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.
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.
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
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
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.”
Glenville State College President’s Honor List for Spring 2010
Glenville State College has announced the names of GSC students who attained the President’s Honor List for the Spring 2010 semester.
To be named to the President’s Honor List, a student must have a 4.0 grade point average.
The students making the President’s Honor List are listed as follows for the area counties:
• Manuel V. Arambula
• Casey D. Posey
• Megan L. Rollins
• Jennifer L. Young
• Shaina R. Cain
• Andrew R. Metheney
• Kristina G. Beron
• Jessica E. Blake
• Rebecca J. Chesser
• Brittany D. Conrad
• Dustin M. Dent
• Mary V. Dickey
• Dustin W. Freshour
• Aaron Frymier
• Rachel D. Sprouse
• Stephanie D. Sumner
The 2010 State High School Track Meet will be held Friday and Saturday, May 20-21, 2010 at Laidley Field - University of Charleston Stadium in Charleston.
State Track Meet Director’s Dottie Gandee and Richard Messenger have set the start time for 2:00 PM on Friday and 9:00 AM on Saturday.
Gilmer County Track and Field Athletes will be participating in this event.
Since the first state track meet in 1918, the former Charleston High School holds the record for the most state boy’s track titles with 17, followed very closely by Huntington High with 16.
The record for consecutive boy’s state track titles belongs to the former Stonewall Jackson High School of Charleston as the Generals won 8 straight titles between 1948 and 1955.
The first girl’s state track meet was held in 1975 and since then Parkersburg holds the record for most titles with 11, followed very closely by the Class A track stars from Doddridge County with 10, including five in a row between 2003 and 2007.
Tickets for the 2010 State High School Track Meet are priced at $8.00 for adults and $7.00 for students.
They also have an “all session” pass available for $15.00 for adults and $12.00 for students.
Opens Friday, May 21, 2010 | Runtime: 1 hr. 33 min. PG - Brief language, mild action and some rude humor
After challenging an evil dragon, rescuing a beautiful princess and saving your in-laws’ kingdom, what’s an ogre to do? Well, if you’re Shrek, you suddenly wind up a domesticated family man. Instead of scaring villagers away like he used to, a reluctant Shrek now agrees to autograph pitch forks. What’s happened to this ogre’s roar? Longing for the days when he felt like a “real ogre,” Shrek is duped into signing a pact with the smooth-talking dealmaker, Rumpelstiltskin. Shrek suddenly finds himself in a twisted, alternate version of Far Far Away, where ogres are hunted, Rumpelstiltskin is king and Shrek and Fiona have never met. Now, it’s up to Shrek to undo all he’s done in the hopes of saving his friends, restoring his world and reclaiming his one True Love.
Cast: Mike Myers, Eddie Murphy, Cameron Diaz Director: Mike Mitchell Genres: Animated, Comedy, Sci-Fi/Fantasy
Opens Friday, May 21, 2010 | Runtime: 1 hr. 39 min. R - Strong crude and sexual content, violence, language and some nudity
Only one American hero has earned the rank of Green Beret, Navy SEAL and Army Ranger. Just one operative has been awarded 16 purple hearts, 3 Congressional Medals of Honor and 7 presidential medals of bravery. And only one guy is man enough to still sport a mullet. In the 10 years since his fiancée was killed, special op MacGruber has sworn off a life of fighting crime with his bare hands. But when he learns that his country needs him to find a nuclear warhead that’s been stolen by his sworn enemy, Dieter Von Cunth, MacGruber figures he’s the only one tough enough for the job. Assembling an elite team of experts—Lt. Dixon Piper and Vicki St. Elmo—MacGruber will navigate an army of assassins to hunt down Cunth and bring him to justice. His methods may be unorthodox. His crime scenes may get messy. But if you want the world saved right, you call in MacGruber.
Cast: Will Forte, Kristen Wiig, Ryan Phillippe, Val Kilmer, Powers Boothe, Maya Rudolph Director: Jorma Taccone Genres: Action Comedy, Parody/Spoof, Comedy
UPCOMING RELEASES (Dates Subject to Change) May 28: Prince of Persia Sands of Time, Sex and the City II June 04: Marmaduke, Get Him To The Greek, Killers June 11: The A Team, Karate Kid June 18: Jonah Hex, Toy Story III June 25: Grown Ups, Knight & Day June 30: Twilight Saga: Eclipse July 02: Last Airbender July 09: Despicable Me, Predators July 16: Inception, Sorcerer’s Apprentice July 23: Dimmer For Schmucks, Ramona And Beezus, Salt July 30: Beastly, Cats & Dogs Revenge Of Kitty Galore, Charlie St. Cloud August 06: The Other Guys, Step Up 3D August 13: Eat Pray Love, Expendables, Scott Pilgrim V. The World August 20: Lottery Ticket, Nanny Mcphee Returns, Takers August 27: Piranha 3D, The Last Exorcism, Going The Distance September 01: The American September 03: Born To Be A Star, Machete September 10: Resident Evil Afterlife 3D September 17: Adjustment Bureau, Easy A, The Town September 24: Eagle Of The Ninth, Wall Street: Money Never Sleeps, You Again, Legend Of The Guardians October 01: Alpha And Omega, Let Me In, Social Network October 08: Life As We Know It, Secretariat October 15: Jackass 3-D, Red October 22: Paranormal Activity II, Saw VII 3D October 29: My Soul To Take November 05: Due Date, Megamind November 12: Unstoppable November 19: Harry Potter And Deathly Hallows (Part One In 3D); Next Three Days November 24: Burlesque, Faster, Love And Other Drugs, Red Dawn December 10: Chronicles Of Narnia: Voyage Of The Drawn Treader December 17: How Do You Know, Tron: Legacy, Yogi Bear December 24: Gulliver’s Travels, Little Fockers, True Grit