Rockefeller Fights to Close Corporate Tax Loopholes
Legislation that Saves Taxpayers $260 Million
Senator Jay Rockefeller has introduced legislation to close the “Reverse Morris Trust” corporate tax loophole. This tax shelter has been used by corporations seeking to sell unwanted assets without paying taxes on the money they make. Senator Rockefeller’s legislation would close this corporate tax loophole, saving taxpayers $260 million over ten years according to the nonpartisan congressional Joint Committee on Taxation.
“Corporate tax loopholes need to be shut down – plain and simple,” said Senator Rockefeller, a senior member of the Senate Finance Committee, which has jurisdiction over this issue. “This harmful loophole allows businesses to take advantage of the law at the expense of hard-working taxpayers. By insisting that companies pay their fair share of taxes, we are promoting common-sense tax policy and good business practices.”
Under a “Reverse Morris Trust” transaction, a parent company can spin-off a subsidiary that merges into the acquiring company tax-free, as long as the shareholders of the parent company control more than 50 percent of the voting rights of the resulting merged company.
Under current law, parent companies must pay taxes on gains from their subsidiaries if they receive cash payments, but not if they receive payments in the form of debt securities.
The Rockefeller legislation fixes this problem by making debt securities paid to a parent company taxable income (as if it were cash payments).
This removes the tax incentive to leave a subsidiary and the merged company saddled with high levels of debt, which can harm workers and hinder future business investments.
Grantsville: Bethlehem Baptist Church Gospel Sing - Saturday
There will be a Gospel Singing at Bethlehem Baptist Church, Route 5 in Grantville this coming Saturday May 22, 2010 at 7:00 PM.
The sing is with ‘The Randy White Quartet’.
Everyone Welcome Come and join us.
G-Fin™: U.S.A.: Economy Brief - 05.20.10
Consumer Price Index
On a seasonally adjusted basis, the CPI-U declined 0.1% in April after rising 0.1% in March.
The index for all items less food and energy was unchanged in both March and April.
Real average hourly earnings for all employees rose 0.1% from March to April, seasonally adjusted.
This increase stems from a 0.1% decrease in the Consumer Price Index for All Urban Consumers (CPI-U), while average hourly earnings remained unchanged.
Real average weekly earnings rose 0.4% over the month.
Producer Price Index
The Producer Price Index for Finished Goods declined 0.1% in April, seasonally adjusted.
This decrease followed a 0.7% advance in March and a 0.6% decrease in February.
Prices for finished goods less foods and energy rose 0.2%.
Quarterly Data Series on Business Employment Dynamics
From June to September 2009, the number of gross job gains from opening and expanding private sector establishments was 6.3 million, a decrease of 124,000 jobs compared to the previous quarter.
The number of gross job losses from closing and contracting establishments fell to 7.3 million, a decline of 739,000.
Mass Layoffs (Monthly)
In April, employers took 1,856 mass layoff actions involving 200,870 workers.
The number of mass layoff events increased by 228 over the month, and associated initial claims increased by 50,006. Sixteen of the 19 major industry sectors reported over-the-year decreases in average weekly initial claims.
Daily Prayer - 05.21.10
Gracious God, my heart is ready to burst with joy.
Like a flower, I want to push through the cold winter soil and share my gladness with the world.
I want everyone to experience the wonder of life that I feel right now.
Let my joy shine forth so that those cloaked by sadness may find their sorrow lifted, if only for a moment.
I ask this for the sake of your love.
Jackson “Jack” Conrad
Jackson “Jack” Conrad
Age 86 of Conrad Court, Glenville departed this life Wednesday, May 19, 2010 following an extended illness.
He was born June 12, 1923 at Dusk Camp, Gilmer County a son of the late Leland F. and Hallie Furr Conrad.
Born, raised and educated in Gilmer County, Jack began to make his mark on the community and state.
During the 1940-41 school year Glenville High School won the state basketball tournament in Morgantown. During the final game Jack scored 49 points. That record still stands for the old WVU Field House.
During the 1941-42 basketball season, Glenville State College won the state tournament with senior Bob Armstrong and four freshmen, Jack being one of them.
In the fall of 1942 he worked in a war industries plant in Charleston.
A veteran of WW II, Jack served in the US Army 79th Division. He served in France was wounded twice and medically discharged with Purple Heart and Cluster. Honorably discharged with rank of Sergeant he was awarded PH (Military Order of the Purple Heart); PUC (Presidential Unit Citation); AAM (Army Achievement Medal); ASR (Army Service Ribbon) and CDCON (Good Conduct Medal).
He worked in the Conrad family restaurant and motel business in Glenville from 1945-48.
Jack received his AB in secondary education from Glenville State College in 1951.
He attended WVU 1950-53 and earned an MA in Guidance. Then attending part-time earned a Secondary Principal’s certificate and then a full Public Administration certification. While a student at WVU he began teaching at Morgantown High School later becoming Assistant Principal.
He was employed in Student Services at Fairmont State College from 1961 until 1973. In July 1973 he took a leave of absence from Fairmont to return to the family business in Glenville.
He worked at Potomac State College of WVU first in Administrative Research, then Registrar and Director of Admissions. In 1985 he retired with Emeritus status from Potomac State and WVU and took over management of Conrad Motel in Glenville.
He became legally blind in 1986 due to Macular Degeneration.
July 2008 he sold the Conrad Motel to Glenville State College with an agreement that it would remain his home and he finally retired.
Jack was inducted into the Fairmont State College Student Affairs Hall of Fame February 2007; Glenville High School Alumnus of the Year 2005; received Glenville State College Alumni Service Award February 22, 1995; and this Saturday, May 22, 2010 was to have been inducted into the Curtis Elam Athletic Hall of Fame at Glenville State College.
He was a very active member of the Glenville Presbyterian Church.
On September 05, 1942 Jack was united in marriage to M. Jo Bush Conrad who preceded him in death April 20, 2003.
Of this marriage there were three children, two of which survive: Stephanie Conrad Evans and husband Jim of Danville, VA and Charles R. “Charlie” Conrad and wife Kathy of Richmond, VA. One daughter-in-law, Elizabeth Conrad of Morgantown wife of the late Hunter Jackson “Jack Jr.” Conrad (DOD February 06, 2007) survives.
Four grandchildren survive: Jay Evans and wife Karina of Tampa, FL; Kristen Evans Vickers and husband Patrick of Washington Courthouse, OH; Tami Evans Bolden and husband Robbie of Chesapeake, VA and Ted Conrad of Atlanta, GA. Five great-grandchildren survive: Benjamin Evans, Isabella Evans, Andrew Vickers, Reagan Jo Vickers and Ethan Jackson Bolden. One niece survives Madelyn Sue (Suzie Kidd) Shipe-Hart and husband Brian of Niskayuna, NY. One sister-in-law survives Dottie Bush Shea and husband Jack of Alpharetta, GA. He is also survived by many loving nieces and nephews and friends.
A special group of survivors who gave exceptional care and friendship: Peggy Losh, Nancy Greenlief, Roberta Smith; Avonne Nichols; Millie Beall, Alycia Wolfe, and “Fran Schmetzer, Lori Plummer, Pedro Montgomery and Thelma Norman,” his loving church family.
Jack was the last surviving member of his immediate family having been preceded by one sister Madelyn Conrad Kidd.
Funeral services will be conducted at 11:00 AM on Saturday, May 22, 2010 at Glenville Presbyterian Church, Glenville, WV with Rev. David Krum officiating.
Burial will follow in the Meadow Lane Cemetery, Glenville (with full military honors).
Friends may call 5:00-8:00 PM, Friday, at the Glenville Presbyterian Church on Rt. 5 West in Glenville and one hour prior to services at the church.
The family requests that in lieu of flowers donations be made to the Glenville Presbyterian Church Sunday School Wing Building Fund, c/o Glenville Presbyterian Church, PO Box 187, Glenville, WV 26351.
Ellyson Mortuary, Inc., Glenville is assisting the family of H.J. “Jack” Conrad with arrangements.
Today is Friday, May 21, the 141st day of 2010. There are 224 days left in the year.
Thought for Today: “Ideals are like stars; you will not succeed in touching them with your hands. But like the seafaring man on the desert of waters, you choose them as your guides, and following them you will reach your destiny.“ - Carl Schurz, American politician (1829-1906).
Today’s Highlight in History:
On May 21, 1927, Charles A. Lindbergh landed his Spirit of St. Louis near Paris, completing the first solo airplane flight across the Atlantic Ocean in 33 1/2 hours.
On this date:
In 1542, Spanish explorer Hernando de Soto died while searching for gold along the Mississippi River.
In 1832, the first Democratic National Convention got under way, in Baltimore.
In 1881, Clara Barton founded the American Red Cross.
In 1892, the opera “Pagliacci,“ by Ruggero Leoncavallo, was first performed, in Milan, Italy.
In 1910, a year-old Jewish settlement near the port city of Jaffa adopted the name Tel Aviv (Hebrew for “Hill of Spring”).
In 1924, 14-year-old Bobby Franks was murdered in a “thrill killing” committed by Nathan Leopold Jr. and Richard Loeb, two students at the University of Chicago.
In 1932, Amelia Earhart became the first woman to fly solo across the Atlantic Ocean as she landed in Northern Ireland, about 15 hours after leaving Newfoundland.
In 1956, the United States exploded the first airborne hydrogen bomb over Bikini Atoll in the Pacific.
In 1979, former San Francisco City Supervisor Dan White was convicted of voluntary manslaughter in the slayings of Mayor George Moscone (mahs-KOH’-nee) and openly gay Supervisor Harvey Milk; outrage over the verdict sparked rioting. (White was sentenced to seven years and eight months in prison; he ended up serving five years and committed suicide in 1985.)
In 1980, Ensign Jean Marie Butler became the first woman to graduate from a U.S. service academy as she accepted her degree and commission from the Coast Guard Academy in New London, Conn.
Ten years ago:
• Nineteen people were killed when a charter plane crashed in the Pocono Mountains in Pennsylvania.
• “Dancer in the Dark” won the Palme d’Or at the Cannes Film Festival; the Grand Prize went to “Devils on the Doorstep.“
• Death claimed actor Sir John Gielgud at age 96 and author Dame Barbara Cartland at age 98.
Five years ago:
• Afleet Alex regained his footing and his drive after being cut off by Scrappy T in a frightening collision and breezed home to win the Preakness Stakes; Kentucky Derby winner Giacomo finished third.
• The Belgian film “The Child” won the Palme d’Or at the Cannes Film Festival.
• Comedic actor Howard Morris died in Hollywood at age 85.
One year ago:
• President Barack Obama made his case for closing the Guantanamo prison camp, denouncing what he called “fear-mongering” by political opponents; Obama made his case moments before former Vice President Dick Cheney delivered his own address defending the Bush administration’s creation of the facility.
• Former Pfc. Steven Dale Green, convicted of raping a 14-year-old Iraqi girl and killing her and her family, was spared the death penalty after jurors in Paducah, Ky. couldn’t agree unanimously on a punishment.
• A 66-year-old woman with terminal cancer became the first person to die under Washington state’s new assisted suicide law.
Rhythm-and-blues singer Ron Isley (The Isley Brothers) is 69
Rock musician Hilton Valentine (The Animals) is 67
Actor Richard Hatch (“Battlestar Galactica”) is 65
Musician Bill Champlin is 63
Singer Leo Sayer is 62
Actress Carol Potter is 62
Sen. Al Franken (D-Minn.) is 59
Actor Mr. T is 58
Music producer Stan Lynch is 55
Actor Judge Reinhold is 53
Actor-director Nick Cassavetes is 51
Actor Brent Briscoe is 49
Actress Lisa Edelstein is 42
Actress Fairuza Balk is 36
Rapper Havoc (Mobb Deep) is 36
Actress Ashlie Brillault is 23
Actor Scott Leavenworth is 20
Actress Sarah Ramos is 19
WV Lottery - 05.20.10
Dr. Sherry Jones Recipient of the GSC’s Faculty Award of Excellence
Dr. Sherry Jones, Glenville State College Department of Business Chair, was awarded the Faculty Award of Excellence at the 2010 Glenville State College Commencement Ceremony on May 08, 2010.
She has taught over twenty years at GSC.
Many of her family are GSC Alumni, namely - husband, David Jones, sons Chris and Casey Jones, daughter-in law Amy, mother Betty Woofter, brother Kent Woofter -all graduates of GSC.
Sherry’s grandfather, Claude Woofter, worked in maintenance at GSC and her aunt, Judy Woofter Jones and uncle, Lyndall Jones, are also GSC graduates.
Sherry’s grandmother, Irene Shiflet Langford was a cook in the old Verona Maple Hall; her great uncle, Beryl Langford was a former registrar.
Sherry taught mathematics at Gilmer County High from 1981 to January of 1988.
She was named Gilmer County teacher of the Year in 1987.
In January 1988, she left her position at GCHS to begin her present career at GSC.
She was named Curtis Elam Professor of Teaching Excellence from 2005-2008.
In 2008 she began serving at the GSC Business Department Chair and continues in that position at present.
Some of Sherry’s past accomplishments include Co-Valedictorian of the GCHS Class of ‘72; GSC Magna Cum Laude graduate in 1975; MA in Education from WVU in 1984; PhD in Education from University of Tennessee in August 2008; and she has completed 184 hours of graduate work over the course of her career.
Sherry has presented at State, Regional and National Associations.
She has also been the author of several publications.
Department of Business peers nominated Sherry with this recommendation: “...she has proven herself to be a dedicated educator who takes a personal interest in her students and the quality of education they receive. Dr. Jones has the rare quality of being able to blend her professionalism with sincere personal concern for her students and colleagues.”
Too Many Young West Virginians Simply Don’t Understand Much about Our State!
That is more than a shame.
It is a problem.
Once the students of today become the voters of tomorrow, how can they be expected to make wise choices about state government if they don’t understand West Virginia?
Fortunately, the state requires that students take West Virginia history classes.
Those who excel, demonstrating especially rich knowledge of West Virginia, are recognized each year through the Golden Horseshoe program.
They are honored at special ceremonies in Charleston, where they are dubbed Knights and Ladies of the Golden Horseshoe.
The following area eighth-graders were among 200 students, who received the Golden Horseshoe award in Charleston on May, 07, 2010:
• Dustin Elliott Bragg
• Jennifer Renae Friend
• Landon D. Pettit
• Mason Sheldon
• Nicholas Smith
• Tyler Ash
• Sarah Ferguson
• Joseph Spencer
• Andrew Coombs
• Hayden Jones
• Kaylee Pethtel
• Allison Joanne White
• Dalton Gabriel Wright
• Andrew Ashcraft
• Anna Cokeley
• Jonathan Harper
The Golden Horseshoe Test has been administered in West Virginia each year since 1931 and is the longest running program of its kind in the United States.
The top-scoring students in each county receive the award. Each county has at least two winners.
The exam tests student knowledge on West Virginia citizenship, civics and government, economics, geography, history and current events.
Each student received a certificate and a Golden Horseshoe pin.
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