Fort Worth Star-Telegram from Fort Worth, Texas • 44

1 2C Thursday June 2 2001 wwwstar-tcicgrauicoin Tax cut won't mean much for some DEFENSE From Page IC ty trust fund for example and slipping a note in the till The debt in private hands fell to $3266 trillion in the most recent numbers from $3405 trillion in late 1999 The intragovernmental part rose to $2391 trillion from $2269 tril- lion in the same 21-month peri- od Two lessons here: No 1 the trillion-dollar windfalls you hear about are vapor surpluses money that may or may not appear during the next 10 years Don't repeat Congress' mistake by counting chickens in the tax law that don't hatch until 2008 or 2010 No 2 the government's fiscal thirst is being slaked nonetheless The Treasury made several offers this year to buy back long-term debt before its maturity in an effort to keep the bond part of the public debt shrinking in line with today's smaller auctions of bills and notes In other words don't expect a big rebound in 30- year bond rates even if the Federal Reserve reverses course and pushes short-term rates higher Loyal reader Art Nisle phoned in an attaboy for a column suggesting that aggressive 401(k) saving could backfire on workers who retire at the same tax rate or a higher one Nisle offers himself as proof that tax rates can climb in retirement The customers always write: "I haven't read anything about what the tax bill does for people in the 15 percent bracket" Benbrook retiree Joe Clark said "What gives?" he asks 4 much Once the 4 Clarks get A their $600 1 --) rebate I check 1 that's as good as 1 tODD gets for a long while MASON They're III not alone The tax COMMENTARY law offers little help to taxpayers who don't have kids or tuition bills or taxable incomes in excess of $27050 on single returns or $45200 on joint returns Clark dismissed my suggestion that he and his wife consider adoption "Been there" he said The Clarks can at least look forward to 2005 when the law's marriage-penalty relief starts to ratchet up the standard deduction on joint returns The law is less kind to single taxpayers of moderate means In 10-year projections of the tax law prepared by tax publisher CCH annual savings flatten out at $300 for single childless taxpayers earning $30000 By contrast a working couple with $100000 in income and two children start with $978 in savings and reach $4033 in 2011 Count your blessings young workers At least you aren't working your way through college As per congressional instructions the IRS will deny rebate checks to taxpayers counted as dependents on other filers' returns even if they qualify otherwise My source on this is Gary Klott's TaxPlanetcom Nor do they qualify for a credit on their 2001 return meaning they lose in a clean sweep Bachelor billionaires $300 struggling students $0 Fort Worth reader Glenn Emmett asks me to research the national debt "We read that it has been and is being reduced substantially but is it? Where did it top out if it topped out and how much does the government still owe?" he writes via e-mail No problem The national debt clocks we used to see everywhere including in this newspaper have pretty much disappeared but the Treasury publishes the box score on a daily basis Point your browser to wwwpublicdebttreasgov The debt stood at $565675018130817 at of the close of business Tuesday or slightly lower than the $5674 trillion dollar debt the government carried into its 2001 fiscal year Oct I The figure is higher than the $5565 trillion debt at the start of fiscal 2000 Here's where it gets a tad complicated Debt is created two ways: when the Treasury borrows money from us by auctioning securities and when the government borrows money from itself by spending surpluses in the Social Securi review" The decision to relocate the B-1 bombers continued to reverberate on Capitol Hill Rumsfeld wants to retire 33 of the 93 B-lBs and consolidate the fleet at Dyess and Ellsworth Air Force Base in South Dakota "This decision validates Dyess as the premier B-I base" Rep Charlie Stenholm D-Abilene said in a statement "I have always argued against the widespread distribution of the B-1 fleet Maintaining B-Is at five locations puts a huge strain on the limited resources" Contrary to the expectations of many in the military and in Congress the administration's 2002 budget devotes relatively little to military modernization beyond what the Clinton administration had planned Rumsfeld said that was because most of the extra $184 billion had to be earmarked for improving the living conditions of US troops which he said had deteriorated badly The budget would include $1 billion for pay raises ranging between 5 percent and 10 percent depending on rank It would also reduce troops' out-of-pocket housing costs and provide more health benefits In 2002 the Pentagon will retire all 50 of the Air Force's most modern and most accurate intercontinental-range nuclear missiles the 1GM118A more commonly called the Peacekeeper Zakheim said Based at FE Warren Air Force Base in Wyoming the Peacekeepers were first deployed in 1986 They cost about $70 million apiece and are armed with 10 nuclear warheads each That will reduce the US arsenal of land-based long-range nuclear missiles to 500 Minuteman Ills each of which is armed with three warheads This report contains material from The Associated Press and The New York Times of Defense continues to support the W-221 program" At Lockheed Martin spokesman Joe Stout said the funding for F-22 Raptors indicates that the next-generation Air Force fighter "is ready for production" Lockheed Martin builds the midfuselage for the F-22 in west Fort Worth with final assembly in Marietta Ga The company employs nearly 11000 workers in Fort Worth mostly building F-I6 fighters Stout said that the company was disappointed that no new F-16s were included in the budget plan but that "we remain optimistic that the Air Force will order additional F16s in future years to maintain the force until the Joint Strike Fighter is ready" Lockheed is delivering two F-16s a month but that will increase to six a month in mid-20 02 as the company begins filling a backlog of orders from foreign nations Lockheed has said it has enough 17-16 work to keep the plant busy until 2008 The budget would also provide funds to buy 15 C-17 cargo airplanes from Boeing under a long-term contract Vought Aircraft Industries produces major components of the C-17 at plants in west Dallas and Grand Prairie Congress had a mixed reaction to the proposed budget "It's good news for the F22 and V-22" said Rep Martin Frost D-Dallas "The question is flow does this all fit together? I've been saying for months that the size of the trillion tax cut could crowd out money we need for defense" House Budget Committee Chairman Jim Nussle RIowa said he was troubled by the administration's request for more defense money before it completes the strategic review and develops a long-term spending plan "Even more troubling" he said "is that most of the money is for current operations rather than to implement the findings of the The most dramatic changes are plans to reduce the Air Force fleet of B-1B bombers retirement of all 50 Peacekeeper long-range nuclear missiles and another round of base closings in 2003 "If we are to extend this period of peace and prosperity we need to prepare now for the new and different threats we will face in the decades ahead and not wait until they finally emerge" Rumsfeld said at a Pentagon briefing Rumsfeld will testify before Congress today on his budget proposal Area defense manufacturers welcomed the proposed funding for North Texas defense programs which have been under scrutiny since crashes of the V-22 tilt-rotor aircraft and during Rumsfeld's review The V-22 built jointly by Bell Helicopter in Fort Worth and Boeing Helicopters in Ridley Township Pa is being continued at a minimum rate based on recommendations of a panel that reported this spring that the aircraft needed substantial redesign and testing work after two fatal crashes last year "We have funded 12 aircraft for the Marine Corps only" Pentagon Comptroller Dov Zakheim said Wednesday at a news briefing "That is our understanding of the optimum number to protect the industrial base even as we make the various changes to the program thathe blue-ribbon commisiJ6n recommended "On the one hand we want the plane to work properly" Zakheim said "On the other hand we don't want to drive the costs througlithe roof as we make those chiinges" Bell spokesman Bob Leder said the company Was "very pleased that the Department Todd Mason's column runs Tuesdays Thursdays and Sundays (817) 390-7552 fax (817) 390- 7774 toddmstar-telegraincom MCLINDEN From Page IC for 5500 square feet in a planned office complex on the back of the parcel Jack- son said Natural Health Wellness has left Lincoln Square Shop-: ping Center in north Arlington where it has operated since May 1996 On June 1 owner Sharon Rodebaugh moved the business a mile north to Washington Place at 807 Washington Drive Suite Maria Redo 202-383-6103 rnreciorrwashingtoncom STATION CDs IRAs Mervyn's Other Franklin Covey shores in Tarrant County are in North East Mall in Hurst and the new Chapel Hill Shopping Center at Ilu len Street and 1-30 in Fort Worth Developer jagee Properties has broken ground on its planned Shops on Cooper Street shopping center in the 3500 block of South Cooper Street The 28000-square-foot strip center will be an adjunct to the new Rooms To Go store which was the first retailer to build on jagee's 16-acre property A shoe store at least two restaurants and a handful of other businesses are in talks with Jagee about the center leasing agent Bill Jackson said Shops on Cooper will be located about a half-mile north of the Parks mall A wireless phone company is close to signing a deal From Page 1C and Stephen Covey has leased ground-floor space in The Parks at Arlington mall The 130-store chain sells Palm Pilots pocket PCs organizers videos books notebooks and related planning materials and devices Franklin Covey Co describes itself as an international learning and performance services firm employed by businesses schools and other organizations to increase their effectiveness in leadership productivity communication and sales Besides its retail presence Franklin Covey offers professional services workshops and on-site training The 2095-square-foot Parks store is scheduled to open by this fall next to 11q said Ash Huzenlauv a partner with Woodcrest Capital which backs the Haltom City-based Hispanic Television Network said the local network welcomes the activity in the Hispanic network market "The more awareness that is brought to hispanic Television the better it is for our company" Iluzenlauv said The business offers a variety of stress-manage- ment services including therapeutic massage and bodywork with yoga weight- and nutrition-management and stress-management programs The business serves individual and corporate clients Rode- baugh said LOCATING THE MGIIEST FDIC INSURED CD's IN AMERICA Spanish-language network in the nation trailing Univision Nationwide Univision controls 70 percent of the Hispanic Speaking Market while Telemundo controls 30 percent KXTX will be Telemundo's 10th fully owned and operated station in the United States and Puerto Rico "The Ilispanic market is so robust and so dynamic that there is more than enough room for two companies in the market" Sokol 4 t4kr01')V Steve Mainden's column appears Tuesdays and Thursdays (817) 548-5522 fax (817) 548-5544 mclindenOstar-telegrancom Lighthouse Financi Services Todd (ii)S011 hos' Bald 0141g 4200 I lult4 ST 600 Ion Worih (1109 SHOW 111 Co ONLINE FOR MORE INFORMATION For more news: wvAvstar-telegramcom To search the Mettoplex wwwdhccom 101( hOleted up Jo 14 dep's Vat trprolotq a I I held Loa tpt 411 rdiohtitly From Page IC I 0 II 1 latia immimlmwooponnulon Business Property Sell Business Opportunity Business Opportunity Business Property Rent Or Lease 2(00 I WIISO Wi showrnom on hkwk off 3 817 1 83 NW HWYGRAPEVINE Oroat Nilo 1050st $100 Avail iffilllocit ntoty (92) 960 20:15 IMENIMINIMINMOINIONIEMB Franchises rAlp IL 15-lttlofN 1 il I YVII I HI Clean Net USA lowont frimchise I Jot 111il I tall VV pm v11 $'00 II pot tlitiott lo111 I mut-A whplill MOIlti II I 'G 4 144 nied by the promise of hundreds of dollars in rebates "Notebook computers have gotten a lot better with faster processors and much larger displays so that there's very little you can't do on a notebook PC anymore" said John Karidis an IBM engineer Ile added that "desktop PCs are good enough for a lot of typical tasks so companies are lengthening their replacement cycles and not buying new computers right now" Researchers predict that in five years 70 percent of households online will be using PCs whilethe others will peruse email and the Internet at the office or with mobile devices 'That's one reason this week's show was dominated by Palm and other providers of wirdess applications and services In addition those companies are increasingly target-log businesses which may order hundreds or even thousands of products at a time In a keynote speech Tuesday Carl Yankowski Pahn's chief executive tried to strike a positive note despite his company's fourth-quarter loss of $392 million announced this week I le said accounting firm PricewaterhouseCoopers had agreed to recommend Pahn hand-helds to clients as a way to increase profits by making employees more productive IIii ll I I iii sti'i4 1 sot rion-rd-rmottz iis!) ill II4'iii101 i tIO GiftSetra 001 illi cAtectory Fif 11ii1 1 I I 14 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IYI' 810 N1111 fitfo 01Ntitiomi high It Milk COrglet 1011111)110 (IW) or (fi I if tin I 111111111111111111111111MINIIIIIIIIIIII Business Property Sale Or 1PRRR year Analysts and even vendors said there was little at this week's show to indicate that attendees were doing little more than looking meaning that the market is likely to continue to lag in the near future "No question about it the economy's very unstable right now and we certainly don't expect an immediate turnaround" said Dave Zabrowski vice president of business PCs of North America for I IcwlettPackard "We are forecasting the beginning of a turnaround late II) the second half of this year" he said "That's why the emphasis is on giving companies technologies to help boost efficiency" "Companies have been trying to get people to buy new generations of PCs that provide multimedia Options or that offer better portability at a more-reasonable price but it's not clear whether this will be enough to pique interest" said Jed Kolko an analyst at Forrester Research Compaq is showing off a new $2000 l'C that will let users record IND files Panasonic rolled out a $1500 compot WI it that records high-quality video onto a high-capacity blank disc IliM made a splash with Microdrive which is capable of holding nigabyte it tlit a on a postage-stampsize device so that files can be size device so mat ides can De r1 1 1111K Clv1 (10111 10 Lin hi frt 'j(I cu otne log itiI II II pligillCilog III 11 ill 1tof 1 t4 1 Ittiltiotiin (111i) tF' iii INIEIMINNEONIEMINIIIMEW1111 Money to Loan AT 11 NH( )rl ineont (1W1j1 ri luriptiwn (1101 qilmi 1011 1)44 you 11 41vithin IT 1 1 1 -1100 41 I 'III I 4 14 1' WA1(1 lir 111 I I al1111 Niiufrottifo k'i CrAilllr ill Loin (Mon rmilmim1 111 11 1i4 ()11114 1 1r1 011 11 '1 111 1'11(1111K 11 pi 1 111011t fitH)wk 1114 1 4 (M61-'41111 Pt 11 11 Y1' fv11't 1111 11 k4 I y11111 V11111111l1 l) VI 1 too tlin '1 owt10 111 (111 111 11 1014 11( 11 t11 VV P11(11)1 JO 11 fit()wk V('111(1 1 4 II YO1) I It I14 I 11 tip41 OitICPS Relit Business Opportunity )10 ir II '1011011111 Willi 1111111(0 110" I "'Hid W00 A'if NOW I on I ISON(i I ovly qt tioilr11PEI ww116 11F 01 ptivflo I II 01 I Mika I FOFIO (oft' I I 1 II I i 04 10 Pm I1(milor 11110 0 111 (Old I kid' I 'I I 1)1 ol I '011) 1(111 Exec Suites MI If 1413 4441 )l I IhV I (J III I)bi Ili I Att 4 AI II' 11(11) 11111)001 1 tgill 111111Fml 1K F111 Ili fi4 li()11) 11)() (j1 1 1' )1 1 VV Ii 11 1 I Alu 1 I tepee( el lop lee I Pete eef eteeil 1666 it 16111 11616106 1)1vi6166 I M604114 ItAl I 1AI 'Joe( I I A( oloet I 0 illiVo OH i(P(1 of telt Avell teeeeN if I I Pot 1 etei rnrAT 1 111t 101 1 A HtISINI Si Doi ley 81 t- Itti A flitrilt11 '11 to Poly or ell? 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