|Maine Taxpayers United For The Maine Constitution|
Just an observation but if I tweet my blog post from which this was taken with #mepolitics and another hash tag. The tweet displays on the other hash tag but not on #mepolitics. This has occurred with a number of retries with different tweets on this subject matter. This is the way politics is being done in Maine - especially as the political season heats up. The political class wants to control the talking points. That is the state of affairs of politics in Maine today.
Recently The Small Enterprise Growth Fund Changed its name to The Maine Venture Fund. The MVF is a taxpayer subsidized high growth investors company. As with all of the corporations in the state corporate network, it was chartered by the Maine legislature in violation of the prohibition against the legislature chartering corporations to serve state purposes as found. in Article IV Part Third, Section 14 of the Maine State Constitution
Section 14. Corporations, formed under general laws. Corporations shall be formed under general laws, and shall not be created by special Acts of the Legislature, except for municipal purposes, and in cases where the objects of the corporation cannot otherwise be attained; and, however formed, they shall forever be subject to the general laws of the State.Last year the legislature passed what they call "The Expanded and Improved Seed Capital Tax Credit" a name which is only appropriate if one believes that the state exists to serve the interests of private capitalists and owners of the means of production. The bill increased by eight fold the amount by which the legislature can redistribute wealth collected from the taxpayer and transferred to private capitalists, venture funds and other owners of the means of production.
The current blog on The Maine Venture Fund ( by Tim Agnew) promotes the "Expanded and Improved Seed Capital Tax Credit". It follows through on the way the media reported about this bill when it was up for being reinstated (and improved for capitalists and owners of the means of production) by the Maine legislature last year - that is from a perspective of the corporate beneficiaries of the redistribution of wealth, excluding any mention of the beasts of burden in this picture- the Maine Taxpayer.
Investors looking to provide capital to start-ups and early stage businesses weigh the risk of loss and the potential for return when deciding whether to invest, how much to invest and on what terms. The availability of the Seed Capital Tax Credit provides an incentive for investors to make the investments and to increase their investment size, making it possible for businesses to achieve their growth goals. quoted from Tim Agnews blog for the Maine Venture Fund
Notice the glossy craft of word parsing used here. Without actually saying so, it tell s us the the Seed Capital Tax Credit takes the risk out of investment for the investor- and also without mentioning how that is done! - by passing the risk along to the general taxpayer! - who does NOT share in the profits ! This is called socializing the risk and privatising the gain. AND this is being promoted on a blog for the Maine Venture Fund, which has long promoted itself as a fund for "high growth investors"- which generally implies high growth by taking a higher risk- the traditional trade off !
The next paragraph tells us of a shortage of funds for 2014 only and explains how the FAME corporation found a way to get around this and thus expand available tax credits for 2014 by one million dollars:
However, in 2014 only, the Finance Authority will make an exception due to the small amount of credit authorized for this year. FAME is accepting applications for up to an additional $1 million of investments to be made in 2014 as long as they are structured as convertible notes that convert in January 2015. When the notes convert, FAME will treat those investments as being made in 2015. Kudos to FAME for figuring out a way to speed up investment in Maine businesses!Tim Agnews blog for the Maine Venture FundAh yes KUDOS to the FAME corporation for figuring out a way to get around the law and speed up the tax burden placed on the Maine taxpayers. They must be taking their cues from President Obama- rewriting legislation after it is written
Another paragraphs applauds that the "Expanded and Improved Seed Capital Tax Credit" is expanded to out of state investment funds, it just means that instead of taking a tax credit on taxes owed, being that an out of state company does not owe Maine taxes, such a company will receive a "refundable tax credit". Neither the Fame Corporation nor the MVF Corporation are going to say in plain English that this means the Maine taxpayer will be mandated to pay the investor a cash payout to refund up to 60% of his investment. The MVF blog reports that as "up to 50% of his investment "- but having done my homework to create A Maine Citizen's Journey Through the Statutes of Transformation time line, l know that the percentage of investment required to be refunded to the investor by the Maine taxpayer was upped to 60% in 2011 -the lion's share of the investment, which even the IVF blog will not publicly admit even as they have so nicely managed to avoid mentioning who is covering all that risk for the private venture funds ! This has been the case for several years now- How can the MVF not know that the percentage paid by taxpayers is 60%?
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The final sentence is also written to the occlusion of any mention of those carrying the lion's share of the burden of the venture capitalists investment- the Maine taxpayers- don't even mention them- not even a word of thanks for their involuntary investments in the plans designed by the plethora of corporations chartered by our legislature in violation of Article Iv Part Third Section 14 of the Maine State Constitution.
There is a lot of investor capital available in Maine searching for good deals and a lot of entrepreneurs trying to build successful businesses. The Seed Capital Tax Credit is the glue that brings investors and entrepreneurs together for the benefit of the State and its economy.Tim Agnews blog for the Maine Venture Fund
In the above the word "State" is parsing for the Corporation of Maine. A state severs the interests of the common welfare and is governed by the state Constitution.
CONSTITUTION OF THE STATE OF MAINE
(Arranged by the Chief Justice of the Maine Supreme Judicial Court
and approved by the Maine State Legislature, Resolve 2013, chapter 75,
pursuant to the Constitution of Maine, Article X, Section 6)
Objects of government. We the people of Maine, in order to establish justice, insure tranquility, provide for our mutual defense, promote our common welfare, and secure to ourselves and our posterity the blessings of liberty, acknowledging with grateful hearts the goodness of the Sovereign Ruler of the Universe in affording us an opportunity, so favorable to the design; and, imploring God's aid and direction in its accomplishment, do agree to form ourselves into a free and independent State, by the style and title of the State of Maine and do ordain and establish the following Constitution for the government of the same.
Corporations serves special interests and are governed by its corporate charter. In the case of the Seed Capital Tax Credit, the taxpayers are not being served- they have been transformed into the financial instrumentalities of the corporation..