Why the Trayvon Martin Case is Bigger than just Trayvon Martin

Can't say it any better than Digby.

Speaking of Lobbyists and Tax Bills

From a report issued yesterday from Citizens for Tax Justice:

Loopholes for Sale focuses on campaign contributions by 30 companies – dubbed the “Dirty Thirty” – that a previous U.S. PIRG/CTJ study found collectively paid no federal corporate income taxes between 2008 and 2010 while receiving $10.6 billion in tax rebates and spending millions to lobby Congress. Altogether, these companies spent $41 million on campaign contributions during the four most recent election cycles, with each member of Congress receiving $58,000 on average (top recipients and donors listed below).
....

PAC contributions from these thirty corporations were most concentrated among leadership in both parties and the committees that control tax policy in both chambers of Congress. An average of $84,859 went to current members of the House Ways and Means Committee, which is 66 percent more than the average House member not on that committee. All but one Senate Finance Committee member, Maria Cantwell of Washington State, received an average of $83,209, which is 28 percent more than the average Senator not on that committee.

A Sign of the Times

Last week I was speaking to a someone I know who is the general counsel for a public company here in the NYC metropolitan area.  He knows I'm a tax lawyer, and he told me that his company had received a notice of deficiency from the State of New York claiming that they owed back taxes and interest - the amount was short of seven figures.  He then told me how he tried to look into the issue himself, immersing himself in the parts of the tax law that related to this particular notice.  In the end, though, he decided that the best way to move forward on this was to....

....retain a tax lawyer to respond to the notice (what I was hoping he would say)?

....refer the matter to the outside accountants who prepare the company's tax returns?

No, he told me that he was going to call his lobbyist.

His lobbyist?  Is this how tax matters are made to go away these days?  Use your political connections to get the tax man to back off?

Actually, based on personal experience, I'm not surprised by this at all....

Speaking for the Trees

It doesn't seem that long ago (10 - 12 years, I guess) that I was reading my sons to sleep every night.  Dr. Seuss was a godsend in those days.  The Lorax was a favorite of both of my sons - the favorite -  so much so that cover faded and pages were yellowed from the constant touching by my sweaty hands.  My younger son especially would want to sit in my lap for hours and have me read it to him over and over again.

I guess I have to go see this one.  I wonder if either of them will be interested.

Where to Invest Indeed

Atrios points to this editorial in today's New York Times about the bank settlement announced earlier this week.

And the first commenter, George:

Other than remove our money from these banks, what can we do? Both parties hire bankers to make economic policy. Now, whenever I'm urged to invest, I ask "What legislation has been put in place to prevent 2008 from happening again?" Nothing substantial. All that comes to mind is getting Elizabeth Warren elected.

When the crisis hit several years ago, I moved all of my 401(k) balances into treasuries, and vowing never to move them back unless I saw heads roll.  And that has not happened, and from the looks of things never will.  

Atrios calls the market the Great Casino, but I actually think the market is worse than the casinos.  At the craps table I know the odds are against me, but I actually don't think they are playing with loaded dice.  I don't trust anyone in the market anymore.

Looks like I'm gonna be stuck in Treasuries for a long time....

But anything's better than giving it to the banks!

A New Beginning

I started a new job two weeks ago - to be honest, my first permanent, steady job in some time.  Now that I seem to be settling into a new routine, it's time to renew my effort to keep current on this blog.  Apologies to all for the long silence.  I hope to keep a steady pace of at least two or three posts a day going forward.

I don't have many followers right now, but maybe keeping this going and doing something to spread the word, I can turn this into something.  We'll see....