From: jeffrey E. <[email protected]> Sent: Tuesday, September 20, 2016 7:11 PM To: William Blum Subject: Re: legislation lets try to talk tomorw When do you want to discus= your list of trust—related points below or any other aspects of t=e bill? Most of these points are already covered except principal an= income and decanting. I have already drafted and added decanting pr=visions for the next draft, which I want to circulate in the next day or t=o. I am also thinking =f adding the Uniform Principal and Income Act. The VI has never had this l=gislation and nearly every other U.S. jurisdiction does have it.=/u> I have also drafted a provision to elim=nate the "Obama care tax" (formally known as the Net Inves=ment Income Tax) with respect to USVI source interest and dividends in the=future as well as some provisions to assist in enforcement of the tax with=respect to past years (the tax started in 2013). Apparently, a lot o= taxpayers have not been paying it arguing that it is not mirrored. = don't know if you have been paying this tax but in our view it is=clearly applicable. But this also brings up again the issue of an eq=ivalent of PR Act 22 to eliminate all taxes on VI source capital gains (at=least on personal property) and other passive income to the extent allowed=by the IRC. In PR this only applies to newcomers. We need to t=lk about this. Bill William Blum I Partner<=> 40 Wall Street, 35th floor New York, N= 10005 Tel Fax :=/td > =/11> 1 EFTA_R1_01550276 EFTA02451067