Hello,

The Big Picture: you ain't seen nothing yet Financial Review

Commodity prices are now at their lowest since the year 1800, having lost 75 percent of their value since then.

Slowdown Starts to Rattle Europe Reports Paint Gloomy Picture of Germany as Exports Fall

Do not send a check for Federal Income taxes to the IRS. Instructions for form 1040 say on page 44 to make out the check to the "UNITED STATES TREASURY. Is this an aknowledgement that IRS is not compliant?

May GODS Will Be Done,

Mike

-- flierdude (mkessler0101@sprynet.com), February 21, 1999

[Click!] .. New and improved version of the Y2k-compliant anti-bold switch used. :)

-- Dan (DanTCC@Yahoo.com), February 21, 1999.

They are trying to save themselves a lot of work. Since everyone is going to run the banks, draining all the money from the Treasury, they figured instead of making checks payable to the IRS, and then transfering the funds to the Treasury, they would just immediately deposit it directly into the Treasury. This way there won't be any delay in figuring out exactly when they are going to go bankrupt and when to begin rationing!

-- (@@@.@), February 21, 1999.

Anybody looked at their form? Does it say to pay to the Treasury? Last year it said to pay to the IRS. They sent us the wrong form (again) this year; it doesn't say. Last 20 years, has said pay to IRS, at least, if memory serves right. Anybody else checked into this?

xxxxxxx xxxxxxx xxxx

-- Leska (allaha@earthlink.net), February 21, 1999.

Leska,

The Form 1040 is available at http://ftp.fedworld.gov/pub/irs-pdf/i1040gi.pdf, and on page 44 the instructions for "Line 68 Amount You Owe" include "Make your check or money order payable to the 'United States Treasury' for the full amount due." This change in payee is also listed on page 13.

Hmmmm... They've stopped plastering Social Security numbers on the mailing label -- that's decent of 'em.

-- No Spam Please (anon@ymous.com), February 22, 1999.

You'll have a lot more Y2K prep money if you "Just say NO to the income tax" and stop withholding this year. Very few of you are really liable for or subject to the income tax. But you pay anyway because of threat, duress, coercion, and fraud. You can finmd out how to preserve your rights and your money at the following URL.

http://goodbiz.com/tbks/

-- a (A@AisA.com), February 22, 1999.

Not only is the money paid to the US Treasury, any refunds due are recommended to be by direct deposit into your bank account. Let me get this straight. The taxpayers filling this out in longhand who do not have a computer or typewriter are expected to fill in a 9 digit routing number and an 8 digit account number including hyphens but omit spaces and special symbols. The chance that this can be done legibally, entered in the IRS computer, make it through FMIS which pays Federal checks and is noncompliant, then go through the money wire system to the bank throught more computers and then into the account of a bank that may have closed with no Y2k screwups are minimum to none. The government is doing this backward. Instead of shifting to sending more checks that could be cashed at any bank that is still open, they encourage direct deposit that risks more delay and confusion in addition to the other Y2k snafus. Brilliant people are running the show as you can see.

-- Steve (amazed@notstupid.com), February 22, 1999.

Thanks, No Spam Please :-)
"Watching the signs as they go ... "

xxxxxxx xxxxxxx xxxxxxx

-- Leska (allaha@earthlink.net), February 22, 1999.

I really miss the IRS.

I'm going the tax office today here in Japan. I'll be in and out in about 1 hour. Someone will check my form (1) to make sure I've taken all my proper deductions then in April my refund will be transferred to my account. I'm self employed...if I were a company employee I would fill out no forms because the tax office would calculate my tax and send my refund automatically from the earnings and deduction data filed by the company.

By the way, I'll pay about 5% federal and local tax. The Japanese equivalent of FICA and health insurance will add another whopping 6% so my total tax will be around 11%. I miss paying 30%+ I used to pay in the U.S., but I'm getting over it.

I love it when I hear Secretary Rubin and others advising Japan to reducetaxes...(Excuse me? Most Americans don't know how low taxes are in Japan, so the statements sound like sage advice. Why don't you reduce your own taxes?)

How do you write checks again? I've forgotten how since all deposits and payments are electronic. Do you still have to pay for checks and envelopes and stamps and wait for checks to clear and sit down every month to fill out account numbers on payment slips and address all those envelopes? Do you still have separate15 digit account numbers for electricity, gas, water, insurance, phone etc?

Have U.S. companies figured out that home telephone numbers are unique and work for all account numbers? I'm sure they have. That would be foolish of me to think that change wasn't made years ago. I'm sure you do the same thing as me if your phone number or address changes--you tell your bank and they notify all depositors and payees of the change and re-route account numbers for you automatically until all changes have been updated? Of course they do...what am I thinking? No one fills out those change of address cards anymore.

-- PNG (png@gol.com), February 22, 1999.

Cool, PNG, all automated. Uh, solly, but what happens in Japan when all those convenient transactions, ya know, fly across the tripwire 1/1/2000? Got spare registers?

xxxxxxx xxxxxxx xxxxxx

-- Leska (allaha@earthlink.net), February 22, 1999.

Ah,..PNG, I have been one of those rebellious non-filers for many years. I have no bank accounts (frigging hate banks). I don't patronize credit card companies. I pay mortgage, and utilities in person,...in cash. All local. Takes little time. I live a happy life and I IRS leaves me alone mostly...they can't get my house, and I have no income to attach. There are a lot of us "outside the system". A couple of years ago when the IRS was running the amnesty scam, an odd-looking woman appeared on the TV to "welcome back" all those who had "fallen out of the system". The IRS admits to 50 million, which implies to me there must me more.

The alternative economy is flourishing in S. California. Will economy end because the IRS and banks fail? Not likely. Course this is not addressed specifically to PNG. I know he is just doing a job, and living life as he has chosen to.

Be well and free everyone.

-- Donna Barthuley (moment@pacbell.net), February 22, 1999.

Leska...It's going to be fun! If chaos reigns, I'll tell you all about it on my site or here!

Donna...I feel your pain. A friend of mine bought a business that was in trouble, but not before getting a signed statement from the IRS that no tax liens or withholding problems existed for the company. About a year later, the IRS padlocked his place and said they made a mistake, there was a previous withholding discrepency with the previous owner and heowed them over $2 million including penalties. They took his house, car, furniture and ruined his life forever. He reports every week to the local IRS office (Chicago) and they ask him for the $2 million and says he doesn't have it. Every job he has gets (and they are few and far between because no one wants to hire him because of the baggage) requires garnishment ( I forget the percentage). It turned out the signed paper was meaningless. Their word means nothing. This fifty something guy went from providing jobs and building a future to virtual homelessness. Wife divorced him. Kids won"t talk to him. Can't buy tires for his $500 car. What a disgrace.

In my case, I feel like I get my money's worth for 11%. I never felt like I got my money's in the U.S. And to think that the vision that became America was propelled by a tax revolt on tea.

-- PNG (png@gol.com), February 22, 1999.

Well I don't have a million dollar in assets,...woe is me..perhaps that is why the IRS doesn't bother me that much. How much money can you can from a pianist with no inheritance? I like it. I think there is a book "Dying Broke"....worth a look although I'm not sure the title is right.

PNG, your post suggested that I was to be pitied. I think it is far from that. I can pay my way...I don't borrow,...I don't use credit....It's okay. I am not suffering. Only folks way out on a limb and leverged to the hilt and loving it would think I need pity.

-- Donna Barthuley (moment@pacbell.net), February 22, 1999.

Donna--Never intended that suggestion, honest. To each his own and I judge not. Well... sometimes I judge but I make the effort not to. Especially fellow musicians http://www2.gol.com/users/png/band.html (secret page). My father played for his living in the 50's. I've been writing and playing for 30 years. Nothing special, but lots of fun.

-- PNG (png@gol.com), February 22, 1999.