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To: Chuzzlewit who wrote (2945)	8/13/1998 4:00:00 PM
From: DMaA	Respond to of 7342

IRS - The investors friend. That is a new one.

To: Chuzzlewit who wrote (2945)	8/13/1998 5:04:00 PM
From: dougjn	Read Replies (1) \| Respond to of 7342

Certainly the Ruskies could use a bit of tax collection. Doug

To: Chuzzlewit who wrote (2945)	8/14/1998 12:41:00 AM
From: red jinn	Respond to of 7342

i couldn't disagree more with your statement that we need strict banking regulations to prevent the trouble in Asia. did regulations prevent the s&l crisis? who was responsible for tightening credit and causing, in large part, the depression? oh, we'll always have cycles but the regulators tend to prolong the slump, e.g., japan, et al. has the imf ever really done any good (indonesia and russia to name two recent examples). we don't need the IRS. we need a flat tax or comparable reform that would remove the incentive to cook books and otherwise employ legions of lawyers and accountants to avoid taxes. the laffer curve or supply side economics works. true we don't know the exact point on the curve for the optimum tax, which is the lowest tax to produce the greatest revenue, but it must be lower than it is now. e.g., despite the recent cut in the capital gains tax, revenues actually increased. then there are the petty reasons: e.g., the IRS recently wrote off a $4B investment in computers designed to deal with the y2k problem; it tends to proceed on the assumption of guilty until proven innocent (recent changes in law may change this a bit); and the most important - whose money is it anyway? best, phd