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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Les H who wrote (164712)	5/9/2002 12:12:34 AM
From: Les H	Read Replies (1) \| Respond to of 436258

O'Neill says US should eliminate corporate taxes, all tax deductions/credits The Bush administration could propose a fundamental overhaul to the tax code "maybe early next year," ideally including an elimination of corporate taxes and all tax deductions and credits, said Treasury Secretary Paul O'Neill. "We need to eliminate all deductions and tax credits - everything. If we're really going to have fundamental tax reform so that it's nice and clean and simple, it means the rates could go down by a phenomenal amount," O'Neill said in remarks to a Small Business Association conference. He also said "in the happiest of lives there are no more corporate taxes," although such a reform would be "a far reach." The Bush administration has for some time said it plans to propose a fundamental reform of the tax code, although the war on terrorism and decline in the budget surpluses have postponed further initiatives on the tax agenda, analysts have said. O'Neill stressed that he did not have a "fully formed" reform plan. The tax code is a burden to the economy because of its complexity, reaching to 9,500 pages, he explained, leaving even low-income workers who qualify for tax credit benefits unable to correctly file their returns. Eliminating all tax deductions - such as home mortgage interest payments - and credits - such as for having children - would help to reduce much of the tax code's complexity and length, he said. The Bush administration itself has proposed additional tax deductions, including a new deduction for charitable donations for individuals who do not otherwise opt to itemise their deductions on tax forms. O'Neill predicted he would be sharply criticised for revealing his views in public. "I'm going to get blasted for giving you as much as I did, probably," he said. He added, however, that it is important to set "starry-eyed" goals for reforms, which helps the process by setting a high target. The Treasury Secretary added that a fundamental reform should also do away with the "alternative minimum tax," which ensures that higher-income firms and individuals pay tax, even if they take numerous deductions and credits. The tax is set to affect millions of additional taxpayers, including those considered to be in the middle class, analysts have noted, as rising incomes trigger the tax rate, which is not indexed to inflation. "We need to get rid of (it) as we do fundamental tax reform," O'Neill said, rather than through dealing with the issue on an individual basis.

To: Les H who wrote (164712)	5/9/2002 1:10:32 AM
From: LLCF	Read Replies (1) \| Respond to of 436258

Re WorldCom: <<Although no one seems to think the company could be forced into bankruptcy this year -- only $172 million in interest and debt maturities are due in 2002 -- the coming years look grimmer. Next year the company has $1.7 billion in debt payments coming due, and the sum due in 2004 is a staggering $2.6 billion. As of March 31, WorldCom had $2.3 billion in cash and cash equivalents, according to its financial filings. >> maybe I'm nuts, but I wouldn't be betting against it at THIS price... jeez they obviously can hang on for YEARS even buy this article... shit it's probably a clown long NFG DAK

To: Les H who wrote (164712)	5/9/2002 11:07:17 AM
From: Les H	Read Replies (1) \| Respond to of 436258

Al Queda suicide bombers More suicide attacks feared this month: 300 Al Qaeda men present: intelligence reports By Our Staff Reporter ISLAMABAD, May 8: The government has not ruled out the possibility of Al Qaeda's involvement in Wednesday's suicide attack in Karachi, senior interior ministry officials informed Dawn. "The attack has all the markings of a well-trained international terrorist organization," Federal Interior Secretary Tasnim Noorani said, adding that "this kind of operation is not carried out by the terrorist organizations operating within the country." Intelligence reports, senior interior ministry officials said, had warned that some 300 suicide bombers with Al Qaeda and Taliban links would be unleashed in May in a new offensive against the US interests and its allies around the world. Sources said most of the terrorist cells of the Taliban and Al Qaeda network had the capability to be activated at short notice and most of them had spread their tentacles away from the main theatre of war in Afghanistan. The threat of Al Qaeda activists to infiltrate into target countries and conduct suicide attacks against Western targets and critical infrastructure was grave, they said, adding that Pakistan was a target country for being a partner in the US-led war against terrorism. Pakistan is facing the new emerging threat of suicide bombings as a consequence of war on terrorism with the possibility that such acts would increase in frequency against what are dubbed as "soft targets" by the law enforcement agencies. Suspecting that the attack might have a Taliban or Al Qaeda link, Federal Information Minister Nisar Memon said at a news conference that the government had decided to strengthen the country's western border with Afghanistan to reinforce vigilance against any infiltrations from across the border. Already, some 60,000 regular troops are deployed on the country's porous border with Afghanistan. Citing examples of the involvement of international terrorist organizations in carrying out suicide bombings in the country, the sources said suspects for the Nov 19, 1995 attack on Egyptian embassy had been rounded up from a refugee camp in Pakistan run by Afghan leader Abd al-Rasul Sayyaf. About the progress of investigations into the suicide attack on the Protestant International Church in Islamabad on March 17 this year, the interior secretary said that the unclaimed body remained unidentified and the country had sought international assistance for investigations. Five people, including the suicide bomber, perished in the attack, which left 40 injured. However, no group has so far claimed responsibility for the attack. The sources said the suicide attack in Karachi was the second of a series during the year and the third during the recent past. "The attack in Karachi is an eye-opener that the threat of suicide bombers is now a reality and a new emerging trend," said Brig Mateen, acting head of the National Crisis Management Cell of the interior ministry. About the attack in Karachi, the sources said the way the car had driven into the bus and blown up, it was sure there had been a suicide bomber in the car. dawn.com