Quick Hits: catching up and taking note
Kari Chisholm
Some of the things you might have missed last week:
- Bizarre, but true: It seems that Wal-Mart just reduced their Oregon taxes by $3.7 million for producing renewable energy. That'd be fantastic - except that Wal-Mart didn't actually produce any renewable energy. They just paid $7.3 million in cash to Solar World in exchange for Solar World's $11 million renewable energy tax credit.
I understand the logic behind allowing green-energy startups to sell their tax credits, but something about this just smells funny. As Al Norman notes at Huffington Post, this program just serves to make cash-rich companies even more cash-rich. It only works if you've got the millions in cash to buy these credits.
As long as we're doing this, isn't there some way to structure these deals so that our tax dollars could benefit small Oregon companies that provide good Oregon jobs - rather than giant Arkansas companies that import cheap Chinese products?
- All that money that Merritt Paulson is spending on on major league soccer and minor league baseball in Portland? Yes, it really is Hank Paulson's money.
- For the second year in a row, BlueOregon makes the list of the best state blogs in the country - per Chris Cillizza at the Washington Post. (This year, we share the honors all alone with the O's Jeff Mapes. Last year, there were five Oregon blogs on the list.)
- Portland's own Gus Van Sant was ranked #14 in Out magazine's list of the 50 most powerful lesbians and gays in America - largely because of the impact of his film Milk. (I finally saw Milk this weekend - it's now on Comcast's OnDemand service - and wow, it's a really great film; for its history, its storytelling, and for its realistic portrayal of political organizing.)
- In an editorial on Sunday, the Oregonian picked up on an idea I've been repeating incessantly (here and here, for example): Rather than rename an existing street, why not name the new bridge over the Willamette for Cesar Chavez? It's going to be a regional landmark - a beautiful bridge that will carry pedestrians, bikes, and light rail.
Let me be clear: I support honoring Cesar Chavez. I live on 39th, and would be proud to live on Chavez Blvd. But I think that Cesar Chavez Bridge will be an even bigger landmark; a dramatic and bold way to honor him. It's unfortunate that this renaming situation has become so divisive. (And for that, I blame previous City Councils, who moved too fast on too many other street-renamings, not the proponents of Chavez Blvd.) But the fact is, street renaming has become radioactive in this town. So, let's honor Cesar Chavez by doing something to end the divisiveness -- name the bridge for him.
- There was a great op-ed by Jim McDermott, a local attorney, in the O. He points out that every wealthy American didn't get wealthy all by themselves. They live in a state and a country that affords them great opportunities. It's great stuff, so I'll just quote him:
Sure, I worked hard for my money. I had talent. I had drive and ambition. But I also had a government that was there for me along the way, giving me financial aid so I could get a first-rate education. ...
Economic mobility has always been one of our cherished ideals. But cutting taxes on rich people like me in the past 30 years is turning economic mobility into an American myth. Since I pumped gas for $2.10 an hour, the richest 10 percent have gained the most. The richest 1 percent have done even better and now make more than 20 percent of all the recorded income.
The 90 percent of Americans left behind could stand to keep more of their earnings. The single mothers. The veterans. The truckers. The waiters and waitresses. The teachers who educate our kids. The cops and firefighters who keep us safe. We are breaking our social contract with all of them.
Our government also has great needs for more money. We need to look after our troops. We need to fund Medicare and Medicaid. We need to better educate all of our children, not just the rich ones. And we need to stop adding to our deficit. I want to help with all of these needs by paying more taxes. I want to help bring us closer to fulfilling America's promise to everybody. "One nation indivisible" means we all have to be closer to each other economically.
We can achieve this goal if I -- and others like me -- pay more taxes.
- One last thought, since this is the big week for the silly teabagging protestors. Our founding fathers were upset about higher taxes on tea, so they threw tea into the ocean. Since President Obama has proposed higher taxes on rich people, shouldn't they be throwing rich people in the ocean? I'm just sayin'...
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Apr 13, '09
Way to recylce another story about Merritt Paulson being related to Hank. So dad is loaning the son money he would inherit anyway. We already knew it was Hank's money. I don't see the problem here...
Let's get into it a bit. Does it really matter where the money comes from? At this point nobody really knows what Hank Paulson did with the money in the original stimulus. To be fair we may be crucifying a guy for nothing. The banks haven't collapsed and the Paulson's family wealth has only decreased. I'm still waiting for anyone to say what Hank directly did that was bad other than working for the Bush administration and just assuming they're an evil unsufferable thief. I guess Robert Gates is the exception right?
1:44 a.m.
Apr 13, '09
I have a better suggestion...Eat the Rich...
http://www.youtube.com/watch?v=WlygmOt5AUU&feature=related
Take one bite now and spit out the rest....
Apr 13, '09
http://www.youtube.com/watch?v=K1YE_N91ZQc
3:36 a.m.
Apr 13, '09
Milk was a great movie. My husband and I watched it recently and really enjoyed it - and that's huge since he isn't into politics.
I also like the idea of naming the bridge after Chavez.
7:07 a.m.
Apr 13, '09
Wal-Mart reduced their taxes by the full $11 million from the state in state tax credits that they take over a five year period. They paid (a legitimate business expense) $7.3 million to SolarWorld and received the tax credits from the state. In other words, Wal-Mart is earning a guaranteed 49% on their investment.
Apr 13, '09
Kari - re Solar World's sale of renewable Tax Credts to walMart; please explain how this is any different tahn "Cap and Trade". I have no personal knowledge of how these programs actually function, but it would seem that any trading program based on monetary incentives would be most available to those with cash.
Apr 13, '09
Kari,
If you throw all the rich people into the ocean, wouldn't that increase the tax burden on everyone else?
Just sayin. . .
I have no problem paying more taxes. Just tell me how much, and then live with your decision.
10:03 a.m.
Apr 13, '09
When I saw that editorial in the paper I thought of you, Kari. Funny how there was no mention of others who have previously been promoting the idea, huh?
I have to say, I'm still not convinced Chavez is the right guy to promote, but I like the idea of naming the bridge after a prominent Latino. It would be a far more entertaining and productive discussion to agree to name the bridge for a Latino and then have the discussion: which one?
Apr 13, '09
Jim McDermott may be a successful litigator, but he’s dead wrong to blame increased income inequality on lower personal income tax rates. According to IRS statistics, in 1980, when the top personal income tax rate was 70%, the top 1% paid 19.1% of all personal income taxes, while the bottom 50% paid 7.0%. By 2005, when the top personal income tax rate was 35%, the top 1% paid 39.4% of all personal income taxes, while the share paid by the bottom 50% had dropped to 3.1%.
Perhaps he should consider other socio-economic factors contributing to increasing income inequality, such as out-of-wedlock births, single parenthood, or the failure of our public schools to provide quality education for lower income students. Income inequality is not the result of lower income tax rates.
11:22 a.m.
Apr 13, '09
Bill -- don't the stats you cite actually support Jim's claim? The rich are getting richer and the poor are getting poorer.
Incidentally, I don't think Jim is alleging causation ("blame"), but noting that the opposite - higher tax rates - may be a solution. Or at least, a way to ameliorate the negative effects.
11:25 a.m.
Apr 13, '09
Isn't it a good thing that it is the Paulson family money rather than just Merritt buying and backing the teams?
As the deal is structured, the bond payments are going to be guaranteed by Paulson family money for 25 years (the life of the loans). This protects the taxpayers. I am much more comfortable with actual Paulson wealth backing the bond payments them Merritt's LLC that could go belly up in 5 years and the city would be on the hook.
Also, any construction overruns are guaranteed by the Paulson family money (over $2.5 million) which I think once again is a good thing. I want the deepest possible pockets both bankrolling these teams and protecting tax payers.
Apr 13, '09
Jim: "Our tax system is dividing our country into haves and have-nots."
Kari: "Incidentally, I don't think Jim is alleging causation ("blame")"
Huh?
Apr 13, '09
The op-ed written by McDermott is entitled "I want to pay more taxes." Well, good for you. There is a state in the NE, which one I can't recall, that allows residents to pay additional tax when they file their annual state return.
I think the time has come for the tax loving state of Oregon to implement the same system. Let the people who WANT to pay more do so. I just Oregon has better results than the 3% (percent of taxpayers that make an additional payment) rate the other state has. I won't hold my breath.
Apr 13, '09
Why the sizzle for Cillizza-a wanker, msm bamboozler, super silly dead tree jackass!
1:26 p.m.
Apr 13, '09
"I think the time has come for the tax loving state of Oregon to implement the same system. Let the people who WANT to pay more do so."
I assume you will therefore support the will of the people, as represented by their elected officials, if they attempt to create a more progressive tax structure by raising marginal rates at the top, taxing corporations with an eye towards their historic burden, and getting rid of the kicker(s)?
Apr 13, '09
TJ
You are gonna have to help me here. I don't quite understand how you are linking tax reform with my call for a voluntary "additional" tax element.
As for your comment, No, I will not support any tax reform that I don't agree with. To assume "the will of the people" is pretty arrogant on your part. If, after an election, the majority calls for tax reforms, then Yes, I will go along with them.
2:55 p.m.
Apr 13, '09
Not that it's particularly relevant any of this, but I just want to note that Jim McDermott is married to Karen Immergut, Oregon's U. S. Attorney that you guys were bashing a year ago when she applied for a vacancy on the U.S. District Court for Oregon.
Apr 13, '09
Cap and Trade baby: it's the Obama Way.
8:51 p.m.
Apr 13, '09
Jack -- Thanks for the tip! Must be some kinda Carville/Matalin thing, eh?
12:27 a.m.
Apr 14, '09
Isn't it a good thing that it is the Paulson family money rather than just Merritt buying and backing the teams?
Yes. I didn't say otherwise.
Apr 14, '09
Our founding fathers were upset about higher taxes on tea, so they threw tea into the ocean. Since President Obama has proposed higher taxes on rich people, shouldn't they be throwing rich people in the ocean?
I love this. I'm usin' it. Thanks, Kari.
7:39 p.m.
Apr 15, '09
Jack -- Thanks for the tip! Must be some kinda Carville/Matalin thing, eh?
You guys have had Immergut all wrong from the beginning. She's not really political, and worked as an attorney in the Starr investigation thinking it would be good experience and probably look good on her resume. Little did she know what she was getting into.
She got high marks as U.S. attorney across the board. She was much more a victim of politics than a participant.
Apr 16, '09
Apparently this blog can't stand a little good natured ribbing.
Not to mention freedom of speech.
I forgot to mention that Blumenhauer was great at the Health Care Reform town meeting that apparently does not rise to the level of reportage from this sainted page.
Earl is for the public system option to compete with the so-called private insurance subsidy plan.
<h2>Congradulations on your prize for an open discussion forum.</h2>