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Technology Stocks : Intel Corporation (INTC)

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To: William Hunt who wrote (165558)	5/30/2002 2:55:20 PM
From: Jim McMannis	Read Replies (2) of 186894

RE:"PS Perhaps one of the real ironies is that Bush gave the Federal employees a 5% per cent raise this year( Congress I believed got a 10% raise )with the government going into the red . My state's constitution requires a balance budget each year thus the state employees will basicaly not get a pay raise for two and one half years . Sounds fair since they pay Federal Taxes also" Bush behaves like a Democrat but it goes beyond that. The government has created a monster and can simply print money and go further into debt to feed it. When government jobs, paid for by taxpayer money can out-compete the salary base of the floundering private sector...well you see what I mean. On top of that I believe over half the population is getting some kind of government check which doesn't bode well either. RE:"As with most revenue collectors ( including the states ) they are seeing a dramatic dropped in capital gains taxes while more people are claiming losses thus increase tax refunds . The double whammy is effecting business as well as the individual with lower profits and one time charges with the layoffs associated . In my state revenues are down 11% year over year" Although it goes beyond the scope of this thread, I've been predicting this for some time now. It will be especially obvious in FL as about 17% of the state revenue was coming from the sate intangable tax...a tax on the value of your securities. I also recall that Alabama announced they were "broke"... Take any possible cap gains revenue from housing out of the equation because Congress gave that away about 4 years ago and all you see is a revenue shortfall disaster in the making. Any "would be" tax cuts are probably on the back burner but the problem is whether some taxes will have to be increased...and depending on the lobby, that will be difficult. So the government will have to turn up the screws where they can because you know a rollback in government spending isn't going to happen. Jim

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