Government

Technology

Panel Asks Congress for Funds to Study Internet Taxation

In order to seek funds to finance a study on Internet taxation, the Advisory Commission on Electronic Commerce, a panel appointed by Congress, is returning to its creator to ask for $2 million to finance the project.The 19-member Commission has raised the eyebrows of such high-profile companies as America Online, AT&T, Time Warner and other businesses who believe the Panel's recommendations may affect their bottom line by shaping e-commer
Technology

Internet Tax Study Raises More Questions Than Answers

Should products sold over the Internet be tax-free? This question is the focus of an Internet tax study assigned to a 19-member U.S. panel named by Congress. Under a 1998 "cyberlaw," a three-year tax reprieve was set for new state and local Internet taxation to give the panel time to produce the in-depth study.But obtaining funding for the study seems to be as cumbersome as finding an answer to the initial question.

Fed Raises Short-Term and Discount Interest Rates a Quarter Percent

Predictions that the central bank would raise rates proved true as the U.S. Federal Reserve announced on Tuesday quarter-point increases in both the federal-funds target rate and the discount rate. Spokespersons for the Fed say the bank is maintaining its "neutral" bias toward any future rate changes.Also raised were the federal-funds target rate - or the rate at which banks lend to each other overnight - to 5.25 percent from 5 percent.

Consensus Says Feds Will Raise Interest Rates Today

Word on the street says it's a certainty. Analysts, economists and investors expect Federal Reserve Chairman Alan Greenspan to raise short-term interest rates a quarter notch to 5.25 percent.
Technology

Fed Ratifies Electronic Bank Statements

Under an interim rule approved by the Federal Reserve, banks will be able to transmit regular deposit account statements by email or make them available on their Web sites for customers who request electronic delivery. The regulation will most likely go into effect later this month.

Increase in Federal Reserve Rates Likely

When the Federal Reserve meets on Tuesday, Aug.

Auditors Say Savings By Gore's Project Were Overstated

Some of the cost savings claimed by Vice President Al Gore's project to streamline government were overstated, and other cuts in expenses can't be substantiated, according to auditors who looked at changes in three agencies.According to the General Accounting Office, Gore's "reinventing government" project claimed $21.8 billion in savings in which the project lacked evidence to support, inflated savings by double-counting cost cuts, and took credit for savings that may have been the result of other efforts to cut government bureaucracy.Project officials also neglected to take into accoun

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