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PROTECTING ANOTHER VITAL AMERICAN INDUSTRY

December 09, 2006

Another provision buried in the "extender" bill passed in the wee hours today:

SEC. 412. CAPITAL GAINS TREATMENT FOR CERTAIN SELF CREATED MUSICAL WORKS MADE PERMANENT.

This bill makes permanent the ability of songwriters to get capital gain treatment when they sell the rights to their songs to Paul McCartney or Michael Jackson. The rest of us, who pay ordinary income taxes for our work, pay tribute to their low-taxed artistic greatness.

Yes, our struggling pop composers in Nashville and L.A. now have a repreive from the... I don't know what. The yellow horde of low-paid Asian singer-songwriters? This is a tax AND trade bill, after all.

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