2000: Y2K Civilized Discussion Message Board

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Technology Stocks : 2000: Y2K Civilized Discussion

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To: C.K. Houston who wrote (68)	8/9/1999 7:08:00 PM
From: C.K. Houston	Read Replies (1) of 662

IRS expects problems if tax-cut plan passes 08/03/99 - Distributed by Los Angeles Times-Washington Post News Service WASHINGTON - The Internal Revenue Service has warned Congress that details in the proposed $792 billion tax cut would delay processing at least 25 million tax returns, make it more difficult for the agency to address the Y2K computer problem and add millions to the cost of the annual tax collection. The House and the Senate have approved different tax plans for the next decade, and conferees began meeting Monday night to find a compromise. The negotiators also tried to address provisions that IRS Commissioner Charles Rossotti has warned will make tax rules and forms more complicated. Congressional Republicans are eager to seize the tax-cut issue as they prepare for next year's elections, and committee staffers dismissed the problems Mr. Rossotti raised ... The agency's effort to fix its antiquated computers to read more than two digits and distinguish between 1900 and 2000 may also be slowed. IRS officials hoped to install new software for next year's tax season by Aug. 1, and have all systems locked in place by Oct. 1 "in order to allow for final end-to-end testing of IRS systems." dallasnews.com From my banking archives ..... ================================================== "Trying to understand how our monetary system will behave led us to Andrew Gause, a monetary historian, and author of the book, The Secret World of Money." INTERVIEW: We began the interview by asking Andrew to comment on a report concerning the IRS handling of the Y2K problem. He responded by saying that he felt tax reform was a dead issue as a result of Y2K and quoted Secretary of the Treasury Rubin's request to Congress to hold all tax code modification until after the Y2K problem had been solved. Andrew then went into a fascinating history of U.S. monetary policy ... I asked Andrew what would happen if more than 10% of us lost confidence in the "system" and tried to convert our assets to "cash". He responded that my question didn't go far enough to express the nature of the problem. He observed that of the 10% of our wealth that existed as "paper money" only 8% of that was under the control of the Federal Reserve System. The other 92% were in safety deposit boxes and under mattresses outside the control of the monetary system. He explained that the implication of this is that if there were a run on our monetary system very little liquidity existed and money rationing would have to be instituted. He explained that this situation had occurred in Ohio in 1984 and the solution was to allow folks to withdraw a maximum of $150 a day from their accounts ... y2ktimebomb.com Cheryl 144 Days until 2000

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