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To: Glenn D. Rudolph who wrote (20898)	10/9/1998 8:59:00 AM
From: H James Morris	Respond to of 164684

New Internet Bill Nears Passing By CURT ANDERSON .c The Associated Press WASHINGTON (AP) -- A bill calling a three-year time-out on new Internet taxes and limiting access to children for marketers and producers of explicit adult material has one hurdle to clear before heading to President Clinton, who said he would sign it into law. After passing the Senate overwhelmingly Thursday, the measure could move through the House as early as today, sponsors said. The House already has passed a version that included a three-year tax moratorium but differed in other ways. The Senate bill includes a House-passed provision limiting online pornography and a privacy measure requiring companies to get parental consent before collecting personal information online from children under age 13. Companies also would have to verify that a customer is older than 16 by asking for a credit card number, adult access code or ''any other reasonable measures'' before showing online material ''harmful to minors.'' In a statement after the Senate's 96-2 vote, Clinton said new and discriminatory taxes already imposed by more than a dozen states ''would slow down the growth of the Internet.'' The bill would create a 19-member commission to examine tax options for commerce in cyberspace. ''We cannot allow 30,000 state and local tax jurisdictions to stifle the Internet, nor can we allow the erosion of the revenue that state and local governments need,'' the president said. Sponsors said the measure would prevent a confusing patchwork of taxes that would hamper growth in Internet business, which some forecasts say could grow from $2.6 billion in 1996 to $200 billion by 2002. The measure is being pushed by companies such as America Online, Intel and Microsoft. ''The Internet is a new marketing frontier with enormous potential,'' said Bruce Josten, executive vice president of the U.S. Chamber of Commerce. ''We need a very cautious approach to any proposed taxes or regulations if it is to be fully realized.'' At the same time, governors and local officials successfully argued that the Senate measure retain any taxes already in effect and that the ban should focus only on those taxes that discriminate against Internet commerce. The near-unanimous Senate vote masked a fierce, two-week battle over how to preserve state and local taxation rights -- and not put local retail businesses at a tax disadvantage compared with Internet counterparts -- while the study continues. ''It's very important that we don't build electronic loopholes on the Internet,'' said Sen. Mike Enzi, R-Wyo. One of the most contentious issues surrounded the scope of the advisory commission's task, mainly whether it should look at ways to force a business located in one state to collect and remit sales taxes for goods sold to people residing in a different state. The Supreme Court ruled in 1992 that states could not force out-of-state businesses, mostly mail-order and catalog firms, to collect those taxes and that it was up to Congress to allow the states to do so. Opponents, including Senate Commerce Committee Chairman John McCain, R-Ariz., argued that the focus should remain on electronic business and not get into catalog or mail-order sales. But on a 68-30 vote, the Senate decided to direct the commission to examine the broader issues after the National Governors Association estimated that states are already losing $4 billion a year in revenue to mail-order sales. Estimates range above $12 billion for revenue lost to the Internet. ''If we're going to have a study, we ought to have a thorough study,'' said Sen. Tim Hutchinson, R-Ark. Other major stumbling blocks, raised by Sen. Bob Graham, D-Fla., concerned how to treat ongoing tax lawsuits between states and Internet providers and how to define which taxes would be banned temporarily. Those issues were resolved after hours of intense negotiations. AP-NY-10-09-98 0344EDT

To: Glenn D. Rudolph who wrote (20898)	10/9/1998 10:33:00 AM
From: Spider Valdez	Read Replies (2) \| Respond to of 164684

i cover my short here on recent 20 pt drop. i decide to short again because stock is still over valued imo. i have trouble finding stock to borrow. you to? spider

To: Glenn D. Rudolph who wrote (20898)	10/9/1998 11:27:00 AM
From: Mark Fowler	Read Replies (1) \| Respond to of 164684

Sold Dell at 50+ from yesterdays lows. It gap up today but did stay above 50 today where their's a lot of support. Looking around now for other trades. Possibly will short Yhoo again.