Subject: File # S7-09-00

Date:    05/31/2000 12:58 PM
     
     
     
I agree wholeheartedly with the proposed rule.  But the calculation should 
be required for all federal tax brackets, not just the highest, which 
applies to only a very small percentage of the population.  This would not 
be burdensome for any brokerage: it is already a common practice for yields 
on municipal bonds.  As federal brackets are adjusted by legislation, the 
calculations should also be adjusted.  No "average" calculation should be 
required, since any number chosen would be mythical: no one would actually 
pay it, and it would therefore be useless to any taxpayer.  Required 
calculations should apply only to federal brackets because of great 
variation in state law concerning capital gains -- as is especially evident 
in the complicated capital gains tax structure in the Commonwealth of 
Massachusetts: this would be a real and largely unnecessary burden to 
brokerages.
     
John G. Gagliardo
10 Emerson Place
Boston, MA  02114