on March Madness or "state-sponsored piracy."

March 21, 2006

Hello,

It’s that time of the year again, set up, make or consolidate your IRA today

IRA Contribution Limits
YEAR AGE 49 & BELOW AGE 50 & ABOVE
2002-2004 $3,000 $3,500
2005 $4,000 $4,500
2006-2007 $4,000 $5,000
2008 $5,000 $6,000

After 2008, the contribution limit will raise in increments of $500 depending upon the level of inflation.

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If you are single and your modified adjusted gross income is below $50,000, you can sock away $4,000 in a traditional IRA. If you happen to be 50 or older, you may add $500 under the catch-up provision. In order to receive the full deduction, your modified adjusted gross income must be below $70,000, if you are married and filing jointly. If you earned more than these amounts, you may still be able to contribute and receive a partial deduction, but you should consult with your accountant.

The income limits for ROTH IRA's are much higher, $95,000 or less for single taxpayers and $150,000 or less for married people filing jointly. The great thing about the Roth IRA is that growth is tax free! You must leave the money in past age 59½; however, you do not have to take withdrawals and are not forced to do so at age 70½.

March madness is more than just college basket ball or preparing your taxes, the stock market itself seems to be experiencing a bout of the same. The very strange action in the market the last couple of days has got me thinking if the economy rebounds from the post holiday blues it may give cause for the FED to keep raising rates, but if the economy slows down to much it may be signaling a recession, but if prices keep going up it may signal inflation but if prices go down if may signal a slow down in corporate profits. Stay with me it gets better, how about the fact that many economists feel we are nearing full employment and that means wage increases for workers but increase wages lead to inflation hummmm kinda makes you scratch your head. The ups and downs seem to alternate as to weather the market feels the FED is finished or there is still more interest rate increases on the horizon.

So you thought the ports deal was a big deal ,now the French government is attempting to confiscate Apple IPOD technology, forcing Apple to give away its control of its down loadable music sales. Folks lets face it commercial applications of down loadable music was an accident waiting to happen, obvious to anyone except the music industry. The French government is currently engaging in a criminal activity by attempting to force Apple to give away what they have legitimized and created. There would be no legal downloadable music with out Apple. So the next time we have a situation like the ports deal I think it would be better for us as a free people to examine who are real friends are and why we are friends with them and stop giving some countries like france a free ride when they hardly deserve it.

www.jamesfoytlin.com

http://onesmallvoice.blogspot.com/

James