I’m not talking nonsense about a theft of an election, but a serious theft of your ability to invest locally. By liberal Democrats, no less, who should know better. According to attorney Mat Sorensen, two parts of the draft reconciliation bill Congress is now negotiating, Sections 138312 and 138314, would “effectively cut off IRA investments into small businesses, start-ups, real estate (using an IRA/LLC), and crowdfunding. Any IRA investor who is already invested into these assets… will be forced to sell their asset prematurely or will be forced to distribute it. Early distribution will result in taxes and penalties for most IRA investors that aren’t yet at retirement age.” While the Dems proposing this apparently believe they are closing a loophole on the rich, they are in fact undermining hundreds of thousands of grassroots, smaller investors who are using self-directed IRAs and related vehicles to invest their tax-deferred pension savings locally. Please read Sorensen’s piece, our feature article, and write a letter to your representation IMMEDIATELY urging removal of these provisions. This bill could come up for a vote any day now.
It’s not all bad news in this issue. We have a great story about immigrant street vendors in Chicago who collectively invested in their own commercial kitchen.
Also, check out our initial list of 24 Main Street Champions, and consider signing up to become a champion in your community too. These 24 people from across the United States, and even Australia, are eager to connect with you about how to initiate a local investing movement in your community.
– Michael Shuman, Publisher of The Main Street Journal
NEWS
Everyday IRA Savers Who Self-Direct Will Lose Big Under House Tax Bill, Mat Sorensen (September 21, 2021)
How Proposed IRA Tax Changes Targeting The Rich Will Hurt Smaller Nest Eggs, MarketWatch (September 23, 2021)
These Chicago Street Vendors Needed A Kitchen, So They Bought One, Next City (September 21, 2021)
PARTNER VOICES
Direct Public Offering Strategies: Which One Is Right For You?, Cutting Edge Capital (September 16, 2021)
How To Attract The Socially Conscious Investor With Mickey Wiles, Capital Insight Podcast (September 27, 2021)
EVENTS
New York State CDFI Investor Club – Webinar. Friday, October 1, 12-2pm EDT. This event serves as a marketplace to directly connect New York State investors with CDFI projects.
SOCAP 21 Virtual – Conference. Wednesday, October 18-20. Hosted by SOCAP. In continuation of their efforts to be a more inclusive event, SOCAP is offering opening day FREE to the first new 4,000 registrants.
Innovations in Housing Finance and Ownership Models – Webinar. Tuesday, October 19, 9am-7pm EDT. Looking for innovative local solutions to the housing crisis? Join Michael Shuman and 30 other presenters for this event, which is part of the Housing Solution Summit.
Community Impact Investing: Learn by Doing – Webinar. Tuesday, November 9, 6-8pm EDT. This event is for investors – both accredited and nonaccredited – who are interested in divesting some of their capital into community impact investments.
ICYMI
Help Advance BIPOC Cooperatives In San Francisco, Small Change
How Businesses Can Tap Community Investment featuring Angela Barbash from our partner Revalue, StartupNation (August 30, 2021)
Mayor de Blasio And Chancellor Porter Launch Universal Baby Bonds In NYC, NYC Government (September 15, 2021)
Professor Melissa Scanlan’s new book, Prosperity in the Fossil-Free Economy (Yale University Press 2021), compares Spanish and U.S. cooperatives to reveal insights about legal design for the triple bottom line. Listen to Everything Co-op’s interview with her here.
BECOME A MAIN STREET CHAMPION
Have you always wanted to start a local investment club? A website of local investment offerings in your community? A local investment study group? Whatever your interest or ambition, we invite you to “go public” to help others in your region find you, scheme with you, and start a local investment movement in your community. Our goal is to identify dozens, then hundreds, then thousands of Main Street Champions like you across America. We already have Main Street Champions across the U.S., from San Luis Obispo, CA to Providence, RI, and even Australia! Together, we can move our hard-earned savings from Wall Street back into our communities. Fill out the intake survey below to join this first cohort!
READ OUR PAST ISSUES
Issue #1 – Intro to The Main Street Journal! (June 24, 2021)
Issue #2 – Local climate investments, CDFIs, & agricultural co-ops (July 8, 2021)
Issue #3 – Public banking, a driver-owned Uber, & growth capital (July 22, 2021)
Issue #4 – Plant closure causes disastrous ripple effects on local economy (August 5, 2021)
Issue #5 – Local investing leaders, infrastructure bill, community land trusts (August 19, 2021)
Issue #6 – Microbonds to reverse climate change (September 2, 2021)
Issue #7 - The wonderful world of worker co-ops
About The Main Street Journal
The Main Street Journal aims to catalyze the movement of $50 trillion from Wall Street to Main Street to facilitate economic development and economic justice. It’s sponsored by the National Coalition for Community Capital, with a grant from the Heron Foundation. We welcome feedback about everything, from our design to content. And we welcome suggestions of other groups to involve as partners, and other information to include. Please send ideas to Sophia Leswing at sophia@main-street-journal.com.
PARTNERS
We welcome any nonprofit or for-profit committed to local investment as a partner. If your organization is interested, please contact Sophia Leswing at sophia@main-street-journal.com.
Please stop calling them "liberal"...they are ILLIBERAL. They're not any better than the r's...in fact, anymore now they are worse.