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When experts talk about what you should do with your tax refund, they usually focus on a couple of options: deposit it in an IRA or pay down your credit-card debt. But there are other options to consider, especially because, thanks to last year's tax-law changes, this year's refunds are 5% higher, averaging $2,100 per return. You may eventually decide the IRA deposit or debt-reduction strategy is for you--but here are some other possibilities...
...million Increase in amount spent on federal tax-law enforcement last year...
WITHDRAWN. A guilty plea to a felony tax charge, by LEA FASTOW, whose spouse will spend 10 years in prison for his role in the Enron megafraud; in Houston. Fastow reneged after a judge said he would not abide by a plea bargain that called for her to spend only five months in jail, a deal designed to ensure that their children would have at least one parent at home. Her trial is scheduled for June...
Meanwhile, semiconductors are creating trade friction with China. Last month Japan and the European Union publicly supported a complaint the U.S. filed with the World Trade Organization against Beijing for imposing a 17% tax on imported semiconductors while levying 3% on chips made domestically. The policy has helped attract chipmakers like Taiwan Semiconductor Manufacturing Co. to open plants on the mainland. One U.S. trade group estimates that at least 19 new semiconductor facilities will be built there by 2008. --By Julie Rawe...
...Stanley economist Andy Xie. That changed with the '97 crisis, which caused the breakup of Hyundai Group and others and fostered an anti-chaebol backlash. Business life today in South Korea is marked by a steady stream of special investigations into chaebol-related bribery, stock manipulation, illegal campaign contributions, tax evasion and fraud. Chey Tae Won, nephew of the founder of SK Group, was jailed last year for accounting and stock fraud. Chung Mong Hun, the favorite son of Hyundai's founder, killed himself last year after being accused of illegally passing money to North Korean dictator Kim Jong...