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Strategies & Market Trends : Options
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To: Poet who wrote (6324)4/12/2000 10:24:00 AM
From: PAL  Read Replies (1) of 8096
 
I know a bunch of people who were surprised by the size of their tax bills for '99 and who are scrambling to get the funds together by tax day. I'm wondering if this isn't a factor in the protracted nature of the Nasdaq fall.

You are quite right. Last year was an incredible year and many peole experienced windfall of the bull market. April 17 is the day of reckoning. Not only people have to pay huge tax bill, but also have to send in quarterly payments matching last year's tax. In California, for every dollar the combined max marginal rate is 48.9%. In addition, April is the month you also have to pay property tax. The tax money that should be set aside is parked in the stock market instead of money market. While Robin Williams sang "Blame Canada" on Oscar Night, you can now say "Blame California". The bleeding will end April 17, hopefully people survive through that day.

Positive thinking of the day: Of one can get up and be vertical today, thank the Good Lord.

Paul
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