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Strategies & Market Trends : Steve's Channelling Thread -- Ignore unavailable to you. Want to Upgrade?

To: Zeev Hed who wrote (16482)	5/23/2001 4:18:02 PM
From: TREND1	Read Replies (1) \| Respond to of 30051

Zeev: Is that the bottom of the channel? (g) Larry Dudash

To: Zeev Hed who wrote (16482)	5/23/2001 5:34:29 PM
From: Logain Ablar	Read Replies (4) \| Respond to of 30051

THREAD: The main points of the tax package are as follows with my comments in CAP’s. Note this will now be sent to a joint house and senate committee and then voted on by the respective houses before going to the President. Highlights of the 11-year, $1.35 trillion tax relief package are as follow: - New 10 percent tax rate created retroactive to 2001. Applies to first $6,000 of taxable income for single people, $12,000 for married couples filing jointly. HELPS THE LOWER INCOME ESPECIALLY AS IT RELATES TO LOSING THE BENEFIT OF THE EARNED INCOME CREDIT - Other rates drop 1 percentage point each in 2002, 2005 and 2007. Rates drop from 39.6 percent to 36 percent OOPS TAKES A LOT OF THE BITE OUT OF THE OPPOSITION SIDE ON GIVING TO THE WEALTHY; 36 percent to 33 percent; 31 percent to 28 percent; 28 percent to 25 percent, 15 percent rate remains the same. WILL HAVE TO WAIT FOR THE NEW INCOME THRESHOLDS FOR EACH BRACKET, ALSO WHO CARES ABOUT 2007 <gg> - Income limits on itemized deductions adjusted upward in 2009. - Repeal of personal exemption phaseout in 2009. - Child credit rises from $500 to $600 effective in 2001, meaning it could be claimed on next year's tax forms. Rises in $100 increments to $1,000 by 2010. Income limits stay the same. - Taxpayers earning more than $10,000 could claim a credit of 15 percent of earnings above that income level. They cannot claim the credit now. - Standard deduction for married couples gradually raised so that it is equal to twice that of single taxpayers. If in effect this year, the deduction would be $9,100 instead of $7,600 for a married couple. - 15 percent tax bracket enlarged so it applies to more of a married couple's income, equal to twice that of singles. Phased in from 2006 to 2010. If fully in effect this year, the lowest tax rate would apply to $54,100 of a couple's income instead of $45,200. - Expand income limit for earned income tax credit by $3,000. - Repealed estate tax in 2011. NOT A CHANCE. THIS ONE GOES WITH THE NEXT ADMINISTRATION - Immediately drop top 55 percent rate to 50 percent, eventually to 45 percent. - Raise current $675,000 individual exemption to $1 million in 2002, $2 million in 2004, $3 million in 2006, $4 million in 2010. I’D EXPECT EVEN THE $4 MILLION TO GO AND MAYBE EVEN THE $3 MILLION. INSURERS, ATTORNEYS AND MODERATE TO LIBERALS WILL KILL THIS ONE - Retain tax on certain gifts but reduce rate to 40 percent. - Gradually raise tax-favored contribution limits for individual retirement accounts and Roth IRAs from $2,000 to $5,000. No change in income limits. MEANS THOSE WHO CAN AFFORD TO CONTRIBUTE WON’T BE ABLE TO. - Gradually increase tax-deferred contribution limits for 401(k)-type plans from $10,500 to $15,000. - Credit for lower-income people of half of contributions up to $2,000. - Maximum $5,000 deduction for higher education tuition, lowered to $2,000 for incomes between $130,000 and $160,000. Phases out above that level. HEY A LITTLE BREAK HERE - Remove limitation on deductibility of student loan interest. - Raise contribution limit for tax-favored education savings accounts from $500 to $2,000. - Permanently allow child tax credit to be claimed against AMT. - Increase AMT exemption amount for married couples filing jointly by $6,000, by $3,000 for single taxpayers from 2002 through 2004. AMT IS DISGUSTING WITHOUT KNOWING THE DETAILS I BET IT STILL HITS MIDDLE INCOME FAMILIES EARNING OVER ABOUT $100K AND ALL THE ANALYST THOUGHT INTUIT’S SHARES INCREASED TODAY DUE TO THEIR EARNINGS. I CAN’T WAIT TILL THE DEMOCRATS GAIN CONTROL OF THE SENATE AGAIN (HEY MAYBE TOMORROW). SPENDING GOES UP THE WAZOO, THEY BLAME THE BUSH TAX PACKAGE, WE GET A NEW DEMOCRATIC ADMINISTRATION AND THE NEXT TAX INCREASE WILL BE UNDER THE GUISE OF TAX SIMPLIFICATION (READ ACCOUNTANTS EMPLOYMENT ACT). JUST REMEMBER BUY INTUIT. I DON'T WANT TO GET INTO A DISCUSSION THAT DEGENERATES ON CLASS LINES (THE DEMOCRATIC THEME OF RICH VS POOR) SINCE FEDERAL TAXES ARE @ THE GREATEST LEVEL AS A % OF GROSS DOMESTIC PRODUCT EVER ($$ WISE THEY ARE ALWAYS HIGHER) AND IN MY OPINION WE NEED SOMETHING TO HINDER THE GROWTH OF GOVERNMENT (NOTICE I DIDN'T SAY CUT, SINCE THATS THE IMPOSSIBLE TASK) SPENDING BUT THIS LOOKS GOOD FOR THE ECONOMY.

To: Zeev Hed who wrote (16482)	5/23/2001 6:30:00 PM
From: ajtj99	Read Replies (1) \| Respond to of 30051

Zeev, if we do get a bounce, it is quite possible the 2200 level may serve as the upper limit on the bounce. We had a tough time getting over that last time, and I believe 2230-2250 or so is just too tough to reach. I think the cycle guys have next Tuesday or Wednesday as the highs on the next cycle, so that would be a good time to hit 2200 and reverse the bounce. It also seems to mean we'll have some big swings in the next couple of days. It also means your 1850 may be back in play. I'm using the inverse from now on, as in a 25% chance of happening really means a 25% chance of Not happening interpreting turnips posts. Of course, this information is also factored in with other sources of DD as well as frequent discussions with a friendly alien that visits me <g>.