Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Discuss Year 2000 Issues -- Ignore unavailable to you. Want to Upgrade?

To: Lane3 who wrote (7502)	7/31/1999 5:10:00 PM
From: B.K.Myers	Read Replies (3) \| Respond to of 9818

RE: The Feds can spend money they don't have. They've had a lot of practice over the last 30 years or so. It's called deficit spending. Karen, Indeed the Feds have been spending money that they don't have for years. But they have had a means of repaying it, through income taxes. Without the IRS, they will have to find another way to repay these past debts and any new debts being issued to repay the old debts. I am afraid that any new debt issued under these conditions will carry a very high interest rate. This would have a devastating effect on the value of the U.S. dollar and would probably severely shake up the financial, currency and stock markets. The effects would be economically devastating. B.K.

To: Lane3 who wrote (7502)	8/1/1999 9:16:00 PM
From: Hawkmoon	Respond to of 9818

the concern over IRS collections is one of the least compelling I've seen I agree Karen. Most workers pay their taxes each and every paycheck through their withholdings. Those are long established account transfer that are collected by their employer and then forwarded to the US Treasury. So most individuals have little control over whether or not we pay taxes (except those detestible capital gains taxes..:0). It is done automatically for us. But there is no doubt that Rossotti has a major challenge ahead of him in improving some of the '60s era IT equipment the IRS uses. There are certainly going to be screw up, but most likely they will come in the manner of messed up tax refund checks and corporate tax issues. But somehow I don't think that corporate payments to the IRS/Treasury for tax with holdings and FICA will suddenly halt. Regards, Ron