Business & Economy
Loebsack Praises Action to Support Domestic Wind Tower Jobs PDF Print E-mail
News Releases - Business & Economy
Written by Joe Hand   
Tuesday, 31 July 2012 12:13

Decision cracks down on illegally traded foreign wind towers

Washington, D.C – Congressman Dave Loebsack released the following statement today after the U.S. Department of Commerce announced in a preliminary decision that it would place “anti-dumping” tariffs on utility scale wind towers made in China and Vietnam and sold in the United States.  Earlier this month, Loebsack urged the Department of Commerce to take this action, which would put wind towers manufactured in the United States on equal footing as illegally subsidized towers produced by Chinese and Vietnamese companies that push Iowa and American-made towers out of the US market.

“Iowa’s wind tower industry creates good jobs and boosts economic development in our towns and rural communities.  Iowa workers are second to none and have shown time and again that they can outcompete the global competition.  However, they must be able to compete on a level playing field.  I pushed for this action because illegally subsided foreign wind towers cannot be allowed to hurt Iowa jobs and undercut American companies by pushing homemade products out of our own market.  I am pleased the Department of Commerce took these steps to ensure the hardworking men and women making these towers here in Iowa can compete on equal footing.”

Earlier this year, Loebsack was an original cosponsor of bipartisan legislation that was signed into law, which ensured that all tools are available to stop illegally subsidized foreign products from pushing American-made products out of our own market, including countervailing duties and anti-dumping duties, such as those imposed by Friday’s Department of Commerce action.

Earlier this summer, Loebsack urged the Department of Commerce to support the petition filed by the Wind Tower Trade Coalition, which includes Trinity Structural Towers, with the Department of Commerce and the US International Trade Commission regarding illegal trade activities by Chinese and Vietnamese utility scale wind tower manufacturers.  In response, on Friday, the Department of Commerce announced a preliminary decision to place anti-dumping duties from 20.85 percent to 72.69 percent on Chinese-made utility-scale wind towers and 52.67 percent and 59.91 percent on Vietnamese-made utility scale wind towers.  A final decision is expected later this year.

 

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Happy Joe's Gears Up For 40th Anniversary PDF Print E-mail
News Releases - Business & Economy
Written by Kristel Ersan   
Tuesday, 31 July 2012 11:46

 
Loebsack, Schilling on Thomson: “We will continue working in a bipartisan fashion to bring these jobs to our region” PDF Print E-mail
News Releases - Business & Economy
Written by Joe Hand   
Tuesday, 31 July 2012 10:53

Washington, D.C. - Following several developments today, Congressmen Dave Loebsack (IA-02) and Congressman Bobby Schilling (IL-17) issued the following joint statement:

“As everyone knows well, this isn’t a new issue – it’s been around for 10 years.  Neither Republicans nor Democrats were able to solve it when they held both the White House and Congress.

“Unfortunately, today's developments do nothing to move Thomson closer to opening.  Chairman Wolf’s action today is a disappointing setback.  Yet again, decisions affecting the opening of the prison are taking place in Washington and completely removed from the economic realities in Illinois and Iowa and our constituents’ needs for good jobs.

“This is just more of the typical Washington DC, business as usual political blame game.  We are working together to find whatever avenue we can to get the job done for our region.

“No one says it will be easy; there are many hurdles to overcome on both sides of the aisle, in both chambers of Congress, and at both ends of Pennsylvania Avenue.  But the bottom line is we will continue to work together to reach across the divide, find a solution, and bring these jobs to our region.”

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“Education Tax Incentives and Tax Reform” PDF Print E-mail
News Releases - Business & Economy
Written by Grassley Press   
Wednesday, 25 July 2012 13:23

Statement of Sen. Chuck Grassley

Committee on Finance Hearing, “Education Tax Incentives and Tax Reform”

Wednesday, July 25, 2012

As we consider how tax incentives help students and families pay for college, we should consider whether and how these incentives also increase costs.  A 2010 study by Nicholas Turner at the University of California-San Diego suggests that schools are reducing financial aid awards by the amount of tax benefits a student or family may receive.

In addition, a 2011 article in the Washington Monthly by Benjamin Ginsberg exposes the explosion in spending on administrators and support staff that are not directly involved in instruction or research. Such spending includes hefty increases in executive compensation and benefits.

Aside from getting a handle on rising costs and tax incentives for students and families, it is also important to consider the tax benefits that tax-exempt college and universities receive.

Just like tax-exempt hospitals, tax-exempt colleges and universities are exempt from income tax.  They also have the ability to raise capital through tax-deductible charitable contributions and the issuance of tax-exempt bonds.

The Joint Committee on Taxation, in the document prepared for today’s hearing, indicates that the most expensive Federal tax expenditure for education is the charitable deduction at more than $32 billion. The tax exemption for bonds is the third most expensive at more than $18 billion.

The charitable deduction for sure fuels the growth in multi-billion dollar in college and university endowment funds.  According to the most recent annual NACUBO-Commonfund endowment study, endowments with more than $1 billion in assets had a one-year rate of return of more than 20% and a ten-year rate of return of almost 7%.

So, even though they had a couple of rough years in 2007 and 2008, they are still doing great.  Yet, despite their success and skyrocketing tuition, their payout rate hovers around 5%.

Part of their success results from their investment strategies. The same endowment study tells us that these endowments with more than $1 billion are sixty percent invested in “alternative strategies.”

Such investments include private equity, international private equity, mergers and acquisition funds, hedge funds, derivatives and energy and natural resources, including oil, gas, timber and commodities.

Aside from their lack of spending on students, it’s unclear whether such investments may also be contributing to the erosion of the tax base by sheltering otherwise taxable, commercial activity in tax-exempt entities.  Commodity speculation is another issue that has been of concern to both me and Senator Wyden.

When it comes to tax-exempt bonds, it seems that the ease of borrowing is causing a race to spend without considering whether such spending adds to a student’s learning.

In a May 1, 2012, CNBC report, the Dean of Admissions at Pomona College suggests a $53 million investment in student housing is important because students are not making choices based on whether they are going to get a good education.  The same report highlights other California colleges offering perks such as dorm rooms with ocean front views and cafeterias with gourmet food.

In addition, an April 30, 2010, Congressional Budget Office study suggests that colleges and universities may benefit from indirect tax arbitrage by using tax-exempt bonds to fund building and equipment while hoarding money to invest in the assets I just mentioned that provide a higher rate of return.

Bottom line – the incentives for students and families are not the only ones that should be reviewed in the context of tax reform.  All education related tax expenditures should be examined to ensure that students and families, in addition to taxpayers, are getting the most bang for their buck.

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NorthPark Mall Adds More Fashion with New Tilly’s Opening July 24, 2012 PDF Print E-mail
News Releases - Business & Economy
Written by Aleshia Chiesa   
Wednesday, 25 July 2012 13:04
Special Events for the Whole Community Celebrate Store Opening in Style

DAVENPORT, Iowa. – Jul. 24, 2012 – The more than 7,000 square-foot Tilly’s is the latest top-tier retailer to choose NorthPark Mall and joins names such as Zumiez, Hollister, Gap, Rue21 and Aeropostale. The custom designed Tilly’s will feature action sports industry clothing, shoes and accessories. Tilly’s offers one of the largest assortments of brands and merchandise from the top
players in the surf, skate, motocross and lifestyle apparel industries. Tilly's has what’s popular and new for 2012: Hurley, Volcom, RVCA, Vans, Neff, Young & Reckless, Famous Stars and Straps, DC and much more.

“We are pleased to announce this opening at NorthPark Mall and continue to seek out new and fresh retailers,” said Aleshia Chiesa, Marketing Manager, NorthPark and SouthPark Malls. “We are proud to partner with Tilly’s on this momentous opening and are pleased they have chosen NorthPark Mall for their Quad Cities store.”

NorthPark Mall will welcome Tilly’s with special events and activities throughout the shopping center to celebrate the opening of the new store and thank the local community for its prominent role in bringing this important retailer to Davenport. Events include:

Grand Opening & Weekend Celebrations – Each Weekend July 27 – August 12, 2012

Tilly’s will host grand opening activities each Friday – Sunday, July 27-29, August 3-5 and August 10-12 at NorthPark Mall. Tilly’s will have giveaway items, radio remotes and more during the grand opening celebration. For the final event, Tilly’s will partner with
Famous Stars and Straps to host a BMX event inside the mall on August 11 from 2-4p and an autograph signing is scheduled with Jeremy “Twitch” Stenberg from 4-5p.

Macerich is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich now owns approximately 64 million square feet of gross leaseable area consisting primarily of interests in 63 regional shopping centers. Additional information about Macerich can be obtained from the Company’s Web site at www.macerich.com.

 
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