SeniorJunior

Those Poor Big Oils Here are excerpts from two news items in yesterday and today's Wall Street Journal (still my favorite newspaper, but I'm worried). Rangel Proposes Cuts In Tax Overhaul Bill "... Companies that us and accounting method known as last-in, first-out to value their inventories for tax and financial-reporting purposes would be required to shift to a new method -- a move that likely would result in a higher tax bill in many cases. The elimination of last-in, First-out, or Lifo, would hit big oil companies and some manufacturing and retail firms. Lifo allows the value of goods held in inventory to be recorded at current prices, which reduces the taxable gain." [In other words: Suppose Shell Oil bought a million barrels of OPEC oil for $72 a barrel last year, and now it's worth $90. Shell refines it now. Their "cost" for the raw material can be booked at $90, greatly reducing their taxable profit from the refined product. SD] "Critic...

Darn it, Wal-Mart... Come ON I've been grousing about (and resolutely not shopping at) Wal-Mart and Sam's Club for years, mainly for three reasons: (Put "allegedly" in all the legal places below - they don't like criticism.) 1. An early Wal-Mart store wiped out most of the local retailers in my small Texas home town. 2. Their treatment of suppliers has been vicious - becoming a small manufacturer's biggest client, then grinding down their prices by threatening to quit buying. Then - ultimately - taking their purchase of the product offshore, occasionally using the original U.S. supplier's design to define the outsourced product. 3. Their treatment of their own employees has been rough, too. Avoiding medical benefits by manipulating hours to keep a high percentage of their workers "part-time," thus ineligible, for instance. BUT THERE HAVE BEEN SOME "IMPROVEMENTS" Maybe. It's hard to know whether the better health care plan we...

Heartfelt letter: Representative Heather Wilson U.S. Congress, House of Representatives Washington, DC Dear Rep. Wilson This is from the Wall Street Journal 9.14.07. I hope you are one of the lawmakers working on this. We have to close all the loopholes in paying taxes, for the good of the country. • The Situation: U.S. lawmakers are examining a tax perk enjoyed by hedge funds. • Background: Many of these funds lend money like banks but, unlike traditional lenders, often don't pay taxes on the profits. • Consensus? While some tax lawyers say these transactions are proper, others argue that many variants are legally dubious. Hedge funds, which control liquid pools of capital with little regulatory oversight, are a growing presence in the lending business. They increasingly take part in lending syndicates with traditional banks, often indirectly, and also make direct loans, frequently to riskier or smaller companies that may have difficulty obtai...