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“In theory, there is no difference between theory and practice. In practice there is.”

— Yogi Berra

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A Small City with a Big Vision: Chattanooga’s New Form-Based Code – Form-Based Codes Institute : Form-Based Codes Institute

Chattanooga’s form-based code is part of an innovative vision for the city’s economic, environmental and cultural future. Following a recent visit to Chattanooga, Bruce Katz wrote in a Brookings Institute blog, “Something special is happening in Chattanooga.” As Katz points out, too often venture capitalists “pay too little attention to small and mid-sized cities with …

 

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Source: A Small City with a Big Vision: Chattanooga’s New Form-Based Code – Form-Based Codes Institute : Form-Based Codes Institute

Canada willingly makes tax deals with tax havens | Toronto Star

Billions of dollars are moving out of Canada – nearly all tax free – with 92 tax treaties signed.

“I think those of us who warned, 35 years ago, that one of the consequences of this would be, ‘those who have the most would end up paying the least and those with the least would end up paying the most’ — we’ve been proven right. ”

Source: Canada willingly makes tax deals with tax havens | Toronto Star

The Train That Saved Denver

In recent years, Denver has been storming national rankings lists: Brookings Institution demographer William Frey’s best (2011) and second best (2013) city for attracting millennials; the best city for college graduates (2014, Apartments.com); the largest increase in residents with college degrees (U.S. Census, 2014); the best commercial real estate market (Coldwell Banker, 2015); the second best for launching a startup (2014, Forbes); and, this year, U.S. News and World Report’s best place to live.

“We’ve become a top destination for millennials, and FasTracks is a significant part of that,” says Colorado Governor John Hickenlooper, who championed the expansion of rail transit as Denver’s mayor in the mid ‘aughts.

And it all happened, Hickenlooper and others note, because Coloradans across the base of the Front Range were willing to set aside crippling rivalries and make some big collective investments in themselves.

Source: The Train That Saved Denver

The Massachusetts Supreme Court Will Decide on a Religion-Related Tax Exemption for the Attleboro Catholic Shrine – The Atlantic

The Massachusetts Supreme Court will decide whether a local shrine should be tax-exempt—a decision that could have broad implications for faith organizations in America.

Source: The Massachusetts Supreme Court Will Decide on a Religion-Related Tax Exemption for the Attleboro Catholic Shrine – The Atlantic

Must-read: Narayana Kocherlakota: “The World Needs More U.S. Government Debt” – Equitable Growth

The world wants U.S. debt and the U.S. needs infrastructure repair. Seems like a natural match unless you’re a Republican or fellow-traveling Democrat.

Must-Read: Narayana Kocherlakota: The World Needs More U.S. Government Debt: “Are government-imposed restrictions holding back the U.S. economy?… …In a way, yes: The federal government is causing great harm by […]

Source: Must-read: Narayana Kocherlakota: “The World Needs More U.S. Government Debt” – Equitable Growth

Top 50 US Companies Stash a Trillion Dollars Offshore While Benefitting from Trillions in Government Support | Oxfam America

The 50 biggest US companies, including global brands such Pfizer, Goldman Sachs, Dow Chemical, Chevron, Walmart, IBM, and Procter & Gamble, have stashed more than a trillion dollars offshore and used more than 1,600 subsidiaries in tax havens to avoid billions of dollars in tax each year, according to Oxfam America. In a new report released today ahead of Tax Day, Oxfam outlines how corporate tax dodging costs the US an estimated $100 billion each year, a gap that the average American taxpayer would have to shell out an extra $760 to cover…..

…..The report reveals that the same companies are among the largest beneficiaries of US taxpayer funded support, receiving a staggering $11 trillion in federal loans, loan guarantees and bailout assistance from 2008-2014 even as they avoided hundreds of billions of dollars in taxes over the same period.

Oxfam calculated that during this period, these 50 companies collectively received approximately $27 in loan support for every $1 they paid in federal taxes.“…..

The companies, which made nearly $4 trillion in profits globally between 2008 and 2014, paid an average effective tax rate of just 26.5% – well below the statutory tax rate of 35% in the US and well below the tax rate of an average US worker of 31.5%…..

“For every $1 spent on lobbying, the largest 50 companies received $130 in tax breaks and more than $4,000 in federal loans, loan guarantees and bailouts,”…..

Source: Top 50 US Companies Stash a Trillion Dollars Offshore While Benefitting from Trillions in Government Support | Oxfam America

Goldman Sachs Probably Won’t Have To Pay All Of The New $5 Billion Mortgage Fraud Settlement | ThinkProgress

Since the initial JP Morgan deal that sparked outrage over tax deductions, consumer relief wiggle room, and other fine-print details that make such deals cheaper for companies than press releases indicate, Sen. Elizabeth Warren (D-MA) and other lawmakers have tried to force federal and state lawyers to stop the doublespeak. Warren and Sen. Tom Coburn (R-OK) have pushed for the Truth in Settlements Act since early 2014.The measure would require federal agencies to clearly delineate between deductible and non-deductible settlement costs, and include an estimate of the actual corporate costs of such deals in their formal communications about them. It passed the Senate in September, but hasn’t moved out of any of three separate committees with jurisdiction over it in Speaker Paul Ryan’s (R-WI) House.

Source: Goldman Sachs Probably Won’t Have To Pay All Of The New $5 Billion Mortgage Fraud Settlement | ThinkProgress

Who’s Responsible for the Demise of America’s Public Research Universities? – The Atlantic

America’s great public research universities, which produce path-breaking discoveries and train some of the country’s most talented young students, are under siege. The result may be a significant weakening of the nation’s preeminence in higher education. Dramatic cuts in public spending for state flagship universities seem to be at odds with widespread public sentiment. Americans say they strongly believe in exceptional educational systems; they want their kids to attend excellent and selective colleges and to get good, well-paying, prestigious jobs. They also support university research. After 15 years of surveys, Research! America found in 2015 that 70 percent of American adults supported government-sponsored basic scientific research like that produced by public universities, while a significant plurality (44 percent) supported paying higher taxes for medical research designed to cure diseases like cancer or Alzheimer’s. Nonetheless, many state legislators seem to be ignoring public opinion as they essentially starve some of the best universities—those that educate about two-thirds of American college students.

According to the American Academy of Arts and Sciences’ recently completed Lincoln Project report, between 2008 and 2013 states reduced financial support to top public research universities by close to 30 percent. At the same time, these states increased support of prisons by more than 130 percent. New York City’s budget office reported in 2013 that incarcerating a person in a state prison cost the city roughly $168,000 a year. California apparently does it on the cheap: It costs roughly $64,000 annually for each prisoner—a bit more than the cost of a year at an Ivy League university (average tuition is $50,000) and far more than at the University of California, Berkeley, ($13,000) or at CUNY ($8,000).

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All this amounts, arguably, to a pillaging of the country’s greatest state universities. And that pillaging is not a matter of necessity, as many elected officials would insist—it’s a matter of choice. If Wisconsin’s governor and legislature succeed in eliminating or emasculating tenure for faculty members at the University of Wisconsin, Madison, they can say goodbye to the greatness of that institution of higher learning. If Florida’s governor asks students in the humanities or arts to pay higher tuition than those who major in business or STEM subjects, Florida’s universities are apt to deteriorate in quality. And just so it doesn’t seem like I’m cherry picking, consider what North Carolina’s governor said not long ago: “If you want to take gender studies, that’s fine, go to a private school and take it. But I don’t want to subsidize that if that’s not going to get someone a job.” The consequence of such policy choices, it seems, is that tuition will go up and access for kids from poorer families will go down.

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Source: Who’s Responsible for the Demise of America’s Public Research Universities? – The Atlantic

JMc Picture Casual

James McCarthy has 30+ years in finance and private equity, corporate structuring and work-outs, and raising debt and equity as an investor, lender, investment manager, portfolio manager, financial advisor, corporate consultant, work-out consultant, and city planner. Clients have included domestic and offshore institutional investors, investment funds, hedge funds, high net worth investors, and private companies. I hold an MBA from Columbia University and a Master of City & Regional Planning from Rutgers University.

Special interests include green and sustainable design, resilience, passive energy design, waterfront, walkability, transit-oriented design, affordable housing, high-quality and innovative architecture and construction technology, mixed-use development, and the inclusion of public spaces and landscape architecture.

JMc & Jameson Capital