Wealth Today

The house legislative body has just taken action to save 22 million tax payers thousands of dollars by making adjustments to the alternative minimum tax law. This law, from the end of the 1960’s was originally intended to guaruntee that no one, especially the wealthy, escaped paying any tax. When written, it was flawed because it did not account for inflation. Senate representatives applauded this new revision for not creating new taxes in compensation for the lost revenue.

Today, the Dow Jones dropped 340 points as the US government released its poor report on the employment status of Americans, revealing a further weakening economy. The Department of Labor’s report showed a reversal of continued decline in unemployment, with an increase of 15,000 applications for unemployment during August.

Also reported were further slumps in retail markets, that pointed to necessity spending by consumers and an abandonment of demand for luxury items.