Facts That Make A Difference
1. ECONOMIC FORECAST- Harry Dent, a stock market watcher famous for his year 2000 prediction where he forecasted a 40,000 Dow value (note that the Dow closed at 9,325 last Friday), now believes the USA is in an economic downturn that occurs “once every 80 years” and that the current stretch will last a dozen years until 2020(source: WSJ). NOTE: Now read the Economic Quote of the Week appearing below.
2. GIVING IT AWAY - The annual gift exclusion rises to $13,000 in calendar year 2009, an increase of $1,000 from this year. All US citizens can make gifts of cash or other property worth up to $13,000 in 2009 to an unlimited number of people without gift tax consequences (source: IRS).
3. ACTUAL vs. EXPECTED - When President Bush presented his fiscal year 2008 budget to Congress on 2/05/07 (i.e., for the period 10/01/07 to 9/30/08), the plan called for spending to exceed tax receipts by $239 billion. The actual result for the 12 months that ended on 9/30/08 was a $455 billion deficit (source: Treasury Department).
2. GIVING IT AWAY - The annual gift exclusion rises to $13,000 in calendar year 2009, an increase of $1,000 from this year. All US citizens can make gifts of cash or other property worth up to $13,000 in 2009 to an unlimited number of people without gift tax consequences (source: IRS).
3. ACTUAL vs. EXPECTED - When President Bush presented his fiscal year 2008 budget to Congress on 2/05/07 (i.e., for the period 10/01/07 to 9/30/08), the plan called for spending to exceed tax receipts by $239 billion. The actual result for the 12 months that ended on 9/30/08 was a $455 billion deficit (source: Treasury Department).
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