Preserving The American Political Philosophy

TWEET THIS   goo.gl/bDXMYY There is a noteworthy article in the Portland Press Herald by staff writer WHIT RICHARDSON Pay Day At the Mill tells the story of how investors from out side the state lobbied the legislature to create new program Maine New Markets Capital Investment program, written by their own lawyers to include the ubiquitous refundable tax credit found throughout economic development programs devised by the Maine legislature In the end, here’s what really happened: Two Louisiana financial firms arrived in Maine with a plan to create such a program, hired lawyers and lobbyists to get it passed in Augusta, then put together the Great Northern deal using one-day loans that made an $8 million loan look like a $40 million loan. While they claim they did this to leverage more investment, the result is that Maine’s taxpayers are going to pay $16 million to banks and investment firms that invested only half that amount. And all of it was legal. Whit Richardson...

Tweet This: http://goo.gl/qOE3vX Worth a Listen:  http://wgan.com/podcasts/al-dimillo-1-11/ Compiled from various notes:  Feb 2013   An Act To Provide Greater Access to Capital for Certain BusinessesThrough Advance Payment of Employment Tax IncrementFinancing Benefits  SUMMARY 36 This bill allows the Commissioner of Economic and Community Development, under 37 extraordinary circumstances, to provide advance payments of employment tax increment 38 financing benefits to a qualified business based on a net present value calculation of the 39 projected employment tax increment financing benefit to the business. The advance 40 payment must be made in the form of a loan through the Maine Rural Development 41 Authority, pursuant to applicable conditions and requirements. Commentary This refers to the (up to) 80%payroll  tax credit that the state provides to its targeted sector- or in other words that the state requires the tax-paying sector (employees...

Click on Me! TWEET ME : http://goo.gl/msOtXh In my last post I distinguished Bond Question #6 in support of clean water and public safety, (what ever that entails). I distinguished it as being the only bond that is not destined to underwrite the operations of the unconstitutional corporate state, functions which examined with any level of scrutiny are revealed to be codified in a statutory design of highly manipulative intent, serving the interests of private capitalists and using the public as the pawns in the game. One need only observe that the name of last year's extension of the Seed Capital Tax Credit is called the "Expanded and Improved Seed Capital Tax Credit" as evidence of my opinion. The ONLY perspective from which the Seed Capital Tax Credit can said to have been expanded or improved is from that of the private investors and new class of owners of the means of production whom are the beneficiaries of this bill. For the general Maine taxpayer, this bi...