Palin's Folly
by Brett Penrose
© Penrose on Politics
Keeping Watch on the Candidates - headline news
Robin Carnahan: "I've been surprised before by some of the behavior of Washington insider politicians, but this one really takes the cake. Three weeks after the BP oil spill started in the Gulf, Halliburton (one of a handful of oil companies responsible) campaign donations spiked...instead of staying focused on stopping the oil spill, they were scrambling to stop the political damage; rushing to line the pockets of allies who sit on key Congressional committees assigned to investigate the disaster."
Halliburton campaign donations spike [Politico, 6/2/10]nn
 As Congress investigated its role in the doomed Deep Horizon oil rig, Halliburton donated $17,000 to candidates running for federal office, giving money to several lawmakers on committees that have launched inquiries into the massive spill...
Halliburton's political contributions in May are the highest they've been since September 2009, when the PAC also gave $17,000 in donations. In fact, the last time the company gave more than $17,000 in one month was when it donated $25,000 during the heat of the presidential campaign in September 2008...
In the House, Reps. Roy Blunt (R-Mo.), who serves on Energy and Commerce, Mike Coffman (R-Colo.), who serves on Natural Resources, Geoff Davis (R-Ky.) and Dave Camp (R-Mich.) all received $1,000 from the oil giant...
Battle Rages Over Jobs and "Extenders" Bill
Public interest advocates, faith-based groups, labor unions and others continued their push this week to prod Congress to enact a jobs bill that extends unemployment insurance benefits, COBRA health benefits for unemployed individuals, Medicaid funding for states and other vital measures that would boost the economy. The House approved its bill (the latest version of H.R. 4213) only after severely weakening it by dropping COBRA and Medicaid funding, and the Senate left for the Memorial Day recess without acting on it.
Most of the spending provisions in the bill are considered emergency spending, and do not have to be paid for under Congress's budget procedures. The bill also includes provisions extending several temporary tax breaks (mostly for business), and these provisions are often called the "tax extenders." The costs of the tax extenders are offset with provisions that close unfair tax loopholes.
These loophole-closing provisions are among several factors that have slowed down progress on the bill. Unfortunately, some Senators seem reluctant to close even the most abusive tax loopholes.
Citizens for Tax Justice released a group of reports over the past few weeks about the tax loophole-closing provisions in the bill.
The American Jobs and Closing Tax Loopholes Act of 2010 (a.k.a. the "Extenders" Bill) Would Boost the Economy and Improve Tax Fairness
This report explains the three general types of loophole-closers in H.R. 4213, including provisions to end abuses of foreign tax credits, provisions to clamp down on the "carried interest" loophole, and provisions to end the "John Edwards" loophole for business people with "S corporations."
Senators Defend "Carried Interest" Loophole for Investment Fund Managers in the Name of the Poor, Minorities, Small Businesses and Cancer Patients!(read .pdf report)
This report debunks the outrageous arguments that investment fund managers have made in defense of the "carried interest" loophole.
Key Provisions in H.R. 4213 Would Prevent Abuse of Foreign Tax Credits(read .pdf report)
This report explains the provisions of H.R. 4213 that would make the U.S. international tax system fairer and more rational and cut down on corporations shifting profits offshore.
(read .pdf report)
Report from Clint Zweifel, Treasurer
Hopefully you have had time to catch your breath after an eventful end to the 2010 legislative session. I just wanted to take a moment to fill you in on some of the things I have been working on this spring as your State Treasurer.
More Bipartisan Legislation
In my first year in office, I was able to work with a bipartisan group of legislators to unanimously pass key economic development legislation that is playing an important role in our state's economic recovery.
In 2010, we once again took a bipartisan approach to pass another bill without a single "no" vote. As you may know, my office manages the Unclaimed Property, Missouri's largest lost and found.
Invest in Missouri
Beginning January 1 of this year, deposits I place with Missouri banks began earning a competitive interest rate for the first time in more than half a century. This will return millions of dollars to the state and should ultimately be able to return $15 million each year.
Thanks to Invest in Missouri and the Missouri Linked Deposit Program, we have a pool of about $720 million available for lending for Missouri small businesses and farms. Read more ...
Courtney Cole Calls for Special Session
on Jobs Bill and Tax Credits
Urges Legislature to Pass Bi-Partisan Jobs Bill, Support the
Ford Claycomo plant and quit playing politics with tax dollars
Warrensburg, MO -- Democratic candidate for 121st District State Representative Courtney Cole is calling on the legislature to remove political agendas and agree to a special session to focus on passing a badly needed jobs bill to put Missourians back to work.
Cole's request is after Governor Jay Nixon announced that he would be open to a special session if the legislature would guarantee it would be productive.
“Missouri has a 9.5 percent unemployment rate and small businesses are closing their doors every day. We cannot afford to lose more jobs.That is why today, I’m joining the bi-partisan call for the legislature to hold a special session focusing on a serious jobs bill that puts Missourians back to work and food on the table,” said Cole. Read more ...
WE CALL BULL: Congressman Blunt Votes
Against Jobs & Lower Taxes
Instead Supports Loopholes for Corporations That Ship Jobs Overseas
Late yesterday, after weeks of campaigning about job creation, Congressman Roy Blunt once again voted against a jobs bill; this time, the Small Business Act. The legislation includes commonsense measures that would cut taxes for small businesses so they can focus on creating jobs and close loopholes for corporations that ship jobs overseas. In addition, the legislation extends the vital Build America Bonds program, which has helped spur jobs and economic growth across the state and is strongly supported by Senator Kit Bond (R-MO).
“At a time when Missouri’s economy is hurting, Congressman Blunt has again decided to side with corporate special interests and their lobbyists rather than with the small businesses that will create jobs for Missouri families,” said Linden Zakula, Robin Carnahan’s Press Secretary. “Congressman Blunt’s 13 year Washington record of supporting job-killing policies has hurt Missouri’s economy and shipped tens of thousands of jobs overseas. Enough is enough, and we call bull.”
Here is a breakdown of the jobs bill that Congressman Blunt voted against yesterday and how it helps Missouri small businesses.
Help for Small Business: $3.6 billion in tax credits to small businesses – to help them innovate and grow—including a full exemption from capital gains taxes for small business stock sales and the expansion of a deduction for small business start-up costs from $5,000 to $20,000 through 2011.
Build America Bonds (BABs): allow states to continue to obtain much-needed funding, at lower borrowing costs, for new capital projects like the rebuilding of schools, sewers, hospitals and transit projects. In Missouri, the program is helping fund:
• A new administrative center for Springfield public schools. [Springfield News Leader, 10/7/09]
• A start up small business center in Creve Coeur. [Post Dispatch, 3/10/10]
• More than a dozen facility projects on University of Missouri campuses in Columbia, Kansas City, Rolla and St. Louis. [Release, 7/16/09]
• Closes multinational corporate tax loopholes: requires U.S. subsidiaries of foreign-owned corporations to pay taxes they could previously avoid by sending the money overseas. Read more ...
|
|
