InTouch Magazine - Fall/Winter 2001

The Tax Act - How Does It Affect You?

There has been a great deal of information and advice published in recent months following the passage of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). You may even have felt that, with all the changes in the tax laws, this is just not the right time for you to consider a major gift.

The facts are that most Americans will see only modest changes due to the new laws, and many of the changes (which don't occur until sometime in the distant future) stand a good chance of being modified or repealed before they become effective.

Most of us received a cash rebate this summer and we probably noticed a small decrease in the amount of taxes withheld from our paychecks due to a mid-year reduction in tax rates. Beyond that, in 2002 there will be an increase (to $1 million) in the size of estate that can pass tax-free, but the other significant tax law changes don't take effect for some time to come.

So, the most significant current effects of the new tax law, a cash rebate and a small reduction in tax rates, actually make a little more discretionary income available for most people - and make it possible for you to be more generous this year end!

For a free brochure on the 2001 tax act and how it will affect you, please contact the Minneapolis Heart Institute Foundation at 612/863-3958.

A complete summary of the EGTRRA can be accessed at www.house.gov/jct/x-50-01.pdf.

Paul Giel, Vice President of Public Affairs at the Minneapolis Heart Institute Foundation (MHIF), accepts a check from the Spring Lake Park Lions President, Terry Knopik, for MHIF. Since 1994, the Lions have contributed over $75,000 to the Foundation.

Walking, Running for Women's Heart Health

Elizabeth Phillips, Avon Running Program Manager (far right), presents two checks to Kathy Halvorson, MHIF Board member (far left) and Licole Opdahl, heart transplant recipient (center).

On Saturday, August 11, 2001, the Fourth Annual Avon Walking and Running Circuit, an international series of women-only 10K runs and 5K runs/walks, took place in eight U.S. cities including Minneapolis. The theme of this year's event was heart health. The Minneapolis event took place at Lake Nokomis and was open to women of all ages and fitness levels. Avon Products, Inc., designated the Minneapolis Heart Institute Foundation as a local beneficiary of the proceeds totaling more than $6,000 from the Minneapolis event. These proceeds are dedicated to promoting heart health education for women in Minnesota.