Friday, March 30, 2018

From 2006 to 2012, At Least Two-Thirds Of All Active Corporations Had No Federal Income Tax Liability

In each year from 2006 to 2012, at least two-thirds of all active corporations had no federal income tax liability. Larger corporations were more likely to owe tax. Among large corporations (generally those with at least $10 million in assets) less than half—42.3 percent—paid no federal income tax in 2012. Of those large corporations whose financial statements reported a profit, 19.5 percent paid no federal income tax that year. Reasons why even profitable corporations may have paid no federal tax in a given year include the use of tax deductions for losses carried forward from prior years and tax incentives, such as depreciation allowances that are more generous in the federal tax code than those allowed for financial accounting purposes. Corporations that did have a federal corporate income tax liability for tax year 2012 owed $267.5 billion. [source]

Weekend Reading

Foxconn Keeps Racking Up The Taxpayer Funded Help
Journal Sentinel Promotes Phony Foxconn "Report"
Scott Walker's Big Lie
Chevron Just Agreed In Court That Humans Cause Climate Change
Despite New Rules To Disclose Corporate Tax Breaks, Just Half Of Local Governments Are
Commuter Rail To Foxconn Proposed
Foxconn Industrial Operations Would Represent A Major New Source Of Air Pollution In Region
Paul Ryan Calls Eminent Domain Takeovers Wrong, But Won't Help Homeowners In Foxconn Case

Household Net Worth

Despite all-time highs in stock and home prices, household net worth is down — except for the Top 10%

Saturday, March 17, 2018

Fox News Personalities Slam Obama And Praise Trump Over The Same Thing


Backdrop Boy Involved In Another Possible Backdrop

Milwaukee Police Union Accused Of Peddling Plan Like Infamous County Backdrop Scheme

Okay. Can we agree that it's time to rein in the Milwaukee Police Department?

Neither the County or the City needs another retirement scandal.

And, the "Backdrop Boy," Tony Zielinski, who voted for the County pension backdrop, has been involved in this latest scheme:
At the union's request, Ald. Tony Zielinski asked city attorneys in November if Milwaukee could increase the city's property tax levy to help defray the city's pension obligations. 
City Attorney Grant Langley said the only way to exceed the levy limits was through a vote of city residents in a referendum. But doing this, Langley wrote, could jeopardize how much money the state gives to Milwaukee each year.

Two days after the city issued its opinion, the Milwaukee police union endorsed Zielinski in his mayoral bid against Barrett in 2020.

But Zielinski said there was no connection between the endorsement and the letter, labeling the notion "preposterous." He said his support for Milwaukee cops is well known. 
Zielinski said the city attorney's letter was "off my radar" since November.
"Did I do anything with this?" he asked. "I didn't do anything with this." 
Reminded that he twice voted for the backdrop program as a county supervisor — a sore spot with the alderman — Zielinski said the staffer who created the Milwaukee County plan was convicted of misconduct in office. Also, he said, supervisors were misled by the county's pension actuary, which later paid the county $30 million to a settle a lawsuit.

Zielinski criticized the mayor and his people for trying to tar him by making an issue of the deferred retirement plan. He said Barrett should focus on his poor record on crime, not Zielinski's letter to the city attorney. 
"I do my due diligence," Zielinski said.
Two things we now know for sure: 1) the City of Milwaukee needs to restructure and rein in the salaries, pensions and costs of the Milwaukee Police Department and 2) Tony Zielinski is, by all appearances, sleazy and corrupt, and the last person Milwaukee should elect mayor and allow to guide the City budget.

Saturday, March 3, 2018

Pay To Play With The "Backdrop Boy"

"Tony The Tiger." Milwaukee Magazine. March 2018.
The Bay View alderman chairs the city Licenses Committee, which holds sway over tavern, restaurant and other licenses in the city. It's a demanding but powerful post with great fundraising potential: In 2017, 34 of 154 people who donated to his campaign fund did so either before or after they sought approval from his committee in 2016 or 2017. Some of these folks appeared before the panel more than once, making for a total of 54 occasions in 2017 when past or future donors were on the agenda for license matters, the vast majority of which were approved. 
A nice nugget from Milwaukee Magazine's article on Tony "Backdrop Boy" Zielinski. This insight shows the pay-to-play politician that Zielinski is. Another worthless public servant using the office to enrich himself and further his career [very similar to Scott Walker]. A reality far different than his scripted sound bites and oh-so-earnest press releases.

Weekend Reading

Wisconsin's Unprecedented Welfare Reform Could Inspire Conservative Changes Elsewhere [And That's Not Good]
Wisconsin Is Shifting Up To $90 Million In Local Road Funding To Foxconn-Related Projects
The Metamorphosis Of Scott Walker
David Brooks Radical Dishonesty
Wisconsin Labor Unions File Lawsuit Over Act 10, Saying It Violates Free Speech
As Manufacturers Get Tax Reductions, Wisconsin Homeowners Pay More
The Supreme Court's Latest Union Case Is Designed To Kneecap The Democratic Party
Could The Supreme Court Really Bust Public Sector Unions?
Trump's Tax Cuts In Hand, Companies Spend More On Themselves Than On Wages
A Wave Of Corporate Propaganda Is Boosting Trump's Tax Cuts
Mueller And Trump: Born To Wealth, Raised To Lead. Then, Sharply Different Choices

Victims And Offenders

During 2012-15, the rate of white-on-white violent crime (12.0 per 1,000) was about four times higher than black-on-white violent crime (3.1 per 1,000). The rate of black-on-black crime (16.5 per 1,000) was more than five times higher than white-on-black violent crime (2.8 per 1,000). The rate of Hispanic-on-Hispanic crime (8.3 per 1,000) was about double the rate of white-on-Hispanic (4.1 per 1,000) and black-on-Hispanic (4.2 per 1,000) violent crime. [source]

According to the FBI’s uniform crime-reporting data for 2016, 90.1 percent of black victims of homicide were killed by other blacks, while 83.5 percent of whites were killed by other whites. While no life is inconsequential, the statistical evidence shows that—just as for blacks when it comes to black-on-black crime—whites are mostly victimized by other whites, with the vast majority of white murders committed by whites. This is because most victims of crime personally know their assailants. And while this is a truth across racial boundaries, no one ever talks about “white-on-white crime.”  Furthermore, the Bureau of Justice Statistics’ arrest data analysis tool shows that less than 1 percent of blacks overall (about 2 percent of black men) commit a violent crime in any given year. This means, factoring in interracial violent offenses, 99 percent of black men do not commit black-on-black crime. [source]

Tony, Do You Have Any Ideas And A Way To Pay For Them? Or Just Criticisms?

Mayor Barrett recently gave a speech addressing guns, affordable housing, lead laterals and other developments in the City of Milwaukee. And, of course, Alderman Tony "Backdrop Boy" Zielinksi had to give his usual negative comment. This has kind of become his thing. Any event, any policy, any news - there's Tony with a comment, pointing the finger and blame at anyone but himself, and never offering up anything other than platitudes.

Milwaukee Mayor Tom Barrett renews call for more background checks for gun purchases, slams arming teachers
Barrett also called for building or improving 10,000 housing units over the next 10 years, a plan the Journal Sentinel first reported Sunday.

The mayor also highlighted plans to expand Milwaukee's RiverWalk, touted a partnership with Associated Bank to increase funding for the city's STRONG Homes Loan program, and said he plans to use $2.5 million from the city's new water deal with the City of Waukesha to replace lead laterals in Milwaukee. 
"While other communities are not addressing this problem, Milwaukee has been recognized as one of only 21 cities nationwide that has taken steps to address lead service lines," he said... 
Barrett's affordable housing plan includes building new developments, including locations in and around downtown.
"I'm especially interested in seeing more affordable housing in the heart of the city," the mayor said. "Growing affordable units in these areas will make it easier for workers to get to nearby jobs." 
The downtown development boom has allowed his administration to do more work in the neighborhoods, he said.
Ald. Tony Zielinski, a 2020 mayoral candidate, criticized those comments, accusing Barrett of making Milwaukee' crime problems worse by neglecting the city's neighborhoods. 
"I cannot believe the mayor expects us to believe the neighborhoods should take a backseat for 14 years," Zielinski said. "No wonder Milwaukee is one of the worst places to live in the country if you are African-American."
So, the Mayor wants to build or rebuild housing units, focusing on affordable housing, expand the RiverWalk and fix lead laterals. From this, the "Backdrop Boy" claims the Mayor is neglecting the City's neighborhoods. Huh? Also, what has the "Backdrop Boy" done for Milwaukee African-Americans?

But, just for a second, let's assume the "Backdrop Boy" has a point. First, what is Tony's solution? Second, where is Tony getting the money to fund his earth-shattering policy prescriptions? This is where Tony's pomp and circumstance falls apart. He has no plan. He has no answer to any of this. Primarily because he doesn't know what he's talking about.

It's easy to just poke the boss and criticize his decisions. But criticism can only be helpful when it's constructive. When a situation has been analyzed and one can offer an explanation for what went wrong and how those problems can be fixed, positive steps forward can be taken. But just trying to knock down someone else's ideas, without any substance or alternative action, is purely grandstanding. This is just Tony trying to draw attention to Tony so some in the City, outside of Bay View, might recognize his name in time for the mayoral election.

Tony has been standing on the street corner, pointing the finger at the Mayor, shouting, "You stink! That's no good! That was wrong!" But he hasn't offered a concrete solution to anything or any explanation of how he would pay for any idea he might have.

Typical "Backdrop Boy" move - exploiting the idea of neighborhood improvement for his own political advancement. Stay classy, Tony.

Republicans No Longer Worried About Deficits, No Longer Believe In Free Market

What happened to the free market? “Competing” for business? The free market is all about competitive advantage and specific strengths about specific locations for specific businesses. States “competing” for business, is not only sub-optimal for the business itself (if market theories have an ounce of credibility at all), it is unnaturally shifting "market" outcomes.

It’s one thing if we have advantages in an industry that we want to invest in or build upon; or we see, because of certain labor skill-sets, etc., we believe we can grow a specific sector quickly and we need it badly - such as when trying to get out of the Great Recession.

Sadly, none of these seem to be the case this time. And, even though this multi-billion dollar investment could end up creating jobs, spin-offs and ancillary businesses, it could still be a loser. At over $300,000 per job (best case scenario - 13,000 jobs), there is almost no way this is a smart investment. The opportunity cost is too high and the time-horizon too long.

And now we're taking money away from other developments and infrastructure projects, giving even more to Foxconn.

For Further Reading:
Democrats Question State's Ability To Track Foxconn Job Creation
What Foxconn Means For Wisconsin
WEDC Won't Release Foxconn Contract Before It's Signed
The Secrets of Foxconn
Start Me Up: Wisconsin Needs More Than Foxconn To Fix Its Economy
Fox-con Secrecy And WEDC Arrogance Continues
How Legislature Is Bypassing The Courts
Foxconn Water Diversion Story Needed More Attention
How To Build Wisconsin's Economy
Why Foxconn's Wisconsin Promise Of 13,000 Quality Jobs Is An Empty One
Walker's "Wisconn Valley" Is A Con All Right
Paper Peddles Bogus Foxconn Report
Trump, Walker and The Foxconn Con
Foxconn Deal Suspends Judicial Rules
Newest Deals Shows Foxconn Flaws