BB&T

Friday Follies at NC Policy Watch has a lot of good stuff this week, including a bit about the North Carolina economy. Here's the punchline:

The 2007 Economic Forecast Lunch this week sponsored by North Carolina Citizens for Business and Industry and the North Carolina Bankers Association presented some mixed messages. The prediction from economists was that North Carolina’s economy would grow faster than the nation’s as a whole in 2007 and that the state’s rapid population growth would continue.

The state gained 133,000 jobs in 2006. Knight Kiplinger, one of the keynote speakers, told the crowd that North Carolina was one of 11 states that will grow more than 30 percent in jobs and population in the next 20 years. In other words, the state’s economy is faring well overall and future prospects look bright as well.

That surely must have disturbed some of the attendees and the leadership of NCCBI who keep telling us that the state’s tax rates on corporations and wealthy individuals are hurting economic development. Must not be hurting it too much, if the economists are forecasting strong job growth and that people will continue to flock to the state.

The right-wingers could find solace in the address by BB&T CEO John Allison however. The Wilson Times reports that Allison told the crowd that government regulation was the problem and that “80 percent of regulation was unnecessary and could be eliminated.”

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Allison also had some advice about how to improve North Carolina schools, make them more private. Sounds like he has been spending too much time on the wrong websites.

John Allison isn't just spending time at the wrong websites, he's also funding the wrong websites. According to Guidestar, BB&T has contributed $45,000 to fund free-market propaganda from John Locke Foundation over the past two years alone. No wonder he's so full of bull. Another government-hating rich guy, milking the NC tax laws for every penny he can - while complaining all the way to his bank.

Comments

Thanks...

Thanks so much for your continuing vigilance on the Pope and his religion of wealth. There must be trembling in the black vatican on Morgan Street.

I'm 56 years old. I moved to North Carolina five years ago. The previous twenty-five years I spent as a resident of Chicago's north shore and before that Wisconsin, Utah and California. I live in Moore County. My Congressman is Howard Coble, my State Sen

On the Float for the Banks and the Lockebox accounts?

Knight Kiplinger, one of the fireband keynote speakers, told the stuff crowd of bankers and political suckups that North Carolina was one of 50 states that will disolved more than 100 percent in jobs and population in the next 20 years. In other words, the state’s economy is not faring well overall and future prospects do not look bright when the 10 trillion debt held by the People's Socialist Republic of China is called in within the next 24 months. Mr Kiplinger suggested that selling the Carolina Panthers to a group of communist investors in China could solved the problem of the national debt. Mr Kiplinger also stunned the crowd when he said the Nation of Pacfica [ Former State of California] would be the major trading partner of the China government and would end up holding their debt on a island in the Pacfic, when it leaves the California coast in the next 3 years. He suggested buying ocean front shore property in Nevada near Vegas as the next hot market in the real estate business to restored the depress real estate market in the USA at the present moment.

Mr Kiplinger was presented the infamous BTTLocke'em knock'em dead award after the speech by the Chairman of the non-partis foundation of the Boy'z in the Hood foundation.

A Black Vatican Pope Spokenperson for the Vatican Bank who attended the speech, said they were removing all of their money overnight accounts from the JP Morgan Investment firm to a unknown Investment firm located on the Black Friars Street Bridge after hearing Mr Kiplinger speech.

Spurious Tax Structures

Funny you should bring up BB&T. Buried in the back of the News & Observer Business section is a story headlined BB&T loses tax shelter case from Bloomberg News that is not available online though the Winston-Salem Journal has a synopsis:

BB&T Corp. can't claim a tax deduction for a type of leasing transaction that the Internal Revenue Service considers as an illegal tax shelter, a federal judge has ruled.

Judge Norwood Tilley ruled the "lease-in, lease-out" arrangement created to lease wood-pulp facilities owned by a Swedish company, Sodra Cell AB, had no business purpose other than to lower BB&T's 1997 tax liability, according to papers filed Thursday in U.S. District Court in North Carolina.

BB&T was seeking a tax refund of $4.6 million.

TaxProf Blog was the first to break this story on Thursday:
Government Wins Summary Judgment in First "LILO" Tax Shelter Case
There is also a copy of the "summary judgement" linked in that post. Paul Caron, who publishes TaxProf Blog was quoted in the N&O Bloomberg article as saying:

The opinion is a ringing repudiation of attempts to circumvent the economic-substance doctrine through complex, but, at bottom, spurious structures.

The judge ruled that the transaction was a "circular transfer of funds" whereby the loan was paid for by the loan itself. BB&T plans to appeal. Looks like BB&T will do anything to avoid paying taxes.

Looks worse than that to me.

Maybe that's why their stock trend

looks like Bob Dole's ... um ... you know what I mean.

You are just plain mean

:)

Robin Hayes lied. Nobody died, but thousands of folks lost their jobs.



***************************
Vote Democratic, the ass you save may be your own.

Anyone know of any

good graphing freeware? I might be in need of some.

Robin Hayes lied. Nobody died, but thousands of folks lost their jobs.



***************************
Vote Democratic, the ass you save may be your own.