Word: pretax
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Dates: during 2000-2009
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BERNSTEIN: Two things: There's a feeling that when taxes are raised, it's bad for the market. That's not necessarily true. Clinton raised taxes, and we had a bull market. People should invest on a pretax basis. The after-tax effect is icing on the cake...
...Wray's network of contacts, it was taking less than $90,000 in weekly bets. Now it has in excess of $90 million a week in matched bets, about 13% of the estimated annual $35 billion global online sports-betting industry. From April 2002 to April 2003, Betfair's pretax profits rose from $1.9 million to $15.5 million. The site has registered users in 85 countries, with 70% of the bets placed on horse races...
With founder and eponym Charles Schwab replacing Pottruck, many expect the firm to focus on the discount brokerage business, which accounts for 70% of its pretax income. But Schwab could make a decisive assault on the full-service brokerage industry or even be put up for sale. What's clear from the firm's troubles--it lost 44,000 accounts in the second quarter, when profits fell 10%--is that the middle market is a tough racket. Don't look for anyone to rush into this void...
There's a joke in the accounting trade that the difference between a wobbly grocery cart and a corporate auditor is that the cart has a mind of its own. Very funny, unless you had invested in MCI (formerly WorldCom), which recently announced that the pretax income it reported for 2000 and 2001 was just a tad off--$74.4 billion less than it had said, after writedowns and adjustments. Outside auditors have signed off on bogus earnings reports and balance sheets at companies from Rite Aid to Xerox. In some cases, auditors dealt with corporate brass intent on concealing thievery...
HEALTH SAVINGS ACCOUNTS (HSAs) Products of the Medicare Prescription Drug and Modernization Act, which Congress passed in December, HSAs went into effect on Jan. 1, allowing you to save money in a tax-free account to pay for health-care costs. Individuals with "self-only" policies can make a pretax annual contribution of $2,600, and families can contribute up to $5,150 to an HSA account...