There's A Little $9 Billion Bauble Under The Tree For Wall St., Multinationals

'Active financing' exemption for some businesses to cost taxpayers $9 billion
Amid all the goodies for Ethanol producers, NASCAR racetracks and the like, the tax-cut Compromise Legislation approved by Congress this month also includes a little-noticed sop for Wall Street banks and major multinationals. And it only costs U.S. Taxpayers $9 billion. Under the provision, Financial Services firms and manufacturers can defer U.S. taxes on overseas income from a type of Financial Transaction known as "active financing." Boosters say the two-year exemption helps lev...

Democratic lobbyist/fundraiser apparently wins a big tax break for multinationals and banks
The Post's Dan Eggen has a good piece today on a provision you didn't hear about in the tax bill passed last week. As Eggen describes it: "Under the provision, Financial Services firms and manufacturers can defer U.S. taxes on overseas income from a type of Financial Transaction known as "active financing." Eggen finds on the provision the fingerprints of Democrat superlobbyist Steve Elemendorf, former Chief of Staff to Dick Gephardt, then the top House Democrat. Elmendorf, who represents the Ac...

How about a change of strategy as to economic growth?
YET GROWTH CONTINUES BEYOND CARRYING CAPACITY "Despite occasional set-backs, the growth machine continues more furiously, and finally, even lands which had been set aside "forever" come under pressure," said Murray. "As development gets closer, the protected land becomes more valuable, and more costly to protect. Then government, under the duress of energy and resource shortages and the dire need for Royalties and revenue, caves in to allow industry a foothold, then a chunk, then another. Yos...

As GOP takes House reins, Republicans to reexamine financial regulatory overhaul
By Brady Dennis Washington Post Staff Writer Friday, December 24, 2010; 4:25 PM As the GOP prepares to seize control of the House in January, its members on the Financial Services Committee are vowing to reexamine the wide-ranging financial regulatory Legislation passed earlier this year. Among other things, the overhaul hammered out in the wake of the Financial Crisis establishes the new Consumer Financial Protection Bureau, creates Oversight of the vast Derivatives market and gives the gover...

Jobs: Gifts We Really Need
       Edith Rasell, Ph.D., is minister for economic justice in the Justice and Witness Ministries of the United Church of Christ and serves as vice president of Interfaith Worker Justice. She reminds us that what millions of Americans really want for Christmas is a job. This is the season of gift giving and, for millions of us, the present we really need is a job. We know that American families need jobs. But American businesses also need jobs—rather, they need customers with j

Hang Tough, Republicans
On January 5, 2011 in the new Congress, Republicans will have a majority in the House and gains in the Senate sufficient to pressure President Obama to continue to shift to the center on policies crucial to growing jobs and The Economy. • Cut corporate income taxes. Japan’s Prime Minister Naoto Kan recently ordered a cut in his country’s corporate Income Tax rate by five percentage points to stimulate investment in Japan and to encourage businesses to create more jobs. Japan...

Your Opinions
In response to the Journal Sentinel's heart-wrenching stories concerning emergency detentions, we must emphasize that difficult or catastrophic behaviors in persons with dementia are not inevitable consequences of this disease. In Dane County, we have developed a model program to deal with this issue by utilizing a small team of experts, who, within days, assess the individual's situation, make recommendations, such as a more definitive diagnosis, medication changes and individualized daily ro...

Study: 49 pct of Va. Internet speeds below marks
A new study shows that nearly half of Virginians are using Internet connections with speeds below federal standards. The study by the Communications Workers of America says about 49 percent of Virginians have Internet speeds of at least 4 megabits per second, the minimum standard set by the Federal Communications Commission. That's the same as the national percentage of Internet users that failed to meet the federal standard. But Virginia ranks 17th in the national for average Internet speeds, a...

As GOP takes House reins, Republicans to reexamine financial regulatory overhaul
As the GOP prepares to seize control of the House in January, its members on the Financial Services Committee are vowing to reexamine the wide-ranging financial regulatory Legislation passed earlier this year. This Story As GOP takes House reins, Republicans to reexamine financial regulatory overhaul Who's regulating whom in the financial world Video: Obama signs Financial Regulation bill Oct. 29, 2010: What a GOP win could mean for the financial overhaul Video: Obama signs financial regulati...

NASCAR Gives Ethanol Green Flag; Who Will Follow?
When it comes to Ethanol, price, fuel economy and engine performance matter to lots of American drivers. The ethanol industry fights hard to shape Public Opinion of the fuel, and it has now found a new way to get its message across in a partnership with NASCAR. Our series on ethanol concludes with a report from Harvest Public Media's Jessica Naudziunas on the ethanol industry's attempt to answer longtime critics of the alternative fuel. Racers To Use New 'Green' Gas In NASCAR, a pit stop takes ...

TN Moving Stories: 100th Countdown Clock in NYC Subways, Indias Railways Prioritize Onions, and Spain Now Leads Europe in HSR
NYC’s subways have their 100th countdown clock — exceeding the MTA’s original goal to get 75 stations online by the end of the year. You can still buy tickets for American Airlines flights online-but not on Orbitz, because the airline wants to cut out that electronic middleman.  (USA Today) The U.S. Surface Transportation Board levied the first fine in its 14 year history—$250,000 against the Canadian National Railway Company for failure to report blockages at its ...

Job Offers Rise As Economy Warms Up
Wall Street Journal: As The Economy gradually recovers, some big U.S. companies are cranking up their recruiting and advertising thousands of job openings, ranging from retail clerks and nurses to bank tellers and experts in Cloud Computing. Many of the new jobs are in retailing, Accounting, consulting, Health Care, telecommunications and defense-related industries, according to data collected for The Wall Street Journal by Indeed Inc., which runs one the largest employment websites. It said t...

Dear Rick-a-Claus...
1.      More jobs:  We’ve been hearing about revitalization for a while and we didn’t vote for Virg Bernero because he seemed too much like Jennifer Granholm.  Now Rick-a-Claus, we really need this and you promised.  So please; no more fake statistics where Michigan does their Unemployment poll during the Census and let’s really get together on this issue. 2.      Grants to small businesses:  One way to help ...

MI could save $5.7 billion a year by simply bringing public sector employment benefits in line with the private sector
$5.7 Billion. With a 'B.' A capital one at that. Are benefits for Public Sector employees that out of wack? Uh - yeah. Yeah they are: From The Michigan View, an excerpt of a Speech by Mackinac Center President Joseph Lehman at the West Michigan Policy Forum in Grand Rapids, Sept. 16 regarding an idea that doesn't require eliminating a single government employee or program, and appeals to the basic idea of equity: it could save $5.7 billion a year. How? Bring public secto...

Obama wins, middle class loses
The president spiked the ball in the White House end zone yesterday, before jetting off to Hawaii for his Family Vacation. The media has been abuzz with his late-in-the-game touchdowns. The Congress finally passed his key items, including the START Treaty and the end of “Don’t ask, don’t tell.” Congress also finally relented on a 9/11 compensation fund, after finding ways to bluff a pay-for. But while the president might think he is leaving on a high note, on the things that he oug

New GOP Wave Pushes Business Lobbyist's Wish List
JEFFERSON CITY, Mo. — Having won big in the fall Elections, Republicans preparing to take over statehouses around the country are proposing to cut corporate taxes, weaken union clout and rewrite laws on Discrimination, whistle-blowers and injured workers to the benefit of employers. In short, they intend to push through a business Lobbyist's wish list. And they plan to press ahead even though some of their ideas could, at least in the short term, cost their states desperately needed tax ...

Quote of the Day
QUOTE OF THE DAY.... The Senate yesterday afternoon unanimously approved its version of the Zadroga 9/11 health bill, and sent it to the House before lawmakers adjourned and left town. Not surprisingly, the House followed suit and passed the bill, though more than a third of the chamber was already empty. The final vote was 206 to 60, with 59 Republicans and one Blue Dog voting against it. But it's worth pondering what those 60 were thinking. After all, they knew it was going to pass anyway, a...

S.Africa formally invited to join BRIC: minister
South Africa announced on Friday it has been formally invited to join the Brazil, Russia, India and China (BRIC) group of key emerging nations, bolstering its image as the economic gateway to Africa. Foreign Minister Maite Nkoana-Mashabane said China, which currently chairs BRIC, invited South Africa to join the group, whose current members will account for 61 percent of global growth in 2014, according to the International Monetary Fund. "China, in its capacity as rotating chairperson of the ...

Economists: 2011 will be year of recovery
WASHINGTON, Dec. 24 (UPI) -- The U.S. economy is poised for its greatest strength since the Financial Crisis started, although the jobless rate will ease only slightly, Economists say. "The recovery in 2011 will be strong enough for us to see sustained Job Creation that will finally give Americans a tangible sense of an improving economy," Georgetown University Visiting Professor Phillip L. Swagel told The New York Times. Swagel was the U.S. Treasury Department's chief economist during the Georg...

Obama's Next Hurdle: Funding His Plans
Before adjourning for Christmas this week, senators passed a stopgap spending bill. It keeps the lights on and the government operating for the next couple of months, but it doesn't include money for new initiatives, including two of President Obama's signature programs: the Health Care overhaul and Financial Reform. That's a sign of the Budget battles to come when the new year brings a new, more Republican Congress to Washington. The stopgap spending bill avoids the drama of a full government s...

Tax bill packed with goodies for business
The massive new tax bill signed into law by President Barack Obama is filled with all kinds of holiday stocking stuffers for businesses: Tax Breaks for producing TV shows, grants for putting up windmills, rum subsidies for Puerto Rico and the Virgin Islands. There is even a tax break for people who buy race horses. Millions of Homeowners, however, might feel like they got a lump of coal. Homeowners who don’t itemize their deductions will lose a tax break for paying local property taxes. Th...

Wikileaks vs Wall Street
Will Wikileaks ‘regulate’ Wall Street in a manner that Washington never would or could? The technological revolution over the last few decades has taken us far further and far faster than many ever would have believed. Just think of your daily regimen and the number of times you utilize technology and equipment that were mere dreams not long ago. Every lane on the ‘technological superhighway’ would clearly seem to be high-speed and E-Z pass only. As individuals travel th...

Global stocks and oil rise in festive cheer
By Natsuko Waki PARIS | Fri Dec 24, 2010 5:49am EST PARIS (Reuters) - World stocks held near the previous day's two-year high on Friday while oil hit fresh two-year peaks after strong U.S. data this week encouraged investors to maintain their risk positions into 2011. Thursday's U.S. data showing demand for a range of long-lasting U.S. manufactured goods surged in November and Consumer Spending rose for a fifth straight month reinforced expectations for strong Economic Growth in the fourth qu...

Global stocks and oil rise in festive cheer
By Natsuko Waki PARIS (Reuters) - World stocks held near the previous day's two-year high on Friday while oil hit fresh two-year peaks after strong U.S. data this week encouraged investors to maintain their risk positions into 2011. Thursday's U.S.... Has QE2 worked? PARIS (Reuters) - World stocks held near the previous day's two-year high on Friday while oil hit fresh two-year peaks after strong U.S. data this week encouraged investors to maintain their risk positions into 2011. Thursday's U....

China leads global markets lower in holiday trade
LONDON (AP) - Chinese stocks led global markets lower Friday after officials announced plans to sharply limit new vehicle registrations in traffic-congested Beijing, while another downgrade of Portugal's Credit Rating kept sentiment in check in those European markets that were open. Trading generally was light with many markets, including Wall Street, closed for Christmas. In Europe, France's CAC-40 fell 0.4 percent to 3,893.98 while Britain's FTSE 100 was down less than 0.3 percent at 5,981.2...