Banking System

Hi All:

For those of you that are still interested in our banking system, a Bill Moyers Interview with Bill Black is blood boiling. It is lengthy but worthwhile.

Here is the video tape of that interview:

http://www.pbs.org/moyers/journal/04032009/watch.html

You can view the transcript at http://www.pbs.org/moyers/journal/04032009/transcript3.html. Mr. Black is a former Director of the Institute for Fraud Prevention and carries experience from the Savings and Loan frauds of the 80’s. Here are comments from viewers: http://www.pbs.org/moyers/journal/blog/2009/04/william_k_black_on_the_prompt.html.

Regards,

Jim

Taxpayer Relief Act of 1997

From Wikipedia, the free encyclopedia

The Taxpayer Relief Act of 1997 (Public Law 105-34) reduced several federal taxes in the United States.

Subject to certain phase-in rules, the top capital gains rate fell from 28% to 20%. The 15% bracket was lowered to 10%.

Starting in 1998, a $400 tax credit for each child under age 17 was introduced, which was increased to $500 in 1999. This credit was phased out for high income families.

The act exempted from taxation profits on the sale of a personal residence of up to $500,000 for married couples filing jointly and $250,000 for singles.

The $600,000 estate tax exemption was to increase gradually to $1 million by the year 2006.