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http://www.nytimes.com/library/financial/062800taxpayers-income.html
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<TITLE>I.R.S. Figures Show Spread of Prosperity
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<H5>June 28, 2000</H5><br>
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<H2>I.R.S. Figures Show Spread of Prosperity
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<h5>By DAVID CAY JOHNSTON</h5>
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<img src="/images/n.gif" align="left" alt="N">ew government data shows just how
far prosperity has spread across America,
with stock options, two-career couples and
capital gains helping to lift a record number of families to six-figure annual incomes.
One taxpayer in 15 resided in this
economic realm in 1998, the government
reported yesterday -- an increase of 1.1
million over 1997.
<p> The number of taxpayers (the I.R.S.
counts a married couple who file jointly as
one taxpayer) with incomes of $100,000 or
more soared in 1998 to 8.3 million, up 15
percent from 7.2 million in 1997, preliminary figures from 1998 income tax returns
showed..
<p> The thick book of dry statistical tables
issued by the Internal Revenue Service
included some minor surprises.
<p> The data helps explain why federal tax
revenues are surging, prompting President
Clinton on Monday to raise the budget
surplus over the next decade to $1.9 trillion,
from the February estimate of $792 billion.
<p> Analysis of the I.R.S. data also showed
that the share of the economic pie going to
those making $100,000 or more expanded to
36.9 percent in 1998 from 34.2 percent in
1997.
<p> In the first glimpse of the impact of the
Taxpayer Relief Act of 1997, the taxes paid
by these prosperous Americans rose 30.4
percent as more of their income was subject to the 31 percent, 36 percent and 39.6
percent rates.
<p> The 6.6 percent of taxpayers earning
more than $100,000 paid 58 percent of all
income taxes in 1998.
<p> Many more taxpayers -- 828,000, a 40
percent increase over the previous year --
paid the Alternative Minimum Tax
in 1998, the new data shows. The tax,
which phases out deductions for
state and local taxes, and even for
children, was adopted 31 years ago to
stop rich taxpayers from making
such aggressive use of legitimate tax
breaks that they paid no federal income taxes.
<p> "This shows how this frightening
tax complexity monster is growing
in our midst," said David Keating of
the National Taxpayers Union.
<p> Because Congress has not updated
the law for inflation, the minimum
tax now reaches so far down the
economic ladder that it can sometimes tax a single parent making
$28,000.
<p> The new tax data also raised questions about the effectiveness of the
sharp reduction in capital gains taxes, a major element of the Taxpayer
Relief Act of 1997, which was sponsored by the House Republican leadership.
<p> The highest long-term capital
gains rate was cut to 20 percent,
from 28 percent in 1996 and part of
1997, yet the rate of growth in capital
gains fell by half, from 48 percent in
1996 to 22 percent in 1998.
<p> Representative Bill Archer, the
Texas Republican who is chairman
of the House Ways and Means Committee, promoted the lower rate as a
key to increasing savings and investment and building a prosperous future. At first glance, taxpayers with
incomes less than $15,000 seem to be
lagging behind inflation. But interpreting the data is hard because the
lowest income category is now heavy
with rich children.
<p> The number of people with incomes of less than $15,000 declined
by 3 percent, from 40.4 million in 1997
to 40.1 million in 1998. Still, the average income grew by just 0.6 percent,
far less than the rate of inflation, to
$6,290, an increase of a scant $45 over
1997. Complicating the picture is the
growing number of prosperous families who must file tax returns in the
names of children who have their
own college funds.
<p> The one indication that the lowest
income category is now heavy with
rich children is that 44 percent of this
group's income came from capital
gains, four times the contribution of
capital gains to the incomes of those
making $30,000 to $100,000.
<p> Analysis of the I.R.S. data also
showed that the boom at the top is
overwhelmingly the result of more
people crossing the $100,000 income
threshold, rather than of increases in
income among those already there.
<p> Among the 6.2 million taxpayers
making $100,000 to $200,000, the average income fell by $514, to $131,189,
from $131,703 in 1997. This suggests
that many people just made it over
the $100,000 threshold.
<p> Among the 2 million taxpayers
making more than $200,000, total income was up a robust 17.7 percent,
but the average income rose only 3.1
percent to $568,941.
<p>
<p>
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</x-html>From ???@??? Wed Jun 28 12:58:53 2000
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From: "Prosper" <brente@xxxxxxxxxxxx>
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Subject: [RT] Re: GEN - cumulative volume
Date: Wed, 28 Jun 2000 11:21:49 -0600
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Status:
I'm surprised at Ira making this oft repeated statement about Support and
Resistance lines or Gann Fans. Actually, if you put enough lines up there it
will blacken the screen.
Only seven angled lines are on Bob's chart. Gann added 2 more angles for his
Gann Fan, one at 1x3 degrees and one at 3x1. When applied correctly I have
found an uncanny correlation between the lines and price movement.
To fairly test this idea that an equal number of lines will define price I
made the attached chart. It has 9 lines on it. I used a random number
generator to produce numbers between 0 and 90 degrees and set the bar
spacing to 1. To make it truly random, I then used a coin toss to decide
whether the angles would be positive and negative. Finally, I used the coin
toss to decide whether they would go right or left from a pivot point on the
July Live hogs chart.
You can see that no lines followed the price accurately beyond 2 days. I
believe that a large number of lines could be added that would not define
support and resistance or any price action. Note: I changed the bar spacing
to 2 before I snapped the picture for ease of viewing, the lines remain in
the same relative placement. Also the negitive angle lines go down from the
pivot point so they barely show up on the chart.
Prosper
> You put enough lines up there and it is bound to follow one of them. Ira
>
> BobR wrote:
>
> > Was fooling around with the Speed Resistance Fan tool and was surprised
to
> > see how closely the cumulative volume follows the SR lines. Starting at
the
> > 4th quarter 1998 lows we have a picture of peaking CV in the summer of
'99
> > with lower highs since then. Another top in CV is in progress. At the
> > present we have the DOW sitting on a lower SR line with a downward
sloping
> > McClellan Oscillator of volume. Odds would seem to imply a bounce here,
but
> > the volume oscillator can get more oversold and that lower speed line on
the
> > DOW can be broken. This is where Gitanshu's spread should pay off.
> >
> > BR
> >
>
------------------------------------------------------------------------
> > Name: SRlines.gif
> > SRlines.gif Type: GIF Image (image/gif)
> > Encoding: base64
>
>
>
>
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