club on a mission to uncover the best flavors and stories that craft distilleries across the US have to offer. Their December box features a full size bottle of Bardstown suffusion series, and a 200 milliliter bottle of the prisoner. There's also some cool merchant side. And as always, with this membership, shipping is free. Get your hands on some early release Bardstown bourbon, by signing up at rackhouse whiskey club.com. Use code pursuit for $25 off your first box. 42:34 Do you do you all think that the TTB and just in 2020 in general, do you think it's gonna even get more relaxed or more strict? I mean, I know there's other laws that are on the books but what he kind of sees the head turner patron are going to happen here. I mean, it's with any government agency, its resources like you know that they probably just have limited resources and it's like, you know, with us when we apply for any federal thing for personal 43:00 series like whereas the transfer and bond or state ABC, you like submit it, and you check back three weeks later, like, oh, we're still looking at stuff from six months ago that submit and you're like, what? Like, stuff just moves slow just because they only have like two people working in the office doing everything. So they're probably overworked, overwhelmed. So things just slip there. I think they'll follow the laws as best they can. But there's human error when you know you have that. So there's definitely not a whole lot of automation takes place, even though I will say the TTB did start a new new registering and cola system in 2019. It did happen. So they have a new like portal and stuff like that. But I think the backend work is still very manual process read, do you read to say something? You know, I think for the most part, they do a good job considering that they have like five people, you know, looking at all those labels and God that can't be easy, and everyone gets frustrated with them. And they're an easy target. But 43:53 I always like to go back to the person who creates the label. What are you doing? You know, I mean, you you've been 44:00 agreed to not protect yourself. And if you put that through as as bourbon on your application, then you're in violation of the law. And so, you know, I think we sometimes beat up on the TTP, and rightfully so often. But here it's like 44:19 put, I put the blame entirely on, on on the applicant. Well, and it's, I noticed this other day, you kind of mentioned it like separating, you know, bourbon from whiskey category, like in, I never really thought it was that big a deal until I went to the liquor store. And you go look at the bourbon section, and it's huge. And then the American whiskey center is like really tiny, and it's off to the side. And it's like not, it's not visible, you know, from everything else. And so I can see why someone would work so hard to get that 44:52 slip by just to get that designation because if you're right there, in the midst of what everybody else is buying, versus being kinda off to the side of the marriage. 45:00 Whiskey category I can see where it's worth it. Yeah, I mean, we've we've, we see it all the time. I mean, whether you're coming out with like a wheat whiskey or an American whiskey, something like that, and yet you're not gonna have the eyeballs because it doesn't say bourbon on the label. Yeah, I mean I think that's that's one of the big issues that we do see and probably why there is so much entrance into the market 45:19 then you've got people playing with all kinds of different experimentations I I think I just saw an email this morning about 100% corn, bourbon, I'm like, Okay, I guess it technically is it's bourbon right? But it's just like it's like we're just we're playing with all different variations of this category to try in make sure that everything is still hitting that that Big B word on the label at the end of the day. Yeah. Yeah, yeah, it's funny what like once upon a time there was like a limit on like, how much corn you could put in for bourbon. But then that went away a long time ago, but that would not have been considered bourbon back in the day. Oh, I love listening old Fred stories over here. It's like another thing too. I don't think he was around. 45:58 This is like, is like 46:00 barrel entry proof if we if we were to go back to like 1955 more than half of the Bourbons on the shelf today would not be considered bourbon. No. Because it was what like one oh wait a second 115 or something was 110 was the was the legal maximum limit difference for for barrel entry proof and that changed in 62 inches Do you think the reason success of new roof and wilderness trail and others you know because well I guess well as they have a higher Berlin troopers, do you think lower barrel entry proof makes 1,000% I really do. I mean, and here's the thing is it is it is really good. In certain what I have noticed is that's really really good between like three and five years old, and like anything after like eight but that but that six to eight years old, it can be really, really, really flat. 46:50 The the higher barrel entry proof can be fantastic up to 12 years old after 12 years old. That clock is ticking because that it's like it seems somehow absorbed. 47:00 more wood. And Andrew Wilson from Victor's is the best person to talk about this. She talks she breaks it down from a chemical aspect and everything and as you know, makers is going in the barrel of 103 proof which is the lowest in the industry. And it to me it's one of it's one of the more enjoyable conversations to have about whiskey because 47:22 I feel I feel that not enough attention is paid to it but yet the Pete there are a lot more people paying attention to it. And willness Trail and new riff and those little barrel entry proofs Absolutely. Making making nice whiskey. Yeah, I mean, they're definitely making waves when you when you have that because somebody tastes it and you're like, holy crap, this is a four year old bourbon like this is actually really good. Now the one thing that you know, you say you really like it, I say one of the one of the downsides to it. It doesn't have and maybe this is just because, you know, you think of like the stags, the stag, juniors of the world, stuff like that. It doesn't have like that, that link 48:00 Green very long finish where something has like that hard spice to it or anything like that. Like this Like creamy delicate today that's that's exactly right. So you're basically looking at a style and a preference here like do you like that butter style dripping down your jaw line or do you want to feel that? You know, that's punch in the face punch in the face 48:20 cinnamon or something in the here's the thing. I like all of them. And it's like how does how does that one feel on my palate and you kind of like it's just like it's like football you know? They're they're running backs who will run you over in our amazing and then there are running backs who will go left to right, you can't tackle them and they spin and then there are running backs, who all they're good for is catching a pass and blog. There's the Barry Sanders and the Jerome Bettis is the That's exactly right. So like that on a T shirt. They're all great. It's just like what is your preference for your offense or for your palate in that moment? Yeah, yeah, I mean, there's there's definitely times when I'm like oh yeah. 49:00 I'd like to do like, like something that's, you know, if I'm just sitting there on the couch and I just want to do something that's like, yeah, like you said, caramella, very buttery, sometimes I'll reach for dusty and that kind of aspect. And then there's sometimes I'm like, All right, we're going hundred and 20 proof and above right now. So yeah, there's definitely the kind of situational context for it to write on. So one of the things that we talked about a lot in 2019, is we talked about the three tier system, we talked about shipping, we've talked about all these things. And this is and you know, the the Supreme Court case of the state of Tennessee with total wine and some other ones that were kind of envelope in there, and how this is potentially going to open up the market for some change. Here, maybe in 2020. So I kind of want to get your take on what is there going to be a shake up in the three tier system, can you foresee it happening? Are there too many lobbyists? Will the will the people revolt like what do you all kind of see, I think it's always way I would that, you know, you asked me this six months ago 50:00 I thought we were close. And I just feel as the more I get into it, the more and more the big. The big players involved are just digging in, and they're digging in hard and they're not going to let this happen. I just, I just feel like we got a ways to go on it. I always go back to this and this was in one of my above the chars A while back 46 state attorneys general signed a letter and made it like kind of like their mission for 2020 this DOP secondary sales on Craigslist, 50:35 I just can't even believe that would be on the radar. And you know, and then putting the efforts in the that just shows me that they're like sticking in hard to the three system. It's not. I mean, it's not like they just like put out a press release. I mean, they were doing media, they were putting out detailed plans. They were setting up meetings with the social media entities. And I'm just thinking to myself, I'm scared to death of my 51:00 five year old getting kidnapped in target when my wife is going and Christmas shopping with him. And he's like stuck there by like trying to get in there because that's where human traffickers are there like in places like that. Why are we focusing on that? And yes, is it is there a potential that you know, there can be some kind of like poisoned alcohol out there? Yeah, there is. It's called in the heels of like Appalachian places where people are making illegal whiskey. No one is getting or illegal moonshine. No one is getting that in these like consumer facing forums, and the fact that they are using, they're actually coming out and they're citing Pappy Van Winkle right now. They're citing Pappy Van Winkle in these conversations. And the fact that they are doing that tells me that they don't get it. They don't understand that this is actually a consumer base that is really just supporting one another and not trying to, you know, for the most part not making money 52:00 People who are like saying they're in Maine or they're in Idaho and and they got a buddy in Kentucky and said, Hey, we have no Henry McKenna here. 52:10 Can you give me a bottle, you know, something like that. And there's no effort whatsoever to support the consumer base from the brands from the government from the distributors or anything like that. And that's that's my biggest problem here is like if you want to take off if you want to go after the secondary markets, fine. Okay, that's your that's your Hill. But what about what about like consumers who are really have fallen in love with this? 52:38 With this world, this bourbon world, we get an email every day from someone who just finds bourbon, they listen to the podcast, they want to learn more, they want to find more bottles, and what can we do for them now? And maybe there's not much there's not a whole lot we can do about that. Like, Hey, I read about this great whiskey but you can never get it because you live in Boise, Idaho. I know. Yeah. I mean, I really 53:00 I really want to shake up to happen. And I guess one question I'll point to you back there. Fred is, you know, we talked about these attorney generals, do you think that this is, this is somebody planting that that seed in their head like this has got to be a lobbyist that's happening for the distribution system? Or maybe some of the major manufacturers out there that they're they're planting the seed in their head, and they're kind of distracting them from really what they're, they're putting forth their agenda, not maybe the agenda of, of the people that are actually the consumers, they really care about this. Yeah. And there was also there was an op ed in the local courier journal 53:41 that was published on repeal day from a distributor here that said, 53:47 happy reptil they think a distributor So you started to see like, some like and he had a whole lot better about why distributors are important and they help you. Basically they age gate, make sure alcohol doesn't get in the hands. 54:00 of kids and stuff. And I'm glad they put it in a newspaper. Yeah. 54:06 So only like 10 people are going to read it. Fantastic. Hey, now, come on now, don't be hitting up newspapers where I got my start. 54:15 But you know, so you're seeing you very much singing offensive, whether it's a coordinated thing. I mean, I can't tell you that. But I do know that. These are some of the same efforts. That kind of took down a lot of the tobacco industry in the 90s. Meanwhile, while you have this going on, you also have you have this entirely you have a new group coming out saying like, drinking is bad. Advertising alcohol is bad. And so you have a growing movement of kind of like these consumer protectionist groups that are trying to ban things like advertising, they want to you know, we're just now seeing it on like YouTube, they're wanting to like rip down a lot of 54:56 alcohol related things and social media. 55:00 And so this is also a case of like, a lot of the things that affect our lives are not government related. They're they're company related that we have really, you know, we're really connected in. And so like, if Facebook makes a policy and says no more alcohol sites that in no way is violation of anything and the government, that's Facebook making a decision, and they could do it. So I guess, if you if you're a senator, and you listen, this podcast or your congressman, you want us to kind of you know, we'll we'll have we'll have the team go there. And we'll we'll get in front of Congress will talk about the real issues here. So make sure that so here's here's the thing is that congressman Yarmuth would be very, very open to having a discussion with us. Mayor Fischer, I know his yard I'll talk to him about 55:53 but I mean, these are these are people who really, really would stand up for it, you know, and what you know 56:00 Because it impacts our state. Yep. I agree. You know, and for me, I've said it before being in tech, being able to see the transition of industries that just get disrupted because they rest on their laurels or they tried to defend everything. You know, don't be a Kodak Don't be a blockbuster Don't be one of these companies that just tries to try to maintain the status quo. And when you've got people and you've got companies that are out there that are figuring out ways that they can get around this, they can get around the distribution system, they can ship across states, they can do these things. all it's going to do is have a bigger trickle effect later on, and more people are going to catch on to it. I mean, you know, we're all good friends with Blake over at seal box and I think he's done an amazing job of how he has grown and matured the business a lot more in 2019 to the point where it's, it's running like a very well oiled machine now. And we talked to a lot of companies 57:00 And they're like, how do you do it? Like, what do you do? I'm like, oh, like we knew this, like early on, like we weren't able to get to all 50 states. So we looked at Blake and he can get to more states than we could ever even try to do it the, you know, filing paperwork and waiting for things to come through and opening distribution and then losing our ass on half the product because we had to pay 25% to somebody else, right? And so now people are like, Oh, well, that's how you did it. So now like we're giving Blake a lot more business because a lot of people also Now see, this is how they can do it. Right. And I think some of the even the people that are already there and distributed and now he can't actually do it. Because the way that the way the law technically works is that he necessarily can't buy direct from somebody and sell it unless it's already if it's not already distributed with inside of DC. And so you know, you've got other brands that said like, Oh, shit, we were there too early, and now we kind of like lost our percentage that we could have got out of this business model as well. Yeah, it's just you know, it's it's tough because it is alcohol and yes 58:00 We want to say let's open up shipping, let's do a secondary, but there is a lot of things that need to be well thought out and laps and limited. And so like, 58:08 we just need, we just need some way for, like, let's work towards it versus like holding our ground either one way or the other. Like, let's like right, say that shipping, we have to do it all that way, or we have to know it. There's got to be a middle ground that we can make it work. And one of the reasons why you may never see a middle ground is because you have like these large distribution companies, and that would require them working together in some ways, you know, and that 58:36 they may not want that get on a zoom call figure it out. But here's the here's the the truth of the matter is that eventually, someone brings up the will How can you guarantee that a 16 year old kid is not going to get the bottle off of the doorstep or whatever. And they're in it doesn't matter. Like you can have people sign for it. You can have anything. The minute that 59:00 shipped alcohol or something outside of the three tier system gets into a child's hands. And something happens. It's over. I know, you're telling me like you never had a fake ID growing up. That's just it is like, I will not confirm nor. 59:17 But I'm just saying that that is they're all as always the go to argument, always. And they're like, you know, we protect that. And here's the thing is that they do to a small percentage, but let's go to you can go to any college bar, any college bar and you will find like under age people getting served almost all the time. And any high schooler whose cousin, you know, goes and buys them. So those and they made in the parking lot and so here's a way tech guy, let's get a thumbprint on every bottle of alcohol that you have to guarantee that you're an adult or something like that. Yeah, one open 59:56 or it explodes your hand. Yeah, not not that's gonna be a tough one. 1:00:00 Neil and the other thing that we kind of also, as we're talking on the shipping topic, as well, as you know, even Kentucky and the KDA, they fought to get shipping at a lot of the distilleries that are around here where people can go and they can have their stuff they want to be able to ship out but they don't want stuff coming in. That's nominates the as a kind of oxymoron. But I also don't know exactly like, what the the stats of the details of it like how much is it actually us? considering we can only ship to like, six states or something, right? I mean, it's been ridiculously low. Yeah, there, there's only 6% Okay, so it's like, I know, a couple disorders don't even do it because they're like, I'm not gonna waste my time on six states, you know, or have a shipping package send, right? Exactly, have set up all those resources to be able to just fulfill six, you know, states, but I know it's just surprising. Like, I'm kind of confused. Like, on one side, we're embracing, you know, the vintage law and all this stuff, you know, and then on the other side, where, you know, control 1:00:59 limits you 1:01:00 Being in secondary so it's all just like it's it's it's hypocritical Yeah, all of these laws basically they start out in one place someone opposes it and then it gets compromised and something gives up and so that that law where they could be shipped in it seems like all the laws are just geared it's more favorable for the businesses and other consumers like I'm all for like distillers being able to serve more alcohol ship sell more bottles on property, all that. Okay, that's great for them. But what about consumers, you know, who wants to buy across? 1:01:33 There's not a I mean, there's not a you know, if there was it'd be small but there's not a bourbon advocacy out there. us maybe right. And, but we're not I don't I'm not signing checks or sending checks that you know, to gain whatever pass but there's, there's so many there's so many lobby groups in the distilling business, you know, and there's that there's the a DI there's a CSA, there's distilled spirits Council. There's a 1:02:00 presidents forum this Kentucky distillers Association, there's Texas whiskey association with, on and on and on, and on and on. And they all tell their story and get what they want, try to get what they want. And, 1:02:12 you know, it's not necessarily always what the consumer wants. Yep, absolutely. So as we start rounding this out, you know, there's, there's one thing that I want us to do is like, what is your big prediction for 2020? Right? And I know, and I'll go first, and I'll kind of kind of set the ground and you can kind of pick what you want. And it could be it coul
What is the Life Insurance Transfer for Value Rule and how has it been changed following the Tax Reform Act? An expert on the topic explains what you need to know. The American College of Trust and Estate Counsel, ACTEC, is a professional society of peer-elected trust and estate lawyers in the United States and around the globe. This series offers professionals best practice advice, insights and commentary on subjects that affect the profession and clients. Learn more in this podcast.
Brown-Forman and the Kentucky Distillers' Association are two organizations focused on growing bourbon both domestically and internationally. Taylor Amerman and Ali Mize represent these brands to balance the scales by focusing on ways to promote a better drinking culture. This means awareness of moderation, being inclusive of those who don’t drink, and how more ID checking systems are being installed at distilleries across the state. As we go into the holiday season, please remember to be safe and drink responsibly. Show Partners: In 2013, Joe Beatrice launched Barrell Craft Spirits without a distillery or defied conventional wisdom. To this day, his team sources and blends exceptional barrels from established producers and bottles at cask strength. Learn more at BarrellBourbon.com. Receive $25 off your first order at RackHouse Whiskey Club with code "Pursuit". Visit RackhouseWhiskeyClub.com. Show Notes: Worst Old Fashioned: https://www.esquire.com/food-drink/drinks/a30172952/viral-old-fashioned-cocktail-video-jim-beam-redo/ The Craft Beverage Modernization and Tax Reform Act: SpirtsUnited.org, https://www.nytimes.com/2019/12/16/business/economy/craft-distilling-liquor-tax.html This week’s Above the Char with Fred Minnick talks about control states. How did you get into bourbon? How did you end up in this position? Tell us about your background. Talk about bourbon and the environment. What are the responsibilities of your position? What's Intellicheck? Does it track which distilleries you visit? Any concern about upsetting consumers? Tell us about what you all are doing with mocktails. What did you do with mocktails at Derby? What is on the event checklist? How do you promote social responsibility in marketing? What's next to lobby for? Tell us about ride sharing. What do you want the listeners to takeaway? For more information on responsibility efforts, visit brown-forman.com/responsibility and kybourbontrail.com/responsibility. 0:00 We encourage you when you get home to check with your local DMV to make sure that this idea is real. We'd love to have you on the tour today but you will not be participating in the tasting. 0:09 Well, at least they can go and see everything. Absolutely. Just like Jimmy John's the smells are free. 0:13 Yeah, exactly. Just like Jimmy John's. 0:28 What's going on everybody? It is Episode 232 of bourbon pursuit. I'm Kenny and we've got just a little bit of news to go through. And I think by now everyone has seen the viral sensation of the girl who made probably the worst old fashion of all time. It was originally shot in 2010 by mahalo calm, it had muddled cherries and oranges, a whole pint of Jim Beam bourbon. I mean, it was bad. But now Janae Nyberg, the actress on that video has made a reappearance. The folks over at Jim Beam tracked her down and gave her a shot at redemption. In an esquire.com article they talked about how the video started and what she's up to now, beam gave her a second shot and she nailed this time making the perfect old fashioned. You can watch the original and the new video with the link to esquire.com. In our show notes, the craft beverage modernization and Tax Reform Act is a tax cut for thousands of small distilleries, breweries and wineries across America. And they take that tax cut to reinvest it back into the distillery to continue to grow it. And it was a steep cut in the federal excise tax on alcoholic beverages. And Congress passed this at the end of 2017 as a part of the tax cuts and JOBS Act, and it is now set to expire on December 31. And legislators have until Friday to extend it if they don't distilleries will face a 400% tax increase with the first payment for money due on January 15. This as the craft beverage producers scrambling with Thought of potential employee layoffs or even worse, maybe even closing their doors. You can read the article posted by clay rising on the New York Times with a link in our show notes. And you can also go to spirits united.com to sign a petition and help make a difference today. Once again spirits united.com heaven Hill is coming out strong with two new releases soon. We talked about larceny barrel proof before and that will start hitting the shelves in January of 2020 with a price point of $50 SRP and then you have old Fitzgerald fall 2019 released that will be the highest age release of this particular expression at 15 years old. And the suggested retail price on that one is $150. And you've heard it from rackhouse whiskey club in the middle of the podcast, but Bardstown bourbon company will be releasing their prisoner collaboration in 13 states starting in 2020. The prison or wine collaboration begins with a nine year old Tennessee bourbon that the Bardstown bourbon company Finished for 18 months in the prisoner French oak red wine barrels, the resulting whiskey is bottled at 100 proof and the collaboration will be available in January 2020 with a suggested retail price of around $125. Now, we've never done a podcast like this before, but we want to highlight everything that's happening in our world of bourbon. Taylor, a member in an ali Mize come from two different organizations, both focused on growing bourbon both domestically and internationally. Brown Forman and the Kentucky distillers Association are balancing the scales by focusing on ways to promote a better drinking culture. That means teaching moderation being inclusive of those who don't drink and how more ID checking systems are being put in place at distilleries across the state. It's really some things that I even found out that were new that were happening as well. So you end up finding some some pretty unique things here. And as we go into this holiday season, please remember, be safe and drink responsibly. All right, let's kick off the podcast. Here's Joe from barrel craft spirits. And then you've got Fred Minnick with above the char it's Joe from barrell bourbon. 4:08 In 2013. I launched barrel craft spirits without a distillery and defied conventional wisdom. To this day My team and I source and blend exceptional barrels from established producers and bottle strength. Use the store locator on barrell bourbon com. 4:22 I'm Fred Minnick. And this is above the char. This week's idea comes from Twitter from it's just Raleigh. It's just Raleigh asked state run systems, North Carolina versus private Kentucky, Florida, etc. He's basically getting to the question of what is the difference between the state run systems like where you have state run Liquor Control boards or monopolies, if you will, and the private states that allow liquor stores to come in and be privatized and you know, individuals or corporations can 5:01 can sell alcohol in a in respective package store. And I'll tell you I'm kind of mixed on this because you get really good data about sales and, and who's getting what in the control state. So like every year, Pennsylvania, while it is mired with its own problems, they released the number of bottles of Pappy and Buffalo Trace antique collection that they get. And that's something that I would love to see broken out from the liquor store side. Now with that said, they all have these very unique laws, a lot of them have price control, and that they will not mark up whiskey above the SRP. That's something you certainly don't see in the private states, which is why you see something like, Well, our 12 year old or Elmer t leiby, five $600 when that's far, far above the the SRP. Now one thing that I'm starting to hear about control states is that they are cracking Down on private barrels. So this is something I'm still looking into. And if you're having some problems with this, you know, please feel free to reach out to me as I, you know, further investigate it. But what's happening is some of these control states are looking at bourbon clubs as competition to their own single barrel programs. And so they're starting to put restrictions and, and rules on clubs that you don't see in private states. And I don't think I like that very much. But at the end of the day, the entire system of selling alcohol is beyond broken. I mean, we're still dealing with laws that were established for the most part in the 1930s. You're only just now peeling away. You know, a lot of these blue laws in some states. So for the past decade, the lawmakers and a lot in places like Alabama, Texas and Kentucky have done a very good job of getting Getting rid of a lot of stupid laws, but the fact is, many of them are still there. And it probably won't be in my lifetime, but at some point, we will have a more cohesive alcohol system. But again, it won't be in my lifetime. And that's this week's above the char Hey, if you want to be like, it's just Raleigh, hit me up on Twitter or Instagram at Fred minich that's at Fred MiniK Until next week, cheers Welcome back to the episode of bourbon pursuit the official podcast of bourbon. Can you here today riding solo but talking about a topic that we typically would never have thought of, you know, we're all about brands, Master distillers distilling techniques, social, the culture of of of bourbon and stuff like that. But there is there is one aspect of it I think that gets overlooked and that is, knowing your limits knowing when not to drive you get to know these these types of things of me. Making sure that you are being a good citizen, a good consumer of the brown water at the end of the day. And this was really kind of a topic that really kind of came out of out of the blue for me, I actually had an opportunity to meet one of our guests today at a dinner that was actually sponsored by the University of Kentucky. And then from there, we just started talking, I had no idea that this department these positions even existed inside of these, these corporations, and that even the Kentucky distillers Association had people that were dedicated to this as well. So it's going to be something that I found super interesting. And I think you're going to find it interesting as well, because there's just there's a lot of things that happen with inside the bourbon world. And a lot of times that we want to make sure that we're promoting the right things. We talk about what we're drinking all the time. And what we have we have like nine pours is something as we're sitting down and trying a bunch of stuff in a lineup, but we need to make sure that we actually have the capability and wherewithal to kind of know exactly what we're doing after that. So today on the show, I want to be introduce two of our guests. So we have Taylor. Taylor is the global alcohol responsibility manager for brown Forman Corporation. And Alamein, the director of social responsibility for the Kentucky distillers Association. So ladies, welcome to the show. Thank you. Absolutely. So before we kind of dive into this, we kind of want to get understand your backgrounds, kind of like where did you kind of start coming? I usually start the show, talking to people like where did they where did they start really get introduced to bourbon? Do you all have a story where you got introduced to bourbon or something where you got this kind of role like got you into bourbon? 9:35 I would say my experience at Brown Forman got me into bourbon. So I interned for brown Forman while I was attending the University of Kentucky, my junior and senior year and that's where I really got to understand old forester and Woodford Reserve. 9:50 But you Allie 9:51 Taylor Taylor, bourbon I mean bourbon has always been a part of my life as a little million and a Kentucky and but I had spent some time working in Belgium after college. and came back to the oval and really had never been legal drinking age adult in this in this city. And so I met Taylor through some networking and she introduced me to her work at Brown Forman. And when I went to go get my MBA, she really helped me understand what this field of corporate responsibility was all about. I wrote my capstone with the company and on the production of bourbon barrel beer and Western Europe, actually, and then came back worked at yum brands for a little bit on their sustainability team. And when this role opened up, Taylor and her old boss Rob really helped champion me into the role so I have a lot of my bourbon history to think, or that Taylor to think that 10:36 Yeah, I've got to say we've pushed we all set the stage as well as you two are also very, very good friends outside of work. Yes, that here like bridesmaids and everything like that. That's going on around here to full disclosure, full disclosure. Yeah. So there might be some collusion involved at the same exact time, right? It's true. So I guess, since Taylor, you kind of had the the kind of started the path to here. So, what kind of got you into this and you know, you mentioned like interning here, what was that intern position and then what led that into this sort of full time position as as that internship ended. 11:13 So in full disclosure, I have an accounting degree for my undergrad, but then moved abroad and got my first masters in corporate social responsibility from the University of Nottingham and England, where companies are really focused on broader societal needs, whether it be around the environment or social issues. So after I graduated, I came back to brown Forman, leading some of our environmental sustainability work, but over the last four years leading alcohol responsibility and what that means here at Brown Forman, we'll kind of talk 11:44 a little about the environmental thing because I think that's also like a unique aspect of what happens in regards of bourbon production. Everybody kind of wants to understand like, Is there a carbon footprint with bourbon? Is there a way we have to worry about sustainability with wood and barrel And Cooper, James and all that kind of stuff kind of talk a little about that background. 12:03 Absolutely. So that is all housed in our production operations right to reduce water energy, efficiencies, how, where our grains and come from the wood that we saw, right? But then also how can we tell those stories to consumers and key buyers and retailers that are also interested in environmental sustainability. So corporate responsibility as a whole is environment diversity and inclusion, community relations and alcohol responsibility. So it's like who we are as a company, and it's not new. We've been doing this since day one at Brown Forman right we were the first company to have a sealed bottle of whiskey for safety and concern of the consumer and everybody listens to the backstory with with Jackie as I can. On our past episodes, we talked about the old forester brand and really how that really pioneered a lot of the exactly what you're talking about there. So Ali, I kind of want to get a little bit of your Background because you were doing some of this at Yama as well, in regards of social responsibility yamas bulleit. Understand it's it's KFC and Taco Bell. So kind of talk about how you're making tacos a better place in the world. 13:12 Yeah, well, we were really hoping to transition yums shareholder base into longer term shareholders that really understood the value of social responsibility and environmental sustainability. Because at the time when I was there, they had an activist investor on board, and their ratings in the social and environmental spaces were kind of low. And so how could we kind of educate investors about what the company was doing proactively and to reduce waste in their supply chain to improve human rights concerns and those kinds of things and ultimately increase their share price. But what I do for the Kentucky distillers association is a little bit different and that my main focus is really around Governmental Affairs and making sure that our distillers are proactive in their responsible retailing efforts so that we can continue to go to To the Kentucky legislature and make asks like for the ability for people to ship their bourbon home when they visit a distilleries, Visitor Center, the ability to enjoy a cocktail. When you go to a distillery, I think a lot of people forget that wasn't a privilege before 2016 in the state of Kentucky. So we really proactively use our responsibility efforts on the lobbying and advocacy side as well. 14:21 Yeah, I mean, we will definitely get into that because I know that I've seen it on the bourbon trail. Now you go in somewhere. And there's there's a lot of license scanners that are placed everywhere. So we'll talk until a check. Oh, gosh, all right. Now we're, let's let's not give away all the secrets, people figure out how to hack it right. Now, we won't find about that, but we'll hit on that here in a little bit. So, you know, I guess, Taylor, I kind of want to kind of come back to you here a little bit, you know, coming to this into this particular role. What were what were some of the really the guidelines or what were the some of the things that were really in the job description about what you're supposed to be promoting at Brown Forman? 14:58 Absolutely. So this job was given to And so I was like, What in the world is 15:02 that they like they made the position for you when you came in kind of thing. 15:05 So it we've had this position probably about 15 years, and I'm the third person to have this type of for all. Specifically, again, the work has been happening for a longer time, but to have a dedicated resource to this. But we also need to define what that means. And it's more than Please drink responsibly, right. Okay, that's a legal compliance line. So we had to define that. It's in within Corporate affairs. So I support all of our brands, all of our markets and all of our employees around the world. 15:34 And that's a lot because brown Forman is not a small company. It's 15:37 not a small company, almost 5000 employees globally, and we believe it has to start with us, right if our vision is to create a responsible drinking culture, it has to start with our internal culture here at Brown Forman so our employees understand what those behaviors and expectations that if they do choose to drink, it is in moderation, but we also respect the choice not to drink here as well. 30 30% of Americans don't drink alcohol. And that is adults doesn't include the kids. So it's 30% of adults don't drink alcohol. But again, it's within Corporate affairs. So for us alcohol responsibility is across a variety of topics. So not surprising is preventing under age access and consumption, just like we mentioned with ID scanners, preventing drunk driving. So our partnerships with lift and Uber and taxi companies, but a few that make us bit different are supporting addiction recovery. We do a lot that addresses sexual assault and harassment in respecting the choice not to drink. Wow. 16:38 Okay, we're going to touch on each one of those a little bit, because I'm a big fan of Uber. So we kind of want to start here talking with Allie first because you know, as you were kind of saying that when we before we started recording here that Ali's role is sort of like an umbrella across a lot of Kentucky and bourbon and stuff like that. So Allie, kind of kind of give us an idea of like, what the job description is and Sort of what you all are doing, and putting measures in place to make sure that people are trying to do a lot more socially responsible actions. 17:08 Sure. Well, I've learned a lot from Taylor and brown Forman. And so a lot of my job at the Kentucky distillers association is taking best practices from companies like brown Forman and beam, Sentry and biagio that are kind of leading in this space, and raise up the next generation of micro distillers to have the same practices. And so we're all about collective responsibility. And I think that that comes through in a few different ways. One is establishing best practices so that distillers know practically what it means to embed alcohol responsibility into their day to day operations, whether that be manufacturing, marketing, tourism, any event. And so we have a series of very simple checklists about what things you can do in your ticketing in your gift shop in your tour, talking points to incorporate those aspects. And then we build data driven partnerships to kind of bring those best practices to Life. So partnering with Intel attracts age ID solution to make sure that tour operators have a chance to scan IDs authenticate that they are real and prevent under age access to alcohol. And we've caught over 500 fake IDs at distilleries since that program was implemented. So it's super practical, or we work a lot with the mocktail project to increase non alcoholic drink menus across the state. And so helping get our distilleries involved in that program, particularly through a campaign we run each October called mock October. And that's really used as a period after bourbon Heritage Month whenever anyone is kind of worn out. Say, let's take it take the weekend. Relax, we need a break. Oh, yeah, and learn what options exist in terms of zero proof cocktails. And we work with better drinking culture on an auditing program that holds our distilleries accountable to the best practices. So they have if they want an outside consultant, kind of figure to come in and really check and say, here are the ones you're upholding. Here's some areas where you're struggling. We have some resources to help you with that, that partnerships in place. And then we work a lot with lift and other transportation providers, like mint julep tours are in our limo to really make sure that people don't make the choice to drink and drive. So partnerships. And then I would say the last aspect is really raising awareness of the industry's commitment and actual programming amongst legislators, tourism partners, and the consumers and making sure that we get that story across. So best practices, partnerships, awareness, raising media campaigns. 19:33 So let's let's dive into some of these a little bit a little bit deeper here, because you talked about some good points. And I actually, this is a very recent memory, your mind going to four roses and actually doing a barrel pick. They said, Hey, we need everybody's IDs. And we're like, we didn't do this six months ago with we talking about and yeah, so Mandy was there, she scanned all of our IDs and make sure everybody's, you know, over 21 I guess. So first off, it's really cool to see that intelligence is working. I think it's very ballsy if somebody that's under 21 to go into this Hillary and try buy a bottle. I mean, you would think that that would be something that we are all under 21 at some point, but you do you think they'd be like, yeah, I'll just go like the corner store the corner mark, I'm not going to go to a gift shop to go do something like 20:11 this. They just want the experience with their friends, though, if you think about it, they're not always trying to buy the bottle. Sometimes they're trying to get on the tour and have the tasting and have that experience with their friends. So I think that's where we see it more so than in the gift shops with bottle purchases. But you're right, it is surprising that there have been over 500 fake IDs caught on the bourbon trail. I think it's really educated, the distilleries and the industry to that, hey, this is such a necessary tool. You know, it started with just a few distilleries adopting it and bringing it to the attention of the group. This was an option and something that we should pursue as an industry. And what we did was really work with three different ID authentication providers to test the state's best fake ID so we partnered with Alcohol Beverage Control, got their best fakes and really check them on all the different systems and intelligent every time hands down came up with The best system. And so, over time, we've had more and more distilleries come on board to the point where there are 28 distilleries across the state using this technology. And it's great because it sends a consistent message, right? It's not one distillery, doing it over here, and then the next place doesn't do it. And all of a sudden, someone gets angry that they were asked for it at the other location. It's really about providing a consistent consumer experience along the Kentucky bourbon trail and craft tour. And so a lot of other cool things to note are that we have global ABC enforcement officers using the same ID checking technology, when they're going to do their spot checks at Louisville retailers, when they're going to your corner liquor store to make sure they're not serving minors. And they know that store has an issue. They're showing them the technology that Kentucky distilleries use and recommending that that person adopted so that's a really cool case study of where industry has actually influenced government and regulation. And, and I think we're really excited about it. If you were at forecastle, about two weeks ago, you'd also notice that all of their We're serving stations using teletrac, as well. So it's definitely a resource that we promote to our partners across the state. 22:06 Oh, it's good. I'm glad to see the technologies working in the favor for for this as well. I'm assuming that if somebody does scan a fake ID, they're not like here go tracking at the next place. They're actually they're probably, they're probably taking it right. So 22:17 it's actually illegal to be in possession of a fake ID in the state of Kentucky, even if you are a distillery, confiscating it from a gas. So generally, the protocol that we train the distillery employees to say is, we've been alerted to a problem with your ID based on our intelligence system. We encourage you when you get home to check with your local DMV to make sure that this ID is real. We'd love to have you on the tour today, but you will not be participating in the tasting. 22:43 Well, at least they can go and see everything. Absolutely. Just like Jimmy Johns the smells are free. 22:47 Yeah, exactly. Just like Jimmy Johns. 22:50 So I kind of want to talk about the intelligence thing a little more because this is something that is is becoming pretty ubiquitous as you are going down the bourbon trail and I think this is also So something that maybe our listeners want to know is, is it tracking you, as you are going to every single distillery? Like is it say like top? Sorry, you've done three today. We're capping you there, like, is there? Is there some sort of tracking mechanism that's involved with it, too? 23:14 Yeah. So that's a really interesting question. And I think that we have the capability to add that functionality in the future. Right now. We're just focused on making sure IDs get scanned, and that no one under age has access to how call 23:27 Ali's your next big brother here. 23:29 Okay. Yeah, that technology does have the ability to store some demographic information, no personal identifying information. So it's not going to store your name, for instance, but it could store that a male who is your age, and from this state visited the distillery on this day and time and so what that does, especially our craft distilleries, it helps them understand the demographic of their consumers better and if they know that they had a ton of visitors from the state of Michigan, come in in the past. Few months, and they don't have distribution. And then in that state, that's something that they can talk to their distributor about and really pursue. And so it's, again, not storing that personal identifying information. But it is storing demographic things that can really help our guys on the business side as well. And so all of a sudden, you have this responsibility tool that has become a great marketing tool as well. The last thing I'll say about the storing of information, besides the fact that this is really an encrypted technology that has passed through the legal teams of brown Forman, and all the other big companies within our membership is that it does have the capability to do exclusive groups that can be controlled by the managers at the visitor centers. So an example of a group that we have set up that is not currently in use, but could be in the future is banned and intoxicated. So let's talk about the difference between those intoxicated means that you would be flagged here it would be flagged for 24 hours in the system, and then banned means that you wouldn't you be marked forever along the trail. And so while by 25:03 the KDA that's 25:04 Yeah, that's basically that's what it could become. But it is really intended if you're intoxicated and all these distilleries are sharing the same technology. If you go to Evan Williams, and you show up and you're highly intoxicated already, they can flag that idea that when you go down the road to Victor's and your idea scans using the same technology, it's going to pop up with a note and say, Hey, this person was flagged as being intoxicated, maybe think twice before serving them. So again, the technology is never giving a mandate around how to treat that person and their identification. It is helping guide the distillery employee and making smart choices and protecting the consumer which is what the technology is all about. And I think the last thing I want to add because I remembered it coming back to your point about four roses scanning every ID is that's been the most interesting trend for me to watch is I think the perception in Kentucky. A I'm clearly above 21. And how dare you ask for my ID. But we really in the alcohol industry view drinking is a privilege, right? I mean, it is an honor to be able to go into these distilleries and obtain their product and it can cause impairment. And you go out to a state like Oregon, Portland, Oregon, you go out to distilleries or wineries out there, and they do check your ID every time. And so how do we create this mentality shift that says, alcohol is a privilege, not a right and when you consume you need to consume responsibly, otherwise, that privilege can be taken away? 26:34 Because that's how society views it. Right? Absolutely. 26:36 Absolutely. And I think you also brought up another point right there, you know, if somebody is flagged and they are going from one place to another Are you are you ever worried that it could create some bad juju that could possibly happen, right? I mean, this somebody that that is under the influence they do and they're like, I got a driver like I'm fine, like let me through like blah blah, blah, like In God forbid, you know, security gets caught like Does that ever kind of like run through your mind of like, what could the potential happen if we do sit there and pick a bunch of drunk people off? If they're trying to do this? 27:10 I think I'm more afraid of the potential of what happens if we don't do anything. Right. And so, I think that as we grow in our responsibility efforts as an industry, and I would say, brown Forman is the most leading at this but I think more and more distillery employees feel comfortable making that gametime decision knowing that their boss has their back that intoxication isn't acceptable. And just because you have a safe ride, doesn't mean you're a responsible drinker, like there are limits and you shouldn't show up to a tour and disrupt other people's experiences just because you made the choice to over consume. And so I feel really confident that intelligence is a tool that empowers our tour guides to make the right choice but they of course are also trained to provide a hospitable experience and they are never going to publicly admonish someone Or make them feel embarrassed. It's all about having the wherewithal on how to deal and intervene in those situations. Hey, can I get you a glass of water? Before you go on your tour? You look like you've had a long day. Come Tell me about your experiences along the trail, you know, how do we equip them with the right tools and skill sets to be able to handle this awkward situation? 28:20 Hopefully didn't get too awkward, not a hand in so I guess you also brought up something about mocktails. And I think that's something we've we've touched on the podcast before of looking at New York Times articles saying like mocktails, or the new craze, like the, you know, alcohol free bars, you know, so kind of talk about what the the distilleries and what KDA is trying to do of getting into this sort of mocktail category as well. 28:46 Yeah, I can talk about it overall, but I'm really excited for you to talk to Taylor because brown Forman has definitely taken the lead on this including serving the first official mocktail at Derby. So, um, you will definitely Oh yeah, we're gonna go there, but I'm the monitor. Nothing really happened kind of organically to be totally honest. I mean, we have always held a tremendous respect for the choice not to drink in Kentucky and along the bourbon trail that's really important that no one feels that pressure when they come to a very bourbon saturated economy and state right. And but the way that that happened was we were at a local art festival and met a gentleman by the name of Jesse Hawkins, who himself has made the choice not to drink has been sober for a few years now. And he had started a movement back in 2016, called the mocktail project. And when Taylor and I encountered counter Jesse for the first time, he was still very, very grassroots. And which was exciting because we were still figuring out what it looked like to tangibly communicate about this respect. And for the choice not to drink too. And so Jesse really started sharing his story with our distilleries, we gave him a grant to really grow the mocktail project and take these kids to bars and restaurants and say, Are you willing to add a mocktail to Your menu, put a sticker on your front door that indicates that you have that option available so that people who choose not to drink whether they are in recovery, or maybe you're just an expecting mom, or maybe you plan to stay out for five hours this Friday night, and you just know that you'll be on the floor. If you drink bourbon the whole time, and you want something to help you pace. There are so many reasons. But that sticker and that emblem would help people identify the establishments that cared about protecting their health. And so he's really grown that. And over time, we've seen more distilleries get involved and take it their own direction like brown Forman. And I think the one month, like I said earlier that we all get involved is October, and that is generally the second or third week in October, where all the distilleries come together serve these amazing zero proof mocktails. We hold a lot of cool events. This year, we're going to have a sons alcohol pop up bar at butcher town groceries Lola at ostra. some really cool restaurants and mythology involved and we're also taking it a step further on this. Addiction Recovery side too. So this year the official mocktails one will be named after Jesse. But one will be named after a woman at Volunteers of America mid states Freedom House program. And so every one Wednesday a month every month, Volunteers of America brings in local chefs for a chop and chat at their Freedom House Recovery Center for Women who may be expecting children during the recovery process, and they teach them healthy cooking healthy living skills. Well, what about how the drinking skills after you get out of recovery, you're still going to be in social settings like parties where alcohol may be present. And so this year, we thought it was really important to teach them how to mix their own mocktails for those party situations. So ostra is going to be going in with a mocktail project teaching these women how to make cocktails, and they're going to make their own and the winning recipe will be named after the woman and it will be the one we promote during the October campaign so that there's a more human element to why we serve mocktails at the distillery And in bars and restaurants because I think that's what we miss. I mean, everyone knows what a mocktail is. But I think the more impactful thing is, why it's important to include it and why we need to be thoughtful about how we make people feel included, right? We talked about diversity and inclusion and all sorts of industries all the time. What does diversity and inclusion look like in the bourbon industry? From all aspects not just black, white, male, female, but our drinking habits too? 32:24 I gotcha. Yeah, that's good. And by the way, I love OSHA. It's one of my favorite restaurants here in town. Go to I love the churros for dessert. We'll talk about that afterwards. But so Taylor I know we we an alley wouldn't go alleys alleys hog a lot of the air. She's killing it. So So kind of talk about really what brown Forman is doing in this this mocktail category. 32:43 Absolutely. So you know we are deeply committed to it. We have employees who choose not to drink we have board members. We have consumers and business partners that choose not to drink for a variety of reasons. In addition, health and wellness trends right now. And it is invisible. You may not be able to Tell that so we talked about little things. Don't ask why someone's choosing not to drink, right? It should be an invitation I can offer you. But it shouldn't be an expectation to be part of the social setting it. If you are choosing not to drink, you still want to go learn about the history of bourbon, you still want to enjoy our amazing restaurants that we have here in town. So everyone should be welcome. for that. We started an employee resource group. So just like other dimensions of diversity, and ours is called spirit. And it is to respect the choice not to drink. So raise awareness. You know, we have a cafe here on campus, and before spirit, they would cook with alcohol in the food in the desert, but it may not be clearly labeled. And if I accidentally have some cake with bourbon, okay, that's a you know, not a big deal. But if someone in recovery does, that is a really big deal when they weren't expecting that and that can be harmful to them. So just raising awareness, what are those issues that we can change and make a difference? And again, welcome them to brown Forman as employees and guests 34:02 to talk about what you were doing during Derby 34:08 with the careers of master distiller spanning almost 50 years, as well as Kentucky bourbon Hall of Famer and having over 100 million people taste his products. Steve nalli is a legend of bourbon who for years made Maker's Mark with expertise and precision. His latest project is with Bardstown bourbon company, a state of the art distillery in the heart of the bourbon capital of the world. They're known for the popular fusion series, however, they're adding something new in 2020 with a release named the prisoner. It starts as a nine year old Tennessee bourbon that is in finished in the prisoner wine companies French oak barrels for 18 months. The good news is, you don't have to wait till next year to try it. Steve and the team at Bardstown bourbon company have teamed up with rack house whiskey club rack house whiskey club is a whiskey the Month Club on a mission to uncover the best flavors and stories that craft distilleries across the US have to offer. Their December box features a full size bottle of Bardstown suffusion series and A 200 milliliter bottle of the prisoner. There's also some cool merchant side. And as always with this membership, shipping is free. Get your hands on some early release Bardstown bourbon by signing up at rack house whiskey club.com. Use code pursuit for $25 off your first box. Talk about what you were doing during Derby. Yeah, because I think I think that's something that's interesting because it's, I think, as Elliott said, this is the the first year that you all had actually done a mocktail project for Derby, which anybody? I don't think it goes without saying like Derby is exactly that. It's it's the mint juleps. It's the lilies. It's, it's the whole experience and most the time Yes, it does involve liquor, right, but kind of talk about what you all are doing. 35:45 Yeah, so we are proud to be the official bourbon of the Kentucky Derby with Woodford Reserve and old Forester, and that's wonderful to have those products they are and it's a Kentucky moment for all Kentuckians. But if you are one of those 30% who choose not to drink, you also want something in your hand, that is more than a Diet Coke or a bottle of water. Right? So how can we provide an elevated experience that everyone can shares during my old Kentucky home? So this year we worked with churchill downs and Jesse that alley mentioned with the mocktail project to serve the first official Kentucky Derby mocktail. So Jesse was on site serving 36:20 that what did it consist of? Do you remember? 36:22 Yeah, I think it was lemonade and cranberry. 36:25 Yeah. That's great. That's that's a pretty easy ratio. I mean, because I've seen you know, when they talk about these cocktail bars, you're talking like drinks of upwards of like 810 $12 for stuff and there's there's no spirit in it. So it's like, they must help they're like fresh pressing carrots back there something to make this really like go into it. 36:42 Well, we do talk about it's high margin for accounts. And that should be another reason that they have them on their menu. So not only for being inclusive, and show their values but it's good for business as well. 36:53 I'll see There you go. We know that 36:55 and Taylor's being modest and that 36:58 I know you need to talk untalked Very good. They send Jesse all over the place to all these different industry events like whiskey fast and all these things that where he's really influencing trends because he's in involved in industry conversations with the brown Forman backing and so you should feel, I mean, not a big deal that you have whiskey fest with the mocktail project. I mean, let's talk about that. 37:21 Totally. So the four that were around the country, Jesse went and served mocktails so many people came up to him just to take a break, they might have been pregnant. And it was such a relief because frankly, we find that a lot of non drinkers won't show up. Right? I don't even want to go there. I'm not going to be there. I don't want to deal with it. I don't want to get asked why 100 times I'm not going so he provides a safe alternative that looks beautiful. It's in the same glassware that everyone else does. It just helps them fit in. We also had him at forecastle with old forester I should have mentioned Of course with Derby. That drink was in partnership with Jackie's I can't have old forester and so they promoted it together. We've had him at taste of Derby. My goodness, we are doing a big partnership with him in New Hampshire this year as well with the New Hampshire liquor commission, so he is great. He helps put a real authentic voice behind this to explain why but it's that mocktails and cocktails can coexist. It shouldn't be either or, or you're cool or you're not cool. We're all enjoying it. We're all spending time together and connecting. 38:26 Yeah, I think the one thing that I'm really kind of taking away from this and anally kind of said it best is that this isn't supposed to be like, a line in the sand, right? It's not supposed to divide people and say, like, hey, like, you're over there, we're over here. We don't need to talk to each other. Right? And that it's it's more of a why thing. If If you want to try to party all day and nine, you you know, you're not going to be able to write it's just it's impossible sometimes, especially when you're trying to do bourbon for that time. It's just impossible. And so you can look at some of these as an alternative to like, you know, you don't have to sit there and and be miserable if you don't want to try to do that. Right, you've got to learn to be able to know your limits. And this is something that, you know, it's could be a refresher at the end of it too, right? I mean, I love smoothies, right? I'm sure. I'm sure it's it's got some kind of similarity to the tastes and fruit notes and everything like that along with it as well. 39:16 Yeah, I have a few thoughts on that. I mean, one is that we hear industry and place say that all the time, like I've had for work events every night this week, you know, I'm so excited that there's an option where I can still look like I'm participating and engaging and slow down. But one of the nuances that I've learned from Taylor is that recovery is something to be celebrated. And it's hard to feel celebrate. It's not, it's not something to be like, Oh, I'm so sorry. You're going through that or, oh, gosh, how hard it's no congratulations on your sobriety. And I think that's something that we forget. And it's hard to celebrate. If you don't have awesome drink options, right? Like, congratulations, we're so glad you're here. Here's your soda water. Like that's not a good way to help celebrate. And so I think that's another Important nuance to discuss to. There was one other thing I was gonna say. But you all just have in common I forget my last thought was, 40:07 well, events are so important, right? So always we have a responsible event checklist that we promote for brown Forman events you do for KDA events. 40:14 What's on the checklist? Let's go Let's go some let's start checking these off 40:18 check IDs, right, we'll go with that one providing free water and hopefully it's infused and something nice 40:25 mocktails numbers are like lemons or something. I gotcha. It's like I feel like I'm in like a hotel lobby. I swear. 40:32 Sometimes it goes so so fast. That's what you have to continue to refill throughout the night. non alcoholic beverages, having a point person that you know who to go to, should there be an issue that arises 40:43 like an accountability buddy, is it like, or is it like, 40:47 like, like, Who's the manager? 40:47 Like, there's, there's Gary in the corner. I'm gonna go talk to him like what is what's the point person? 40:52 So should there be an issue or an incident of overconsumption? Who do you go to Who's that the manager is that the bouncer? Who's the person in charge? You don't have to try to figure that out in the middle of a situation you already have a game plan. And then so offering some kind of safe right option. And we can certainly talk about partnerships with lift and Uber. But just to add to, at the end of the day, we want everyone who encounters one of our brands to have a positive experience. We never want them to have so much that they never want to drink it, smell it or buy it again. You know, we found that one of the top three reasons people do not drink whiskey is because they've had that negative experience. Just 41:31 that sounds like it's a most of the time of what we do we talk. Remember what I talked about, again, the show, like, tell me about your first piece of bourbon. I would say 50% of the time when we interview guests, that's the first experience it was a bottle of jack or it was whatever was and they were on the air on the floor for hours. Right and and i think that what you're bringing here is is is a relatively good perception of it of what you actually should be doing right and that you don't want to sit there and say, Oh yeah, I'm not gonna I don't always want to bring this back in. Emory back, right do let's let's try to make a positive engagement out of it. 42:04 Yeah, we don't want any harms to ever happen from alcohol. Right? And so how can what can we do to prevent, to educate to provide those options, but we still need consumers to make those right choices as well. But we're not anti sales, right? We're in the industry. We want to promote these products as being well crafted and something to sip to enjoy to savor it, not to just 42:27 escape. And I think you also bring up a pretty good point of being able to give our listeners this sort of background where they might have significant others that don't share their same passion, right. If they're listening to this. They are the the one percenters of bourbon right there. They're the bourbon nerds that are Yeah, we appreciate it. Yeah. And so and they're in now that if their significant other, they don't have to feel so bad, right, that you all are actually trying to create a different kind of culture. That's just not all whiskey. Right? That it's beyond that. 42:58 Yeah, since you're talking about kids for a second. Sure, the number one factor of kids drinking behavior is parents, right? They're seeing how you talk about it, how you enjoy it, they are watching, right? So that's the number one. In addition, the earlier someone tries, the more likely they are to become addicted. So having that conversation early and often with your kids is so important. So of course in middle school in high school, it is talking about alcohol directly. But even younger you want to build those resiliency factors in your kids, getting them to focus on protective factors, not risk factors that might be within their family. But acknowledging it and talking about it is so critically important. 43:41 I think that brings up kind of almost hits home a little bit for me, most of our listeners, of course are they a lot of them probably have kids and they see the the teen hundreds of bottles that we all have, and and my daughter plays a joke with me. You know people will say like, oh look behind you. There's Elvis in turn around. My little girl goes, Oh, look behind you. There's bourbon. And she does that as like a joke with me, right? And now that you're saying this, I'm kind of like, yeah, I should probably start having that conversation with her. She's five, but to make sure that she understands that like, this is this is not for you, yet, right? One day, but and also make sure you stay away from all the expensive bottles. The other part but, but I mean, in a more serious note, it is something that you do need to be conscious of as a parent, and making sure that you are setting the right example to 44:31 correct even if it comes to cookies, okay, you have one or two cookies. You don't need five or six cookies, right? Well, just thinking that way, talking about moderation and health and wellness, explaining why it's important that she stay away from it. Not just that this isn't for you, this kind of harming your brain. If you consume it before the age of 21 You're still developing this is really important that you know that or when is the appropriate time when your child does become of age. To engage, you'll notice this isn't something mommy and daddy do to cope with problems. This is something that we enjoy, we respect as a craft, and we use it in our celebratory moments. So even having that conversation when they are getting toward drinking age of when, when to engage with alcohol in the appropriate way, because I think a lot of people in our society use alcohol as a coping mechanism. And that is definitely not the best way to see it enjoyed. 45:25 And so while we're on the kids category, as well, I know that at least being in the industry myself, and knowing when you're doing marketing and doing all these things and buying promotional products, like it can't be anything that's related to anything that would be Child's Play whatsoever. So kind of talk about more about really what that is and like how do you promote social responsibility when it comes to marketing and that aspect? 45:49 So first, our industry standards right there discuss now we are all compliant of and then exceed in many ways, and in fact, it's important to know that that doesn't just apply to discuss members. Even nondescript members can have complaints filed against them, should they not abide by one of those rules? So we can probably just give a few examples but one is over 70% of the audience in where we are marketing needs to be over legal drinking age. at Brown Forman we regularly exceed that 80 90% of markets. So whether or not that's on podcasts or digital, Facebook, social media commercials, that's important to us. But I know we alley deals a lot with point of sale. 46:30 Yeah, I mean, making sure that you aren't using models that are above or under 25 years old to just ensure that there is no mistake that any models in your marketing activities look like miners, affluent stars or influencers. Yeah, making sure that you have appropriate age gates on all of your digital materials, including Facebook, YouTube, Instagram, all of that. This is an interesting one to making sure that you are not doing things And that are attractive to minors. And that's where these marketing codes start to get really interesting. So I'm thinking like, cartoons, right, right. How many times have we seen like the little oval mashers on the little bats, right? These cartoon kind of figures that depict bourbon and are intended for legal drinking age adults, but may appeal to minors or the thing I'm seeing on all the influencers accounts now are at the Capri Sun bags where you drink your cocktail out of the Capri Sun bag, right? And who's to say whether that's right or wrong, but it is a fine line. And so the great part about trade associations and approaching alcohol responsibility collectively, is that we provide a forum for our members to come together and discuss these things openly or not openly. Sometimes we have had members come to us in the past and be like, I have a real problem with the add that our colleague x put out. Can you go have a conversation with them and kind of get some background? I don't think it's appropriate for me as an industry competitor to have that conversation, but I do really like it made known to them that we didn't really love that ad and think it could be noticed negatively by a legislator or industry official. 48:09 It reminds me of, I think it was over a year to now, there used to be an Instagram account called scotch trooper. And what he would do is he would actually utilize Stormtrooper figurines in pictures with scotch and I mean, he had it was crazy. He had like almost 100,000 followers on Instagram. It was huge. In then, yep, lawsuits and everything kind of came crashing down on him. It wasn't from you know, George Lucas or anything it was actually from the spirits industry, right. So he lost all the sponsorships. He lost everything from that that point. So it was it was something that it's tough. That's a tough realization, right? Because I mean, it is toy figurines. However, how was it actually presented as like, Oh, this is like child's play. Here there, right. However, this is you also had mentioned something so anybody that's out There that doesn't know. So discuss is an organization. You can google it di SC us. They've got all the rules and regulations on what it is to actually be. I guess marketing responsibly and stuff like that. I remember, we had to go through it just for the podcast to be able to make sure that we were complying with a lot of the regulations of, as you said, adding the age gay to the website, making sure that we do a basically a survey of our audience and making sure that what is it like we have to be like 79.8% positive that everybody listening is over 49:34 know where that number comes from? a tailor said it currently it's 70.6, but it's 3.6. Okay, that's the percentage of the US population, statistically, that's considered to be a legal drinking age adult, according to the US Census. So that number isn't arbitrary. It's designed to reflect the adult population in the US, which is cool to know. 49:54 So it's larger the sample size, right? That's it is the population of the US. So yeah, see, that was one thing I remember. Going through and doing that to make sure that we had all of our ducks in a row and we are trying to find the right people and stuff like that to make sure that we comply with all the guidelines that are that are set out there. So it is good to see that we've actually Thank you. I mean, we've actually encouraged other bloggers and stuff that follow along with us they started adding h gates they started doing that because they're like, why do you have that? I'm like, here go read the PDF. It's long start start now. Yeah, 50:24 hi bourbon lovers should care about that because it protects the industry that they love from over regulation. So if you want good access to bourbon, you should be the biggest responsibility advocate out there because the minute the industry starts to misbehave is the minute that regulators start to take away some of the privileges that bourbon lovers so much enjoy when they come to Kentucky 50:44 Yeah, I was about to think of because you do start to jog my memory again about the the four roses the barrel pick and stuff like that in and really if if, if that system is not in place and something bad does happen, it could potentially change Exactly what bourbon lovers what we enjoy, we get, we get to go do and barrel pics that like, yeah, it's not gonna be the same experience anymore like some like some things will change, right and so everything that's being implemented is being done with a very specific purpose to actually help the broader community. Maybe at first it might seem like the man's coming down on us but it's not supposed to be like that 51:21 responsibility as a part of all our conversations with legislators and we're seeking new privileges and they've given us a ton in recent years. So back in 2014, they passed their bourbon barrel reinvestment credit, which essentially eliminated the bourbon barrel tax and gave it back to distillers as a credit to reinvest and their tourism experiences in their communities to alcohol responsibility in 2015, a past Senate Bill 11, which allowed the by the drink sales at the distilleries, because they knew we could be responsible retailers, that was a huge shift, you're allowing a manufacturer of a product to all of a sudden become a retailer of a product and that blurs those lines, and so they felt confident that distilleries could operate as responsible retailers to allow us to enjoy those cocktails. The next year they gave us the privilege to start serving spirits at fairs and festivals, which was a big one. They also strengthen the definition of Kentucky bourbon whiskey to include liquid that was fermented distilled an aged in Kentucky, not just age changed the game for contract distilling. In Kentucky, which is where we saw Bardstown bourbon company come in the next year. Gosh, we saw spirits shipping, which is something we're working on still, which is a huge concern when it comes to allowing alcohol to get in the hands of miners shipping is a big part of the discussion. And then last year, we actually took our lobbying efforts and use them for social good by helping work on Senate Bill 85, which strengthen Kentucky's DUI laws for the first time in decades, including its ignition interlock program, which helps connect DUI offenders to monitoring and treatment resources that they need so that they won't just be punished legally. But they'll also connect with resources if they do have a drinking problem. 53:04 So what's next on like the the lobbying table for for you all like what are you trying to? I mean, I know shipping is a big one, right? We talked about 53:10 shipping e commerce. 53:11 Yeah, we talked about that all the time, because we see that as kind of like the next generation of where this is all going to go. 53:17 Ecommerce is definitely where we're going. And that's a huge responsibility that our distillers do not take lightly. We're very excited about the opportunity, but there is a lot of details to work out and to be totally transparent and teletrac has it been a big part of that conversation in our conversations with ups and IMS databases and all these things of how do we embed ID checking into those shipping conversations to make sure that not just the person ordering it as of age, the person receiving it as a age because there's all these nuances that we don't think about if you send alcohol to an apartment building where someone's at the front desk receiving packages, but maybe the person who would get it upstairs is You know, not of age or an office building, and all these things that you don't necessarily think about, but are really important to address before you ask for that privilege. 54:08 A lot of variables there a lot of variables there, 54:11 but we want to do it the right way. Right? Everyone does GPS wants to do it correctly. I says the retailer wants to do it. And so how can we work together and collaborate? And I hope you've seen today that it's not just an old forester Woodford issue. It is an industry. And so how can we as an industry come together for collective impact to address some of these big topics? 54:33 We talked about Uber and lift? We're going to talk about that, too. So let's talk about ride sharing, because that was, we see it all the time, it'll come up in the app. There's promotional things that come out when it's bourbon fest time or anything like that, and they'll say, Hey, $50 off your signup or whatever it is. So kind of talk about what kind of relationships you are building there. 54:51 So first, it starts with us so we have a policy that employees can have a safe ride at anytime personal or from a work event. They need it. But that is never a green light to over consume. So it's always that moderation is expected if they choose to drink, but we want them to have access and they can use Uber lift taxis, whatever's most convenient and economical for them. But then we also provide discount codes at our events. So you all can do this too. It's uber.com slash events. And you can create it whether or not you're hosting a holiday party, a New Year's Eve party. St. Patrick's Day, whatever it might be, you can create safe rides for your guests. 55:32 I didn't know that. Yeah, there you go. 55:34 And the alley has a great huge partnership with left. 55:36 Yeah, we've really loved working with lift specifically, we have found them to be a very engaging partner, our values aligned with them and they've invested a lot in the state of Kentucky. So it started along the rural communities in Kentucky bourbon trail. So when we were first looking at preventing impaired driving, we looked at the resources that were available to people who are going to Bardstown. Let's say or For sales out in Woodford, and we realized that we were telling people not to drink and drive, but there wasn't great access to ride alternatives. And those are it sounds like there's like two taxis. So yeah. And the reality is that 70% of people who come to visit the Kentucky bourbon trail are coming from out of state, meaning that they're not familiar with local resources. they're familiar with national resources like Uber and lift. And so we knew we had to partner with one of them. And so we approached both we ended up working with left and we basically convinced them to unlock their technology across the entire state of Kentucky because of the economic development presence of distilleries, because they don't want to unlock their technology and communities where there may not be enough drivers or demand because they don't want people to have that negative experience of not being able to get a ride or signing up to be a driver and never getting any requests. And so we said, Look, we draw a lot of people to these rural communities, and we think that there could be a cause to have your service and So we made an agreement, they unlock the technology and we started hosting breakfasts at some other rural distilleries, including Woodford Reserve and heaven Hill Ozi. Tyler Jeff to kraid basically put invitations to these distillery breakfasts and the local papers on indeed.com. All these really grassroots things and invited the community to come learn what lift was because a lot of them had no clue and understand how you could sign up to drive and earn extra money outside of your other day job. So how can be economic development tool, and most importantly, what impaired driving statistics look like in your specific community and how having that resource in your community would help? And so we really tried to shine a lot of light on it. We did recruit about 25 to 50 drivers and each place it's still a growing and organic effort. However, I will tell you, we've seen success, particularly in owensboro and it's really picked up in owensboro. And you can now get an on demand really ride really easily there and was in large part thanks to Ozi Tyler's leadership in that community coming on board, and we did see it work at Kentucky bourbon festival. The first year after we held those breakfast, we actually brought in some Highway Safety partners from lift and the National Sheriffs Association, and they took a lift out to Bardstown. And we were so nervous because we were like, Oh, no, they got they got there, but are they going to get a ride home when they order it and they had scheduled in advance, and the woman that picked them up was one of the women that had attended one of the distillery breakfasts heaven Hill, and it was just such a cool story to see that that it did make a difference that someone was able to get a safe ride home back to livab
IRAs and 401ks- Do You Know "The Rest of the Story"? Money Not Math 31 "Common Myth Conception: You Will be in a lower tax bracket when you retire than when employed. Reality: With the 1986 Tax Reform Act and subsequent tax reform, most retirees in America will find themselves in a tax bracket at least as high-if not higher- than during their earning years."- Douglas Andrew
Craft Brew News 11/8/19Federal Judge: MillerCoors Withheld Marketing Materials in Stone Brewing LawsuitA federal magistrate judge last Thursday filed a report and recommendation order largely siding with Stone Brewing’s claims that MillerCoors did not provide all available marketing materials for its Keystone brand during the lawsuit’s discovery phase.Although U.S. Magistrate Judge Linda Lopez declined to impose sanctions requested by Stone against MillerCoors, she did grant a partial award of monetary sanctions to the San Diego-headquartered craft brewery.Stone Brewing filed the lawsuit against MillerCoors in February 2018 in response to new Keystone Light packaging and advertising that featured the words “Key” and “Stone” separated in prominent, capitalized letters. MillerCoors has maintained in its defense that it has used “Stone” and “Stones” in reference to Keystone products dating back to the brand’s debut in 1989.In light of this finding, Lopez recommended that Stone receive a partial payout of its $420,476.63 in legal fees, and Stone be allowed to update its expert reports to include the additional evidence.Craft Beverage Modernization and Tax Reform Act Reaches Record 315 Co-SponsorsA bill to extend federal excise tax (FET) relief has garnered a record number of co-sponsors following a day of action coordinated by the Beer Institute (BI), Brewers Association (BA) and other alcoholic beverage trade groups.The Craft Beverage Modernization and Tax Reform Act (CBMTRA) reached 315 co-sponsors in the U.S. House of Representatives and 73 in the U.S. Senate; In addition to the BA and BI, the bill’s other supporters include the Distilled Spirits Council of the United States, American Craft Spirits Association, Wine Institute, Wine America, the U.S. Association of Cider Makers and the American Mead Makers Association.BA president and CEO Bob Pease said in the release “The widespread bipartisan support the Craft Beverage Modernization and Tax Reform Act has received to date is amazing and America’s craft beer industry is grateful to our many champions in Congress,”. “This legislation has played an integral role in providing financial certainty to more than 7,700 small and independent brewers coast to coast since its enaction in 2017.” Brewers who produce fewer than two million barrels annually pay $3.50 per barrel for their first 60,000 barrels and $7 per barrel after that. Of the bill’s 315 co-sponsors, 159 are Democrats and 156 are Republicans, nearly a 50/50 split between the parties. These 315 co-sponsors make up 72% of the House’s 435 members.Russian River Brews Sonoma Pride to Support FirefightersRussian River is brewing a Sonoma Pride IPL after a wildfire forced the evacuation of the popular Windsor, California, craft brewery last week.Russian River co-founder Natalie Cilurzo told Brewbound that Sonoma Pride will be available next month at both the Windsor and Santa Rosa breweries and proceeds will support a yet-to-be-determined charity that supports firefighters. The beer will be on draft and in bottles with commemorative labels, which will also adorn T-shirts.The Kincade Fire started on October 23 near Geyserville, about 15 miles from Russian River’s Windsor location.Russian River was closed after the towns of Windsor and Healdsburg were evacuated on October 26. The brewery was closed for eight days while evacuation orders were in place, and gas to the property was shut off. The brewery finally reopened on October 31, although staff was unable to brew or operate its kitchen until gas was restored.The Kincade Fire was 80% contained as of Monday, after burning nearly 78,000 acres and claiming 374 buildings, according to NPR.In a video on Facebook, Russian River co-founder Vinnie Cilurzo announced that he and his team brewed a new version of Sonoma Pride.In 2017, the Cilurzos worked with 50 other breweries to raise more than $1.1 million for wildfire relief efforts in Sonoma and Napa counties.(Allo Gilinsky The Craft Beer Concierge – Russian River Tour Guide)Four Loko’s 12% ABV Hard Seltzer Hits Retailers; Anheuser-Busch to Launch Bud Light Seltzer in Q1Phusion Projects officially rolled out its first Four Loko branded hard seltzer to retailers today, after going viral on social media over the summer.Four Loko Hard Seltzer’s first flavor, black cherry, checks in at 12% alcohol by volume (ABV) and is sold in 23.5 oz. single-serve cans. More flavors will launch next spring, a spokeswoman said. Phusion Projects touted the product as “the hardest hard seltzer in the universe,” according to the company’s website and the caption of the Instagram post announcing its debut.On the other end of the spectrum, Craft Brew Alliance’s pH Experiment launched Pacer, a 2% ABV hard seltzer, over the summer.The hard seltzer category has generated $1.2 billion in sales year-to-date through October 5, according to market research firm Nielsen. The category crossed the $1 billion threshold in August. Hard seltzer sales could be triple that size over the next three years, according to a report from Rabobank beverage analyst Jim Watson.A-B announced today that Bud Light Seltzer will launch in the first quarter of 2020 in four flavors: Black Cherry, Lemon Lime, Strawberry and Mango. Each flavor checks in at 5% ABV and contains 100 calories, 2 grams of carbs and fewer than 1 gram of sugar. The product was teased during the world’s largest beer manufacturer’s third-quarter earnings call on October 25.Bud Light Seltzer will come in variety 12-packs, single flavor 12-packs and 25 oz. single-serve cans.Craft Beer Storm Website: www.craftbeerstorm.com If your Company, Hotel or Restaurant wants to book a CraftBeer Weekend or Craft Beer Evening for your guests or employees send an email to Michael@craftbeerstorm.com Subscribe to Craft Beer Storm Podcast iTunes: https://itunes.apple.com/us/podcast/craft-beer-storm/id1438117278?mt=2Support ACS In NYC MarathonI signed up for the NYC Marathon through the American Cancer Society and I am aiming to raise $32,000 ($3,200 Minimum X 10X) - please follow link below to donate what you can - $25, $50, $30K! - Onward... - Here is link –http://main.acsevents.org/site/TR?fr_id=94035&pg=personal&px=49477898&fbclid=IwAR2mBEvhF1wMA_BbHPhkavichNSFrE9Y9gi2RVZzfQ_4Da5Sht7gvH9rY_k*** A Top 20 Podcast in Food on iTunes ***Michael Potorti is the Host of Craft Beer Storm and Founder/Brewer at Beara Brewing Co. in Portsmouth, NH*** Interested in starting your own brewery? Our Portsmouth, NH TURNKEY facility is for sale! Follow link for more info:https://www.neren.com/Listing/2800-Lafayette-Rd-12A/5cdda2dabf34cb9150a7faebMichael PotortiFounder/BrewerHost of "Craft Beer Storm" Podcastmichael@craftbeerstorm.commichael@bearairishbrew.com*** Come visit our brewery for some delicious local craft brew! ***Beara Brewing Co.2800 Lafayette RoadPortsmouth, NH 03801Tel. (857) 342-3272 www.bearairishbrew.com Like us onInstagram: https://www.instagram.com/bearairishbrew/?hl=enFacebook: https://www.facebook.com/BearaIrishBrewingCo Twitter: https://twitter.com/BearaIrishBrew Linked In: https://www.linkedin.com/in/beara-brewing-co-30776075/**LISTEN to our Craft Beer Storm Podcast and share with a friend**Craft Beer Storm Podcast iTunes: https://podcasts.apple.com/us/podcast/craft-beer-storm/id1438117278Craft Beer Storm You Tube: https://www.youtube.com/channel/UCp3PVuCGmywNWlGFh0N0ukg?view_as=subscriberCraft Beer Storm Podcast Stitcher: https://www.stitcher.com/podcast/podcast-center-la-2/craft-beer-stormCraft Beer Storm Facebook: https://www.facebook.com/craftbeerstorm/Craft Beer Storm Instagram: https://www.instagram.com/michaelpotorti/
This week is the 33rd anniversary of the Tax Reform Act of 1986. Mike discusses the current tax code and the opportunities retirees have to take advantage of our current low tax rates.
33 years ago, President Reagan signed the Tax Reform Act of 1986, which lowered the then-top tax rate for ordinary income from 50%-28%. But could we see that top tax rate get that high again? Rick and Granger discuss the possibility, and discuss how to take advantage of the rates as they are now while you still can.
The late 1980s saw massive changes in the real estate industry. The passage of the Tax Reform Act of 1986 and then the S&L crisis that followed transitioned the industry into a modern, institutional business. During this time, Dr. Peter Linneman had just started reworking the real estate program at the University of Pennsylvania's Wharton School.Dr. Linneman was an outsider economist who saw the obvious future in information, transparency, and capital flows. This week's conversation dives into Dr. Linneman's experience, from his perch at Wharton where he learned from and then counseled the then giants in the industry on this transformation as well as trained the future generation of leaders in the business.Dr. Linneman's story begins in Lima, OH, which at the time was a booming industrial city. He supported himself starting at a young age to attend private high school and went on to obtain his masters and Ph.D. in economics from the University of Chicago. During his studies, he was trained by prominent economists including Nobel Prize winners Milton Friedman, Gary Becker, George Stigler, Ted Schultz and Jim Heckman. As an economist by trade, he started his career in general economics and industrial organization, which at the time was mostly manufacturing. Soon after, he pivoted to commercial real estate.The Dean the University of Pennsylvania approached Dr. Linneman and asked him to evaluate the real estate curriculum in their business program. Following his research, he developed and designed Wharton's renowned real estate program and subsequently served as the founding chairman of the department and the Director of Wharton's Samuel Zell and Robert Lurie Real Estate Center for 13 years. Quite literally, Dr. Linneman wrote the textbook for collegiate real estate programs.Beyond his time in academia, Dr. Linneman has had a tenured career as a Founding Principal of Linneman Associates, a leading real estate advisory firm; CEO of American Land Fund; and CEO of KL Realty. He's also advised leading corporations and served on over 20 public and private boards, including serving as Chairman of Rockefeller Center Properties, where he led the successful restructuring and sale of Rockefeller Center in the mid-1990s.While Dr. Linneman is now retired from Wharton's faculty, he and his wife Kathy support a program, Save A Mind, Give A Choice, which commits to educating young children of extreme poverty in rural Kenya. Dr. Linneman contributions to the academic study of the field has been instrumental in training the leaders of the real estate industry today and subsequent educational programs in real estate fields.
Like what you see? Please give generously. http://www.thinktechhawaii.com Has the Tax Reform Act done what was promised?. Jay Fidell and tax lawyer Roger Epstein follow up on their discussions about the Trump Tax Reform Act two years ago, to see what effect it has had on taxpayers rich and poor and corporations big and small, its affect on the economy and whether it has done what was promised at the time of enactment. The host for this episode is Jay Fidell. The guest for this episode is Roger Epstein.
Host Devon Lincoln talks with veteran experts Karen Rezendes and Mattie Scott about the California budget process, Governor Newsom’s first State budget (just passed on June 13), and the high stakes local school districts face when planning around the annual budget process. Show Notes & References 5:40 Prop 13 (1978) 10:57 Prop 4, the “Gann Limit” Initiative (1979) 11:29 Education for All Handicapped Children Act (EHA) (PL 94-142) 11:35 Education Employment Relations Act (EERA) (1976) 12:12 Tax Reform Act of 1986 12:36 Prop 98 (1988) 17:18 Prop 111 (1990) 18:51 CTA et al. v. Gould (1996) 19:51 Prop 140 (1990) 23:47 Prop 25 (2010) 34:36 Prop 2 (2014) For more information on the issues discussed in this podcast, please visit our podcast website at www.lozanosmith.com/podcast.
DC Brews News and Upcoming Events Brewbound's Brew Talks at Penn Social included topics of the Federal Excise Tax on gallons of beer, as well as how the trade war with China is affecting the brewery industry Wednesday, 5/22: B Side hosting “Beer for Wine Lovers” event Memorial Day Weekend Events Bluejacket pouring Metal Guru all weekend long, beginning at 12pm each day Dirt Farm Brewing hosting a weekend-long party Port City has events on Saturday, 5/25 City Tap Penn Quarter hosting Summer Kickoff Party on Monday, 5/27 Tuesday, 5/28: Tuesday Brewsday at Kramers Taxes and Tariffs: Craft Brewing in 2019Adam and Richard (the Brew Daddies) are joined by Bob Pease, CEO of the Brewers Association. Bob gives the two a rundown on how SAVOR got started, the aim, and what the future might hold.Currently, the Craft Beverage Modernization and Tax Reform Act of 2019 is a hot topic in the brewing industry. Bob relates the Association's effort to extend the Act and, possibly, making its benefits permanent. Take a look at House Bill H.R.1175 and Senate Bill S.362 for more.As of now, in the United States, small brewers only have two suppliers to choose from when purchasing cans for their product. Bob explains the hardships that the current steel and aluminum tariffs are putting on small brewers, and how they are adapting.Finally, what is the definition of a craft brewer? Does it include malt beverages, ciders, spiked seltzers, kombucha, and other fermented beverages? The Brewer's Association defines who they view as a craft brewer, and Bob shares that definition and the recent updates to it.
The Treasury Department has released the latest set of regulations providing guidance on investment in the Opportunity Zones created by the Tax Reform Act. Brownstein shareholders Nicole Ament, Greg Berger and Erik Jensen discuss the new regulations and how to structure investment in Opportunity Zones to take advantage of the deferral of capital gains taxes.
The Economic Innovation Group estimated that U.S. investors, collectively, had over $6.1 trillion unrealized capital gains by the end of 2017. What if these funds could be funneled to economically struggling areas? The recently passed Tax Reform Act included a potential tax break for investors, in which they may defer capital gains taxes on the sale of any asset by investing those gains through a Qualified Opportunity Fund. Join us as our guest, Anthony Oliver talks about the $1 billion local investment opportunity and the implications for investors, neighborhoods, local businesses and nonprofits. Be sure to take notes, and call in with your burning questions. Call in live at (347) 884-8121 to join the conversation.. You don't need an account to listen. You can also participate in the live chat. Archived episodes may be found at http://Valeriefleonard.com/NonprofitU, iTunes, Podcast Chart, Blubrry and Stitcher.
The Tax Reform Act created a new program to encourage capital investment in over 8,700 Opportunity Zones throughout the United States. The program has the potential to provide investors in Opportunity Zones with the deferral of capital gains taxes until 2026 along with the possible elimination of tax on the appreciation recognized on the investment in an Opportunity Fund. Brownstein attorneys, including those working on the front lines of tax regulation in Washington, discuss steps you can take to benefit from this new federal tax program.
The IRS wans retires to make sure ou are paying enough federal income tax. The Tax Reform Act that was passed in December of 2017 changed the income tax calculations and rates for most filers, and employees are not the only ones who need to double review withholding the right amount. Contact your tax accountant or call our office at: 888.681.1518 www.lodge-co.com
The IRS wans retires to make sure ou are paying enough federal income tax. The Tax Reform Act that was passed in December of 2017 changed the income tax calculations and rates for most filers, and employees are not the only ones who need to double review withholding the right amount. Contact your tax accountant or call our office at: 888.681.1518 www.lodge-co.com
Our very own Duane Duggan interviews Jessica Shanahan from Premier Lending regarding the new 2018 Tax Reform Act. How will this act affect mortgages? Did the mortgage interest deduction increase or decrease for primary residents? Are the specific mortgages that won't be affected?
Donate to The Permaculture Podcast Online: via PayPal Venmo: @permaculturepodcast My guest is Victoria Redhed Miller author of Pure Poultry and her latest From No-Knead to Sourdough. These books pull on her experiences as an off-the-grid homesteader in the Pacific Northwest and are available from New Society Publishers. Our conversation today, however, comes from her second book, Craft Distilling, as we discuss what is involved with legally crafting our own booze at home. With that in mind, we about the lunacy of laws when everything we want to do at home or on our homestead is illegal and what we can do to bring about change, as well as a history of the role of distilling, liquor, and taxation in the founding days of the United States. This is the first of two conversations on distilling with Victoria. We recorded nearly two hours of audio together in a single session, so end here with some of my thoughts on this need for change and how we can engage. The other half of this, out in a few weeks, begins with Victoria walking us through an overview of the distilling process and then diving deeply in. You can find out more about Victoria, Craft Distilling and her other books at victoriaredhedmiller.com, or through her publisher, NewSociety.com. After listening to our discussion about working to make craft distilling legal, what issue matters enough that you would start making some phone calls and writing letters to engage in the political process as a private citizen with a passion for ecological and individual progress? I'd love to hear from you. Email: The Permaculture Podcast Write: The Permaculture Podcast The Permaculture Podcast From here, the next regular interview is a conversation with The Mudgirls, a women-owned and operation Natural Builders Collective in British Columbia, Canada, and the authors responsible for the upcoming Mudgirls Manifesto. Until then, spend each day creating the world you want to live in my getting involved and taking care of Earth, yourself, and each other. Resources Victoria Redhed Miller Craft Distilling New Society Publishers Whiskey Rebellion (Wiki) H.R.2903 - Craft Beverage Modernization and Tax Reform Act of 2015 - The bill we want to be passed! It includes a provision to exempt home distilleries from excise tax and bonding requirements when making liquor for personal or family use.
A Technology FoundationFred Tuomi was born in Minnesota, and went on to attend high school and college in Georgia, receiving a B.A. in Business Information Systems and a Masters in Business Administration from Georgia State University. While working for the Computer Sciences Corporation doing consulting, Fred connected with John Lie-Nelsen of Consolidated Capital and Johnstown Properties. This opportunity led to Fred creating the very first automated, apartment management system.“The idea was, let's use these things called computers that make everything more efficient and increase productivity… Let's put it where we have most of our people. To really get the benefits of productivity enhancement, you have to make as many employees as possible productive, not just a few back at the home office.”When the Tax Reform Act of 1986 killed the real estate limited partnership business, Fred connected with John Williams and John Glover of Post Properties, and then eventually was invited to join Equity Residential by Doug Crocker.Equity ResidentialFred and his family moved from Atlanta to Chicago, where he became President of Property Management at Equity Residential.“We were trying to build two things. One was a uniform platform that was highly efficient… Second thing was to build a company culture.”Fred shares how Sam Zell, Founder, and Chairman of Equity Residential (see our interview with Zell in Season One of Leading Voices), influenced and shaped its culture. Under Zell's vision for acquiring irreplaceable assets, the company's goal evolved from a gross asset accumulation model to a highly refined portfolio and operational platform. Technology also played a critical role throughout the business, including in revenue management, allowing them to study the relationship of supply and demand in a way that hadn't been possible before.Entering and Exiting RetirementIt wasn't long after Tuomi retired to spend more time with his grandkids and family, that he was approached by Tom Barrack and Justin Chang of Colony Capital. They wanted his advice on translating his apartment management strategy to the single-family rental business. While many doubted that a long-term ownership and management platform for the single-family market was possible, Fred was able to bring his experience from rolling up assets in the multifamily business and over time saw the business coming together with efficiencies and metrics comparable to the apartment industry. Each asset was bought with an eye on the long-term growth of stabilized income streams which meant that with the various mergers of the Waypoint, Starwood, Colony and Blackstone Invitation Homes portfolios, the footprint didn't just get wider, it got more deep and dense, improving efficiency. Technology in the hands of the consumer and the front line employee also made these efficiencies possible.“We are now running 2,200+ homes from one centralized property management team similar to an apartment property office. In terms of headcount to assets, we are much more efficient than the apartment business. But we have to employ a lot more technology to bridge that gap.”The Future of the MarketFred sees Millennials entering the housing market society's increased longevity as signposts for long-term market growth, and emphasizes the importance of developers stimulating the housing supply if we don't want pricing to increase.
President Reagan discusses the passing of the Tax Reform Act of 1986.
Discussing how the Tax Reform Act effects individuals & small businesses, tax experts agree: corporations get most of the benefits. Some traditional tax reductions are not acceptable; theater & dinner, sporting event & dinner-only dinner is acceptable!
The 2017 Tax reform is a pure gift for Real Estate Investors if you truly know the in's and out's of the bill. In this episode Jeff Watson will take you deep into the 2017 Tax Reform bill and how you can get the most out of it
2-13-18 Tonight we're continuing our AMMA Conference Speaker Showcase and have Greg Heller-LaBelle, owner of The Colony Meadery and Chrissie Manion Zaerpoor, author of The Art of Mead and Food Pairing. Greg Heller-LaBelle is the CEO and co-founder of The Colony Meadery in Allentown, PA. Prior to that, he drove the success and growth of startup ventures in industries ranging from community banking to math educational technology. A passionate believer in community and economic development, Greg started his career at the economic development nonprofit Riverlife in Pittsburgh, where he coordinated communications around major land development projects, including stadiums and Point State Park revitalization. He also has worked and volunteered on several political campaigns, ranging from city council to president. In his off time, Greg was a writer who had successful blogs on politics, beer and art (and, sometimes, how they interact). An alumnus of Pitt and Lehigh, he’s lived in Bethlehem three times, Pittsburgh twice, and Mexico once. Now he lives in Bethlehem with his wife and their bulldog, Disraeli. As Legislative Affairs Chair of the AMMA, Greg has overseen several major achievements, including: common formulas and COLAs from the TTB; a relaxation of barrel aging in meads; and the passage of the Craft Beverage Modernization and Tax Reform Act, which is the first legislation to carve out specific tax benefits for mead. In Pennsylvania, his work with the Assembly led to a change in laws that permitted meaderies to work with wholesalers. Greg will be giving a wide-ranging talk on how to successfully interact with the TTB at the AMMA Conference, featuring everything from formulas to labels, with a robust time for Q&A. Our second guest this evening, Chrissie Manion Zaerpoor, holds a B.S. in Physics from Arizona State University, and “most of a master’s degree” in electrical engineering and semiconductor materials and device characterization from Columbia University. She was a process engineer and engineering manager at Intel Corporation for 13 years before founding Kookoolan Farms in Yamhill, Oregon, in 2005, with her husband Koorosh. She first heard the word “mead” in high school English class in about 1981 and has been obsessed with mead ever since; she’s been an amateur meadmaker since 1997 and a licensed commercial meadery owner since 2009 Kookoolan World Meadery (approximately the 80th licensed American meadery). Kookoolan Farms meads have twice won medals at Mazer Cup International (2014 and 2015 silver medals). Chrissie was a founding director of the American Mead Makers Association, its first Legislative Committee Chair, and contributing editor and frequent contributor to the AMMA Journal, as well as to the new publication MeadMag.com. She is the author of “The Art of Mead Tasting and Food Pairing,” published 2017 and in consideration both for the Gourmand and James Beard cookbook awards. She is the Keynote Speaker and lead lecturer for the University of California/Davis Honey and Pollination Center’s newest mead course, “Intermediate Mead Making: The Styles and Nuances of Mead,” February 2018. www.facebook.com/meadandfood Chrissie will be talking about pairing Mead and Food, both for home meadmakers and pros. Her presentation will be an overview of mead pairing strategies for more enjoyment of your meads at home; using your knowledge of food pairings to design better-selling meads; to sell more mead in the tasting room; and to sell more mead to restaurants. 1. “Impact” (body and intensity of the drink and the food should match): big meads with big food; delicate meads with light food 2. Treat traditional meads as white wines (examples and photos) 3. Treat sweet meads as dessert wines for cheese and dessert pairings (examples and photos) 4. Oak pairs with smoke 5. Pair semisweet to sweet meads with hot/spicy foods to cut the heat (examples and photos) ethnic pairings: basil metheglin with Italian; m...
We’re discussing the new Tax Reform Act that was passed by Congress and signed into law by President Trump at the end of December, with Steve Looney, the chair of the Tax & Corporate department at the law firm of Dean Mead in Orlando, Fla.
The Tax Reform Act-concentrating in this show-on small business and real estate, tax experts agree, the corporation gets most of the benefits. Guests discussed the new section 199A; the 20% tax deduction for QUALIFIED business (what is/is not qualified).
Tax experts, asked who will benefit from the new Tax Reform Act, agreed that it will be "really good for corporations." The new Standard Deduction may help individuals. Other changes discussed: the 529 Plan, $10,000 cap on mortgage, state & local taxes.
The House Tax Reform Act: Potential Impacts to the Muni Market by Breckinridge Capital Advisors
Today we’ll talk with Rachel Grezsler, research fellow in economics, budget and entitlements at the Heritage Foundation, on the 31st anniversary of President Reagan’s 1986 Tax Reform Act. We’ll also talk with Jeff Kinley, author of “The End of America? Bible Prophecy and a Country in Crisis” (Harvest House)See omnystudio.com/listener for privacy information.
In this episode, Bob and Carlos round out the discussion of the GOP's proposed tax reform. Bob reminds listeners of the material he covered in Parts 1 and 2, and then our dynamic duo discuss the real world implications of major tax reform. Carlos recalls what happened after the 1986 Tax Reform Act, and how it destroyed the real estate market.
Michael visits Asheville, NC for the first time and speaks with Wicked Weed and Asheville Brewing Company about tourism and the growing beverage scene. Later, Senator Ron Wyden (Oregon) discusses the Craft Beverage Modernization and Tax Reform Act and how it affects breweries nationwide. --- Support this podcast: https://anchor.fm/building-breweries-a-beer-podcast/support
This week, TPA President David Williams discusses the thirty-year anniversary of the Tax Reform Act of 1986; later, two discussions about tax increases on the ballot in Colorado and North Dakota.
When Ronald Reagan signed the 1986 Tax Reform Act into law, the Republican president hoped that the law would simplify the tax code and close loopholes. Reforming the tax code had been Reagan’s number one domestic priority during his campaign and it took him more than two years of wrangling members of Congress, even pushing past a blockade by House Republicans. But according to Pam Olsen, whose résumé includes stints at the IRS and U.S. Treasury Department, says the Tax Reform Act did the exact opposite. “It made the tax code a lot bigger. It certainly made the tax code a lot longer and a lot more complicated,” said Olsen. On the latest DecodeDC podcast, host Jimmy Williams tells the story of the how the tax law came to be, and the consequences of its passage, including loopholes for billionaires and laymen alike, and how it created an avenue for members of Congress to push through social policy without actually legislating.
"Jeff Bell has worked at the highest levels of American politics and public policy for over forty years. In 1978, at age 34, he became the New Jersey Republican Party nominee for U.S. Senate when he defeated four-term incumbent Clifford Case. As the first major candidate to win on the theme of tax cuts, he produced television ads for Ronald Reagan’s 1980 presidential campaign using the same message. He later worked as an advocate for the bipartisan Tax Reform Act of 1986 with Jack Kemp and Bill Bradley, the man who defeated him in the 1978 general election." Tonite we will find out where he stands on the "Second Amendment", Education, Immigration, Healthcare, Ecomony and other issues. To find out mor about Jeff Bell go here: http://bell2014.com/ This show spondored by Studentsforabetterfuture.com Watch our tv shos here: https://www.youtube.com/user/Libertyactionnetwork
In this week's Tax Credit Tuesday podcast, Michael J. Novogradac, CPA, discusses a tax reform hearing about the use of dynamic scoring of the Tax Reform Act of 2014 and alerts listeners to Congress's August recess and retirement of former House Majority Leader Eric Cantor. In the low-income housing tax credit news, he discusses three new bills introduced last week that would affect affordable housing and provides an update on efforts to resume payments to the National Housing Trust Fund. In new markets tax credit news, he provides a more in-depth analysis of the Community Development Financial Institutions Fund's release of New Markets Tax Credit program data and shares the latest Qualified Equity Investment Issuance Report. In renewable energy tax credit news, he shares information about one Senator's effort to draw attention to the expired production tax credit and another's efforts to extend the investment tax credit to biogas projects. In historic tax credit news, he has an update on how the North Carolina historic tax credit program is faring in the state's budget process.
In this week's Tax Credit Tuesday podcast, Michael J. Novogradac, CPA, discusses a tax reform hearing about the use of dynamic scoring of the Tax Reform Act of 2014 and alerts listeners to Congress's August recess and retirement of former House Majority Leader Eric Cantor. In the low-income housing tax credit news, he discusses three new bills introduced last week that would affect affordable housing and provides an update on efforts to resume payments to the National Housing Trust Fund. In new markets tax credit news, he provides a more in-depth analysis of the Community Development Financial Institutions Fund's release of New Markets Tax Credit program data and shares the latest Qualified Equity Investment Issuance Report. In renewable energy tax credit news, he shares information about one Senator's effort to draw attention to the expired production tax credit and another's efforts to extend the investment tax credit to biogas projects. In historic tax credit news, he has an update on how the North Carolina historic tax credit program is faring in the state's budget process.
In this week's Tax Credit Tuesday podcast, Michael J. Novogradac, CPA, alerts listeners to a House Subcommittee on Select Revenue Measures hearing on the Tax Reform Act of 2014 and dynamic scoring. In low-income housing tax credit news, he shares his analysis of the Council of Development Finance Agencies' report on the use of 2013 volume cap and discusses the results of an audit of the Delaware State Housing Authority's compliance with the low-income housing tax credit exchange program. In new markets tax credit news, he briefly discusses the Community Development Financial Institutions Fund's release of New Markets Tax Credit program data, provides an update on the 2014-2015 New Markets Tax Credit program Notice of Allocation Availability and shares information about legislation that would create a state-level new markets tax credit program in North Carolina. In renewable energy tax credit news, he has an update about a case that Alta Wind has brought against the federal government regarding the payment of Section 1603 grants in lieu of investment tax credits. In historic tax credit news, he has information about Pennsylvania's first round of historic tax credit awards.
In this week's Tax Credit Tuesday podcast, Michael J. Novogradac, CPA, alerts listeners to a House Subcommittee on Select Revenue Measures hearing on the Tax Reform Act of 2014 and dynamic scoring. In low-income housing tax credit news, he shares his analysis of the Council of Development Finance Agencies' report on the use of 2013 volume cap and discusses the results of an audit of the Delaware State Housing Authority's compliance with the low-income housing tax credit exchange program. In new markets tax credit news, he briefly discusses the Community Development Financial Institutions Fund's release of New Markets Tax Credit program data, provides an update on the 2014-2015 New Markets Tax Credit program Notice of Allocation Availability and shares information about legislation that would create a state-level new markets tax credit program in North Carolina. In renewable energy tax credit news, he has an update about a case that Alta Wind has brought against the federal government regarding the payment of Section 1603 grants in lieu of investment tax credits. In historic tax credit news, he has information about Pennsylvania's first round of historic tax credit awards.
The Real Estate Guys Radio Show - Real Estate Investing Education for Effective Action
Donald Trump may be the most famous “real estate guy” who made it big, lost it all, then made it all back bigger and better than before. What took him down? In his book, The Art of the Comeback, the Donald points to two things: complacency and the Tax Reform Act of 1986. We could do a whole show the importance of playing close attention to things that affect the flow of money into any asset class. And it's a great topic! But that’s not for today. Today's episode is for all the folks who are just discovering real estate for the first time, or are coming back after getting scared off or hurt in the last downturn. Low interest rates, a growing population, more renters, less new building, and prices lower than they've been in many years, have lots of people (including us) ready to get started...again! Focusing on fundamentals is critical to success - and when a market changes dramatically (like this one has over the last few years), it’s an opportunity for old-timers and newbies alike to start fresh and do it right. So listen in as The Real Estate Guys share important insights to help you make money with real estate, whether you’re getting started for the first, second or even the third time!The Real Estate Guys Radio Show podcast provides education, information and training to help investors make money with their real estate investments. Sign up for the FREE newsletter at www.realestateguysradio.com.