May 22, 1992

Credit Card Rates Move South

          You cannot help but see ads showing the lowering of consumer credit card rates in almost every newspaper. We advise you to review what your cards rates are. If you dont`t have a card or want one with a low rate consider the Variable Annual rate of Consumers Edge Mastercard and Visa by the Bank of New York. As of March 15, 1992 it was 11.9%. No annual fee either. Call 1-800-242-9409.

Boycott Update

          American Airlines in its world map "forgot" to include Israel. It has since been inserted.

          DHL the international delivery service omitted Israel from its list of countries it delivers to. If you want to protest their action, don`t use their services or write DHL, 333 Twin Dolphin Drive, Redwood City, CA. 94065; or TNT Express Worldwide, 990 Stewart Avenue, Garden City, NY 11530.

          L.A. Gear was charged by the Office of Antiboycott Compliance with 46 counts of violations and participating in the boycott against Israel. They face potential penalties of $400,000 and loss of their export license for their promise to participate in the boycott against Israel in return for the ability to sell shoes in Kuwait.

Ways it is Out of Touch Means Problems

          We have enclosed a copy of an article which appeared in Forbes Magazine on April 13, 1992 which shows one reason why it is almost impossible for the average person to prepare their own tax return. Except for one representative all members of the Senate Finance and House Ways & Means Committee have professionals preparing their own tax return. We found the article enlightening. We hope you will.

Financing Health Care Proposals

          In the Presidential campaign while everyone is in favor of increased health coverage nobody talked about how to pay for it. Here is the Democratic Congress and leadership`s proposal:

1. Extra tax on interest, dividends, capital gains and pension income.
2. Tax on tax exempt interest income.
3. Tax on social security benefits.
4. Reduction of $600,000 estate and gift tax deduction to $200,000 (effective increase of approximately $175,000 of taxes).

Consider wisely the foregoing when voting for your Senator or Representative.

New, New York Tax Bill

          Governor Cuomo approved the 1992 New York budget package and the following tax changes have occurred:

1. The top NY personal income tax rate will not drop from 7.7875% to 7.5%
2. The standard deduction for single individuals will not rise from $6,000 to $6,600 in 1992.
3. The temporary Corporation Franchise surcharge will continue to be imposed at a rate of 15%.
4. The 17% surcharge imposed on corporations located within the lower 8 counties will continue to be imposed.