The Metals Service Center Institute reports in this week’s Advocacy News
… that a coalition of 42 corporations announced they had formed the Alliance for Competitive Taxation (ACT) to argue for bipartisan, comprehensive tax reform. The group which includes Alcoa, Dow Chemical, JP Morgan Chase and Bank of America, called for the corporate tax rate to be lowered to 25%. In a press release ACT said
Members believe that the United States needs a modern tax code that unleashes the power of the American economy to create jobs, increase growth, encourage business to invest in the US and let American companies-large and small-compete in today’s global economy.”
The release emphasizes reform must be comprehensive and apply to large and small companies. MSCI does support this position but notes that “lower corporate income taxes but higher individual income taxes would create an unfair playing field where small businesses (namely, Sub Chapter S) pay much higher rates than corporate entities. According to the S-Corp Association, “A broad policy of eliminating business tax expenditures while cutting only corporate rates would raise the tax burden on pass through businesses….beyond the individual rate increases that were passed earlier this year.” More than 50 percent of MSCI members pay taxes at the individual rate.
The Board of Governors of the Federal Reserve System reported 6/14/13
… that Industrial Production in May was unchanged after having decreased 0.4 percent in April. In May, manufacturing production rose 0.1 percent after falling in each of the previous two months and the output at mines increased 0.7 percent. The gains in manufacturing and mining were offset by a decrease of 1.8 percent in the output of utilities.
That’s about it for economic reports this week. There were mundane consumer and construction reports. Mortgage rates are rising, the stock market is rising, consumers are spending more money. All good things. On the downside, we are 9 months into the “investigation” of the Benghazi, Libya murders. The White House won’t deal with it. The IRS debacle continues and…the White House won’t deal with it. The National Security Agency has been under scrutiny for their data collection procedures and….the White House won’t deal with it. Now, after 90,000 plus people have died in Syria, we are going to supply arms to the rebels seeking freedom from oppression. Where is the President to advise the American people of what he is doing and planning to do with our resources? What outcome(s) does he expect? Will he place American boots on the ground? I am in my 60’s and have never experienced such a thing in my country, during my lifetime. I am horrified for my children, my grandchildren and those to come after them. My mantra: Wake Up America!
Have a great weekend and….
God Bless America