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How a Proposed Tax Could Hurt All Investors
Speculators won't be the only ones who will pay the price if a proposed levy on stock trading passes, says Wall Street guru Burton Malkiel.
President Obama has proposed levying a tax on big banks to help pay for their bailout and rein in deficits. But another measure before Congress, a bill to create a financial-transaction tax on stock and derivatives trading, is likely to be far more consequential. Supporters say the measure would raise $150 billion a year and curb the kind of speculative trading that got us into trouble in the first place.
The math -- at least for Main Streeters -- is simple and not scary at all, says Dean Baker, co-director of the Center for Economic and Policy Research, a think tank in Washington, D.C., and an outspoken proponent of the tax. The proposed tax of 0.25% on the sale or purchase of a share of stock would cost the investor $25 on a transaction valued at $10,000. If the share price doubles in ten years and the investor sells, he or she will have to pay $50. If the investment is held in a taxable account, capital-gains taxes would dwarf the transaction fees. Most long-term investors would barely notice the fees, says Baker.
Plus, the proposal would exempt the first $100,000 in trades per year, as well as trades made in mutual funds and in tax-deferred accounts, including retirement, education-savings and health-savings accounts. While overall trading volume would likely be reduced, perhaps pushed back to levels of 20 to 25 years ago, Baker and other supporters say the lost activity represents gambling, not investing.
But Burton Malkiel, a Princeton professor, author and longtime Wall Street guru, disagrees. He recently spoke to Kiplinger to explain why.
KIPLINGER: You say proponents of a financial-transaction tax misunderstand the market. How so?
MALKIEL: I think they see this as a tax that will fall only on speculators who serve no useful purpose -- who are not helpful to the market and who simply create volatility. That's basically incorrect. The misunderstanding is in the proponents' view that it is useless speculators creating all the volatility in the market, when in fact it is useful arbitrageurs making the market more efficient. A further misunderstanding is that somehow the public is hurt by all of the trading, when quite the opposite is true -- the public is helped.
How are we helped?
In two ways. First, the market is made more efficient, and second, it is made more liquid. Because the market is more liquid, investors can benefit from lower transaction costs.
Explain, please.
Here's an example. We know that one of the most popular exchange-traded funds is SPDR S&P 500 ETF (symbol SPY). It's an index fund that tracks Standard & Poor's 500 and trades like a stock. We also know that S&P 500 futures contracts are actively traded. But the future might trade at a slight premium over the prices of the underlying stocks as they're traded on the exchange. Or the ETF might trade at a slightly higher price than the 500 stocks. To capitalize on the discrepancy, the arb sells short the ETF or the future and buys the underlying 500 stocks, bringing the future and the ETF in line with the value of the underlying stocks, thus making the market more efficient. It means that the ETF will be appropriately priced, the future appropriately priced and that people coming into the market to, say, buy the ETF will get a fair price.
And what did you mean about transaction costs?
Over time, as volume has exploded, bid-asked spreads -- the difference between the price traders will pay for a stock and the price they'll accept for selling one -- have shrunk. That's the real cost of trading, the bid-ask spread. The fact is that you buy at the asked price and sell at the bid. Suppose spreads widen as the result of a tax on trading -- and there is not a doubt in my mind that as trading diminishes spreads will widen -- then you'll pay more in transaction costs. You'll pay more to buy and receive less when you sell.
But how will individuals be hurt if the tax, as proposed, exempts mutual funds as well as retirement savings, college savings and health savings accounts, and the first $100,000 worth of trades?
If spreads widen, it will hurt all individual investors who invest through mutual funds, all 401(k) investors, all IRA investors. As money comes into a mutual fund and the fund has to buy securities, it, too, will pay more in transaction costs. Investors often misunderstand the importance of transaction costs because they're not reflected in expense ratios. But in the end, paying more in trading costs means total returns are lowered.
Didn't the U.S. have a similar tax on stocks until the 1960s?
We sure did. But back then we had much less trading and bigger bid-asked spreads. In England and in other countries that have a similar tax, there is much less trading and bigger spreads. Not having a tax here is one of the reasons our markets are the most efficient in the world. Even with the struggles of the dollar, people are still trading here. It's why the dollar is able to remain the world's reserve currency -- people all over the world know that our stock and bond markets are the most efficient.
This tax has some pretty notable supporters, including Vanguard founder and mutual fund guru Jack Bogle.
I agree with Jack Bogle on probably 90% of the things he's for -- on this I disagree with him.
Do you think a financial-transactions tax bill has a chance of passing?
I'm not the best person to ask about the politics of things. But everyone is so angry at Wall Street that it's quite possible this will go through.


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R.C. Sproul Jr. on Promises Christians Struggle to Accept
from Tim Challies Mar 06, 2009 Category: Articles
In his latest book, Believing God: 12 Biblical Promises Christians Struggle to Accept, Dr. R.C. Sproul Jr. challenges Christians to take a second glance at the promises of God in the Bible in order to see anew the grandeur of what God has committed Himself to do for His people. Sproul explores twelve of the most significant promises in Scripture, methodically unpacking each divine pledge. He shows that while Christians may express trust in God's words, they refuse, in numerous ways, to stake their lives on what He says.
In this interview, Sproul tells us about the background to this book, its importance in his own life, and his hope that the book will help Christians live lives marked by unshakable faith in the promises of God.
You have said you were inspired to write this book out of a passion to see Christians take God at His word. Where did that passion come from?
I wrote the book to help my own unbelief. I was and am persuaded that Christians struggle to take God at His word precisely because I struggle to take God at His word. Of course, all our troubles began with such a failure. Adam and Eve failed to believe God, and they not only suffered for it but brought judgment on all who would follow after them. Jesus, on the other hand, believed God, and through Him we are blessed.
How did you decide which of the many biblical promises to feature in this book?
I wanted to cover a broad spectrum of promises, some dealing with very practical matters, such as tithing, wisdom, and children; others dealing with future promises; and still others dealing with the gospel itself. It was not an easy chore to whittle the list down, but I am hopeful that as people come to believe the twelve promises covered in the book, they will learn to trust the promises that fill the entirety of the Bible.
The subtitle to this book is Twelve Biblical Promises Christians Struggle to Accept. Since we know in our heads that God is trustworthy, why do we struggle to accept some of His promises?
We don't understand grace. Though we often seek to suppress the truth of our sin, we know, at bottom, that we are unworthy. The Devil, the accuser, uses this reality to discourage us, reminding us that we are not worthy so as to hide from us the glory of God's promises. Of course we're not worthy. God gives His promises not because we are owed these things, but because He loves us as His children. As both a sinful son and as the father of seven sinful children, I find great comfort in that fatherly love, and it ought to be a comfort for all of us.
Do you think it is possible that we take the promises of God for granted?
In an ironic way, our failure to believe God's promises and the foolishness of taking those promises for granted are one and the same. When we are not amazed by His grace, we are of necessity not seeing it in all its astonishing glory. We ought to wake every morning stunned that we are still here; awe-struck that while we were yet sinners, Christ died for us; agape that we will be with Him for eternity and that we will be like Him because we will see Him as He is. That we could yawn at God's gospel promises, just taking in the breadth of the promises even before we consider the cost, is a sure sign that we are sinners to the core. If, on the other hand, we enter more fully into the promises of God, we will live lives of perpetual gratitude and joy. We have been given everything in Christ Jesus, and fools that we are, we spend our time grumbling about this economic hardship or that spiritual challenge.
In what ways are our lives altered when we believe God the way you describe?
First, we enter into the abundant life Jesus came to secure for us. We who are Reformed not only see holiness as more important than happiness, but tend to see them as opposite ends of the spectrum. The truth is, they are one and the same. If God has showered us with His love, and He has, then the more we heed Him, the more we submit to Him, the more we actually receive and rejoice in that love. This is how, even as we pick up our cross daily, we are able to count it all joy, as James calls us to do; this is how we can rejoice, and again rejoice, as Paul commands. Second, we become more grounded. As we believe the promises of God, we are less likely to fall for the temptations of the Devil. If I know God loves me now as He loves His own Son, why should I clamor for the approval of the world? If I know that I will inherit the earth, why should I fret if my 401(k) loses value? Third, we please our Father in heaven. If you were pouring out grace and love on those under your care, wouldn't you like them to receive and rejoice in those gifts? Believing and obedience are one and the same.
Psalm 37:4 promises that God will give us the desires of our hearts if we delight in Him. You address this in chapter 6 by saying, "We believe, I believe, that we cannot meet this qualifier because we can't begin to understand it." What does it mean to delight in the Lord?
To delight in the Lord is nothing other than beholding His glory. When we are blessed to see Him, even as through a glass darkly, there are no other steps we need take to delight in Him. In my book Almighty Over All, I devote a chapter to the simplicity of God, the idea that He is not a string of attributes, but is, as we read in Deuteronomy 6:4, one. His beauty, His glory, His holiness—these are all one thing. As we learn to see Him in His Word, in His creation, and in and through His Son, our rejoicing ceases to be tied to our circumstances and is instead grounded in His being. Remember that David knew he would not want long before he had green pastures and still waters. It was enough that God was His Shepherd. Sadly, in our day, God is marketed through a series of bullet-point promises: Come to Jesus and your family life will be better, your finances will be more ordered, your breath will be more fresh. These promises may or may not be true, but this we know—if we come to Christ, repenting of our sins and trusting in His finished work, then God Himself is our exceedingly great reward. That's not just enough, but too much.
How would you encourage parents to model belief in God for their children?
Modeling belief in God isn't a child-rearing practice you can take up for the good of your children. It is, instead, the very calling of our lives. That said, when our children witness us rejoicing in all things, as they live in a home grounded and stable because of the unshakable promises, they will grow up in a culture of faith. On the other hand, we should remember the admonition of Christ, that of such is the kingdom of God. We ought to be looking to our children to learn how to believe God. As my wife and I in quick succession each went through cancer, the peace and calm of our children was shocking and inspiring. I pray regularly that God would give me faith as He has given faith to my children.
Albeit imperfectly, which Christians from history or ones you've known model the type of faith you describe?
Though I am a dyed-in-the-wool Calvinist, I instead have pictures, a bust, and a bobblehead of Martin Luther, all of which serve to encourage me toward stronger faith. Here was a man who was able to face the full, unvarnished power of Rome for one simple reason—he stood on the Word of God alone. Though John Calvin was a devout man, it is his intellect that stands out. Though Luther was no intellectual slouch, it was his courage, his faith, which not only set him apart, but which, in God's providence, made possible the Reformation, of which we are the heirs. In terms of the Bible, of course, Abraham is the father of the faithful. He believed God and it was credited to him as righteousness. These are the men who both inspire and shame me. They inspire greater faith in me, but shame me that my faith is still so weak. Would that one day my tombstone might say simply, "He believed God."
How has the process of writing about this topic helped you in your own walk to believe God?
Exactly as it was designed to. In the preface, I noted that even as my father has devoted so much time and effort to helping people understand the holiness of God in all its fullness, not because he has mastered holiness but because he knows that he needs to, so writing this book on believing God has been a potent spiritual exercise for me, not because I have mastered believing God but because I know I need to. I have not come out on the other side of the writing process having mastered this calling. Instead, I have come out strengthened in my conviction that this is what I need to learn. I am grateful that, by His grace, I see more than I did before of the glory and the fullness of His promises. But I delight to remember that I will have all eternity to grasp more and more the scope of His glory and the depth of His love.
Who do you hope picks up this book and reads it, and what do you want their takeaways to be?
I hope, of course, that every Christian will pick up this book. Still more, how wonderful it would be if even unbelievers would pick it up and grasp a bigger picture of the fullness of the gospel. My heartfelt prayer is that those who read this book will move through their days with greater joy, and greater faith, that they will walk through the hardships of this world with an unshakable confidence in the unfailing love of the God of heaven and earth. I want them to take away a greater capacity to hear the Word for what it is, the very voice of God our Father.

subset: commoncrawl


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Solar Alliance Grants Stock Options
VANCOUVER, BC and KNOXVILLE, TN / ACCESSWIRE / May 6, 2019 / Solar Alliance Energy Inc. ('Solar Alliance' or the 'Company') (TSX-V: SOLR, OTC: SAENF) reports that the Board of Directors today, granted stock options of a total of 12,250,000 common shares to Directors, Officers and Consultants, exercisable for up to five years at a price of C$0.06 per share being the closing price of Solar Alliance common shares on the day prior to grant. The options granted will be subject applicable regulatory hold periods.
Myke Clark, CEO
For more information:
Solar Alliance
Myke Clark, CEO
About Solar Alliance Energy Inc. (www.solaralliance.com)
Solar Alliance is an energy solutions provider focused on residential, commercial and industrial solar installations. The Company operates in California, Tennessee, North/South Carolina and Kentucky and has an expanding pipeline of solar projects. Since it was founded in 2003, the Company has developed wind and solar projects that provide enough electricity to power 150,000 homes. Our passion is improving life through ingenuity, simplicity and freedom of choice. Solar Alliance reduces or eliminates customers' vulnerability to rising energy costs, offers an environmentally-friendly source of electricity generation, and provides affordable, turnkey clean energy solutions.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
SOURCE: Solar Alliance Energy Inc.
View source version on accesswire.com:


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I do like to have in the bedroom with my boyfriend. Some of my dates at cheap escorts know all about my sexual adventures with my boyfriend. It may seem wrong telling them but if I didn't, I would have to sit down and write a book. That would be a fun experience but like so many of the gents know that I date, I am not sure that I would have the patience. All of the guys that I date at London escorts say that I am not the most patient person in the world and that is probably true.
You can make spending time in the bedroom a lot more fun, but you sort of have to take you head out of gear. My dates at cheap escorts of https://charlotteaction.org/cheap-london-escorts know that I have a real passion for porn movies, to be honest, I think that a lot of porn movies can be really good for inspiration when it comes to finding new stuff in the bedroom, Recently, I have wanted to get a bit freakier in the bedroom so I have started watch movies that involve BDSM. Not all of my dates at cheap escorts are into that, but some of them like to hear about it.
If you like sex toys, you should certainly try to watch a lot of porn movies. I never used to be that much into sex toys but since watching porn movies I have learned a lot of new techniques. Many of my gents at London escorts say that their partners like sex toys, and I have recommended porn movies as a source of inspiration to them. A few of the girls here at cheap escorts are really into porn movies and they know they can be valuable when it comes to inspiration.
I am not so sure that cartoon porn can inspire you, but some of the girls here at London escorts also work as adult models. They get a real kick out of it and say that the companies they model for inspire them with new ideas. A company may for instance want a photo shot in a certain setting, and many of my colleagues at London escorts have learned to set the scene from this their ideas.
To explore things in the bedroom, and perhaps get a bit freakier, you have to be prepared to play with your partner. One of my friends here at London escorts is really into what she calls "vampyrism". She is a goth and she pretends that her and her boyfriend are vampires. To be honest, that sounds kind of fun to me but my boyfriend says that he does not get turned on by it. I would love to have a go and I keep wondering if I could make up a threesome with my friend at London escorts. I would love to be a vampire for just one night. It would be the ultimate freaky bedroom fun and I am sure that I would get really turned on fulfilling this slightly crazy fantasy.


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Cindy Anthony put her head down on the witness stand and sobbed earlier today as recordings of her 911 call to police were played during testimony in Casey Anthony's murder trial. The call was made after she discovered that Caylee had been missing for a month.
Another call featured today was the jailhouse call between Casey, her mother, brother and friend Kristina Chester.
From CNN:
"We're talking about a 3-year-old girl," a hysterical Cindy Anthony says on the call, made July 15, 2008. It was her third call to police that day, but this one was different — made after Cindy Anthony's daughter Casey Anthony admitted to her brother that Caylee — who was actually 2 at the time — had been missing since June 16 and said the girl's nanny had kidnapped her.
Also played for jurors Tuesday was a phone call Casey Anthony made to the Anthony home from jail on July 16, following her arrest. In the call, she speaks to her mother and brother and to her friend Kristina Chester, but wants her brother to give her the phone number of her then-boyfriend, Tony Lazzaro.
On the call, a tearful Kristina Chester tries to get answers out of Anthony regarding Caylee.
"I got arrested on a f—ing whim today," Casey Anthony tells Chester on the call, "because they're blaming me for stuff that I would never do, that I didn't do."
"Casey," Chester said later in the call. "Your daughter, your flesh and blood, your baby." But Anthony cut her off, saying, "Put my brother back on the phone. I don't want to get into this with you. … I haven't slept in four days."


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Clean Label, vegan, 'free from' and even more fibre-rich than soy: YePea, the latest ingredient from GoodMills Innovation, is an alternative to soy meal and fits in with current trends
Hamburg, May 2016 – With YePea (an abbrevation of Yellow Pea), GoodMills Innovation presents a functional ingredient which is versatile in use. In the field of bakery produce, it can replace soy meal and serve as a texturiser in breads and small baked items. When it comes to the confectionery segment, YePea works as a non-allergenic nut ingredient for example in chocolate pralines, cereal and chocolate bars. From a sensory viewpoint, the ingredient scores with its crispy bite and appealing mildly nutty flavour. In contrast to soy, it is guaranteed non-GMO. With its comparatively high content of complex carbohydrates and proteins, YePea is a perfect fit for products positioned within the health and wellness sectors.
The toasted pea ingredient YePea is derived from the yellow pea, an almost forgotten legume which was rediscovered by GoodMills Innovation during a research project. To create its novel product, the company passes the peas through a complex processing chain, which includes a toasting procedure at the end to achieve the desired golden yellow colour. The ingredient is then ready to be used in various applications.
Baked goods
In the baking sector, YePea is an excellent alternative to soy meal, which is often used in recipes for breads and small baked goods. The toasted cracked peas enhance water binding capacity and provide a tender texture, and the combination of complex carbohydrates, dietary fibres and proteins contributes to a valuable nutritional profile. Depending on the specific dosage used, products baked with YePea can even be claimed as a "source of protein".
The toasted cracked peas can be either mixed with other recipe ingredients or added after soaking. In contrast to soy meal, YePea's raw materials are only grown in Europe and are not genetically modified in any way. Allergen labelling on end products is not required under FIC Regulation (EU) No 1169/2011.
From a nutritional point of view, one of YePea's biggest benefits is its low fat content, which is 90 per cent less than that of soy meal. As well as being beneficial to health, this lower fat means a longer shelf life. Additionally, YePea contains higher levels of complex carbohydrates and dietary fibres. And while European consumers in particular tend to perceive the typical flavour of soy to be unappealing, YePea convinces with its pleasant nutty taste profile.
Confectionery and cereal bars
GoodMills Innovation's cracked peas are also perfect for creating new allergen-free product concepts. They can be used to replace chopped nuts as ingredient in toppings and they ensure a crunchy texture and a nutty flavour in cereal bars. Another benefit is that, unlike nuts, peas are readily available year-round and they are a more cost-efficient ingredient.
"The fact that we are launching YePea during 'The International Year of Pulses' shows that we have our fingers on the market's pulse," says Michael Gusko, Managing Director of GoodMills Innovation. "Legumes as a source of vegetable proteins are enjoying a tremendous renaissance at the moment. With our innovative ingredient, we are demonstrating that it is possible to deliver outstanding taste, easy processing, Clean Label status and a valuable nutritional profile all at the same time from one economical source."
About GoodMills Innovation GmbH
GoodMills Innovation GmbH has its headquarters in Hamburg, Germany, and is a joint venture between Europe's leading milling enterprise, the GoodMills Group, and the global ingredients manufacturer Palsgaard A/S, which is based in Denmark. Together with its Polish subsidiary GoodMills Innovation Polska Sp z o.o, the company employs a staff of 120 in Europe.
Sound grain expertise and state-of-the-art refining technologies are the foundations of the company, which operates worldwide. Innovative and natural products that combine functionality and taste and which also contribute to better health have been developed in close cooperation with experts from research and industry. Customers from the food industry and the bakery trade benefit from tailor-made products as well as from competent advice on application, food legislation and marketing issues.


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Rose Noir Latex Nouveau Cut-Out Top£209.00
Rose Noir Designs worked exclusively with us to create this collection of latex fabulousness. If you're not familiar with latex then you will need to read this blog before ordering!
If you're a latex fan then you'll know that making latex garment is a slow, zen-like process of carefully and precisely bonding seams together using glues and solvents, which is practically an art form in itself. As each garment is hand-made anyway, Rose and I have agreed to do these garments made-to-measure, so please expect to need a tape measure, fill in a form, and give us about 8 weeks to finish your item.
It might look modern but this top was inspired by vintage wrap bedjackets and nightwear! The narrow capped sleeves and high neck are edged in gold, while the top is slashed in a sort of reverse plunge at the front, and closes with a zip at the back. The waistband is made from transparent grey latex and has handpainted Art Nouveau motifs in gold.
Shown in black, it can also be made in plum.


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THE SKY BLUES? Nationwide First Division home match against Walsall has been rescheduled for Tuesday, February 19 (7.45pm).
Tickets for the game at Portsmouth on February 26 go on priority sale today to season ticket holders with three or more away card credits.
Last night?s scheduled reserves match at Ipswich Town was washed out.


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DUBAI: Bangladesh gave the Under-19 Cricket World Cup 2016 a momentous start with a 43-run victory over defending champion South Africa in Wednesday's opening Group A match.
In a Group C fixture at the MA Aziz Stadium in Chittagong, Dan Lawrence and Jack Burnham hit centuries as title contender England brushed aside Fiji by 299 runs.
Bangladesh, which elected to bat on a slow pitch at the Zahur Ahmed Chowdhury Stadium in Chittagong, lost wickets just when the batsmen appeared to have settled down and was restricted to 240 for seven in its 50 overs.
Nazmul Hossain hit 73 off 82 balls to boost the total after useful contributions from Pinak Ghosh (43) and Joyraz Sheik (46).
The target proved too tough for South Africa, which was bowled out for 197 in the penultimate over despite a defiant 100 from opener Liam Smith.
Smith batted till the 45th over before being the seventh batsman out, caught superbly in the covers by Bangladesh captain Mehidy Hasan.
Mehidy, leading his nation in the second successive U19 Cricket World Cup, picked up three for 37 with his off-spin. Seamer Mohammad Saifuddin took three for 30.
It was Bangladesh's first win over South Africa in the ICC U19 World Cup following four previous defeats, but Wednesday's victory was its 12th in 15 matches against the same opponents over the past two years.
With Scotland and Namibia the other sides in the group home team's victory makes it the favourite to secure top place from Group A and avoid a possible quarter-final clash against Rahul Dravid-coached India.
In their next matches in Cox's Bazar on Sunday, Bangladesh will take on Scotland while South Africa will face Namibia.
The 11th edition of the biennial 16-nation tournament features nine Test-playing nations and seven Associate and Affiliate Members – Afghanistan, Canada, Fiji, Namibia, Nepal, Ireland and Scotland.
Teams have been divided into four groups with the top two in each advancing to the Super League quarter-finals and the other two qualifying for the Plate championships.


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Note: Each of the nationwide organizers of the #Protest PP effort has written a summary of the national protest effort and their personal experiences on August 22. Below is the account from Monica Miller of Citizens for a Pro-Life Society. You can also read the accounts from Eric Scheidler of the Pro-Life Action League and Mark Harrington of Created Equal.
What happened Saturday was unprecedented in the history of legalized abortion. Over 300 protests of Planned Parenthood, in 47 states and 5 foreign countries—10s of thousands of people taking to the street in defense of life!
But this is just the beginning. We must continue our witness in defense of life and bring about an end to Planned Parenthood and legalized abortion.
Jill Stanek Commented: "The protests were an inspired idea, Eric, Mark, and Monica. Thank you for organizing it. I was inspired by the participation of so many pro-lifers across the country. Then I was shocked by the coverage our mass protest got in the mainstream media. And I was further inspired—almost to tears—to see fellow pro-lifers in other countries joining us in solidarity by holding protests of their own."
Now we must do the following:
- Call your state legislators and demand that Planned Parenthood be defunded. Insist that they watch the videos released by the Center for Medical Progress that show the violence of abortion and PP staff negotiating the sale of aborted baby body parts.
- Make plans to attend the National Day of Remembrance for Aborted Babies memorial services September 12th—taking place all over the United States—Find a memorial service near you at AbortionMemorials.com
- Participate in the upcoming 40 Days for Life Campaign—beginning Sept. 23rd.
- JOIN the next National Day of Protest of Planned Parenthood on October 10!
- Please make a donation to Citizens for a Pro-Life Society. CPLS was one of the national organizers of this weekend's PP protests. Your contribution will help us continue our pro-life work, bring an end to legalized abortion and create a culture of life. Just click on the link above—or send tax deductible contribution to: Citizens for a Pro-Life Society, 67919 Eight Mile Rd. South Lyon, MI 48178.
We are grateful to photographers Rich Mucha, Jill Marquette and Tom Catterall. And special thanks to Lynn Mills for co-organizing with CPLS the Detroit protest of PP.
Here are 4 photos from the PP Protest in Detroit:
Yes—the first is of the Satanists who arrived about one hour into the picket performing this bizarre milk-shower ritual! Notice the silent witness in the background—photo of 7 month old aborted baby. I have been in the movement for almost 40 years and have never seen anything so strange as this street theatre from hell!
The next photo—I am trying hard to convince the African American Woman, at left, who lived in the neighborhood of the PP abortion clinic, that abortion is violence, with photo of African American unborn baby aborted at 21 weeks. The other two African American women with me were pro-lifers who came to the protest. They were great—making an effort to reason with this woman who believed that as long as the "fetus" was in the woman's body—it was her right to decide what to do with the pregnancy.
Third photo—this was in the Detroit News August 22—I think with excellent message regarding the scandal of PP selling aborted baby body parts. If I were PP in Michigan, I'd not be happy with this photo!
Fouth Photo—Towards the end of the protest—some of us assembled for this group shot right in front of the PP abortion center on Cass Avenue in Detroit.
Links to Media stories:
- Fox News
- AL.com
- Washington Post
- Reporter below got it wrong—said 30 protesters were there—Nope. There were 121. Detroit News


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For the fifth episode of The Evolving Media Podcast I got in touch with Angela Natividad from Hurrah.gg, the world's first creative agency devoted 100% to e-sports. Angela is an enigma and one of the more creative and innovative persons I have the pleasure of knowing, and her knowledge of the world of online gaming…Read more E-sports, gaming, streaming – an in-depth talk with Angela Natividad
A Future for Transmedia
In an article over at GamaSutra the other day the author, Leigh Alexander, asked the very legitimate question "where's this glorious transmedia future?", referring to his view that the gaming industry is leading the social media revolution, and televison and film are slow to catch up.The 2012 Super Bowl had 17,5 million socialmedia imprints on one day. That's…Read more A Future for Transmedia


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1.) Nowadays any one can call themselves an mixing engineer. But if you use just a bit of common sense, you can quickly differentiate between a novice and a professional mixing engineer. Let's start with the obvious, reputation and experience. Just a simple check with Google is the simplest way to instantly determine who is the mixing engineer you are dealing with. When you google a professional, their name should produce a lot of results. Because google does not show many result for a mixing engineer, does not mean that they're not competent but it does show he or she is fairly new to the industry. The opposite is also true if a search results in lots of pages and plenty of credible work for that mixing engineer. In some cases Google will include that persons wiki page and other notables on the side bar of Google, In which case you are likely dealing with a true professional with plenty of history and experience.
2.) Another thing people don't take notice of, is the credits of a particular engineer. The obvious Artist, Album or Song is noticed but what did this person actually do? They will include songs they worked on in their credit list, but under what capacity. For example if this person played the bass on a song, that does not matter to a individual looking to hire a mixing engineer. If they were not the recording engineer, the mix engineer or at least the assistant engineer of a particular song, it really shouldn't be included in their engineering credits. Take your time and read the fine print of any mixing engineer's credits that you are considering.
3.) Finally "You get what you pay for" Specially when trying to hire one of the most important audio engineers concerning your project, the mix engineer. Unfortunately nowadays anyone with a pro tools rig can call themselves a mix engineer. But as most professionals know, that does not mean they should be hired to mix a project. It is simple really when you think about it. For example, if one mix engineer charges $300.00 and another charges $1,500.00, then there has to be some serious differences between these two engineers. Of course, it is obvious most people would go with the cheaper option, Right? You could literally mix 4 songs for the price of one mix of the other engineer. So you have to ask yourself, why does that other mixing engineer charge so much more? Unfortunately what tragically happens in too many cases is people hire the cheaper engineer to mix their album, and soon after they send their project of to mastering, they get feedback from their mastering engineer and its usually not good. Their music doesn't quite have that sound that other songs on the radio have, and what inevitably happens is they try to fix the mixes with their mastering engineer and end up unhappy and over budget. We can't tell you how many projects come to us that have already been mixed. We hear everyone's cries about how much money they wasted trying to get their music sounding right. So literally these people end up paying twice as much to have their project mixed. Many of these people could of just hired the more experienced mixing engineer and saved themselves a whole lot of money, frustration and time. Look, major artist don't hire these more expensive mixing engineers because they like to spend more money, they spend the money because they know after all the hard work they put into their projects, they want the best mix engineer possible to finish their project off right the first time.


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From 10 November 2017 to 25 February 2018, in Gae Aulenti Square returns the "Gae Aulenti On Ice" skating rink.
From Monday to Sunday, from 10am to midnight, you can skate under the skyscrapers of Porta Nuova. The price for rent the skates will be 8 euros per hour.
Also in Gae Aulenti Square, from December 1st to January 7th there is Christmas Village, with craft and food market, shows and games for children, rides, puppet theater, workshops, and street artist's perfomances.
Do not miss the International Crib Exhibition, which completes the Christmas offer in the most modern district of Milan.
Christmas time in Milan continues with the Finnish and Norwegian markets on 25 and 26 November at the Ambrosianeum Cultural Foundation in Via delle Ore, 3.
From 12 to 20 there will be a market with handcrafts, children's clothing, sweets, books, Christmas music and more. There will be also the chance to taste typical dishes such as salmon soup and finnish bread accompanied by songs from children of the "Finnish School" in Milan. All the children can meet Santa Claus and take a picture with him.
Milan is magical during Christmas time, book your Residence in Milan and live this atmosphere!
Call or email us
Tel. +39 02 268151
E-mail: email@example.com


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Everything tagged with uk
Food for Thought: Tolerance for the Intolerant Entering Europe?
The following article should serve only as a short introduction to a future, honest discussion over the issue of immigration into Europe. Optimistically (and with the help of commenters), the…
Top European Colonists
UK is by far the number 1
Populism in Europe? It's not that popular and it's a Fad
Since Brexit there has been much made of the rise of populism. There has been a perception that populism is on the rise across Europe since the financial crash of …
Parliamentary Democracy in UK – possibly a modern day failure
Short-termism and micromanagement fails to deal even with basic standards - it's time to re-order executive responsibilities
3 Key Reasons why the UK Election Backfired for the UK Government
The early election of the UK parliament didn't turn out to be a problem-solver as planned
Should the Elgin Marbles be returned to Greece?
The Elgin Marbles also known as the Parthenon Marbles, are a collection of Classical Greek art made under the supervision of the architect and sculptor Phidias and his assistants.
Brexit Grexit and Italexit: What is happening to Europe?
The Brexit fear that came true
Did Brexit reflect EU's failure to build a concrete and lasting European identity?
Iain Duncan Smith had once stated that: " I am an optimist about the UK. We have been involved in trade with our European partners, which we will always be …
The populism nexus and the grim future of humanity
Welcome to the "post truth politics" age
There is no doubt that the political status quo in Europe is changing amazingly fast raising concerns at the same time about the stability of the political system in many…
Brexit Process will begin by the end of March 2017
Europe after Brexit
The "EU project" will continue to exist and play a crucial role for the European continent and the world, but Britain will be a simple observer.
The alternatives for the UK in the post-Brexit era
The economic consequences of leaving the EU will depend on what policies the UK adopts following Brexit. But lower trade due to reduced integration with EU countries is likely to cost the UK economy far more than is gained from lower contributions to the EU budget.
The fate of the EU
The European Union has undoubtedly been the most fascinating experiment in the history of political discourse, but the reason its accomplishments seemed so artificial is the bloc's whole controversy.
Unfortunately maybe we are not a family
Some serious developments seem to threat the vision of the European Integration
The day after tomorrow
What is next for the UK and the EU?
Reactions from the European Parliament
Britain votes to leave
Stronger together?
A caricature of Brexit
What does it mean to be a Europeer?
Europe needs youth mobility and entrepreneurship more than ever.
Is the European Union ready to deal with these new potential economic crises?
How can a potential Brexit and the independence of Catalonia impact EU
Yes to Europe: Dismissing the Eurosceptic Claims
Uncovering the inaccuracies and myths behind some of the most frequent eurosceptic arguments against EU membership
Remembering the Battle of Britain
On this historic day we remember all those that fought and why we must remain united in Europe
No Country is an Island
What is the British identity and how can it relate to the European Union? Being geographically part and at the same time separated from the continent, it may be stated that Britain maintained quite a detached attitude towards it due to its island identity.
King's College London Societies: ESKA
Forging a vibrant student community in study and an active Alumni when leaving study
The KCL European Society, the Place for 'Generation Europe'
Ambitiously forging a common European identity amongst London's students.
Are We Really United in Diversity?
Exploring the influence of the right-wing media on our perception
Top ten countries with the best infrastructure in the world
Six out of the top ten countries are European!
Interview with Prof. Giancarlo Elia Valori
A conversation with Professor Giancarlo Elia Valori, a leading expert on international politics, discussing some of the most important areas of the planet. We talk about China, UK and US relations and the Italian role in the Mediterranean Sea.
Assessing the Battlefield: Why are There Calls for 'Brexit'?
What is driving the anti-EU and no campaign in the Brexit referendum?
Marking the 200th Anniversary of the Battle of Waterloo
Europe marks this year the 200th anniversary of the Battle of Waterloo and the defeat of Napoleon on June 18, 1815. Many Europeans consider it a special day that decided Europe's fate and put an end to the bloody conflicts across the continent.


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There has been a significant increase in the number of property investors acquiring student housing assets in mainland Europe, new research shows.
Fresh market analysis by international real estate advisor Savills reveals that countries on the continent saw 21% year-on-year growth in student property investment volumes as of Q2 2016, reaching a total of $1.8bn (£1.45bn).
In volume terms, the UK and US markets still received the most investment into existing student housing assets in the first half of 2016 at $1.4bn (£1.1bn) and $5.4bn (£4.3bn) respectively.
As of the second quarter of 2016, year-on-year investment volumes of existing student housing stock grew by 82% in the US, but fell by 64% in the UK, returning to approximately their medium-term average after reaching an exceptional high in 2015 due to the acquisition of a few large portfolios.
With a combined student population of around 20 million, growing international enrolment - with foreign students attracted by a increasing number of courses taught in English - and a very low provision of purpose built accommodation, Europe offers strong investment potential, especially as the US and UK markets are now mature, according to Savills.
In particular, €350m (£315m) was invested into German student housing in the first seven months of 2016 which is more than double the total invested in the country's student housing sector in the whole of 2015 – while in France €345m (£310m) has been transacted so far this year (up to August 2016).
Cross-border investment continues to grow with Savills reporting that global investment outside the country of origin has accounted for 40% of all deals in the sector over the past three years. Investors have sought to diversify portfolios, with large outbound flows from the US, Canada and Singapore heading into the UK and continental European markets.
Marcus Roberts, director of student investment and development at Savills, said: "The US and UK student housing markets have dominated global investment in the last three years, but with the maturing of these markets investors are looking to other areas which are suffering from a pressured housing supply, shortage of student accommodation and immature management solutions.
"While Germany and France continue to attract attention, we are seeing new frontiers open up in markets such as Austria, Ireland, the Netherlands, Italy and Spain. These are markets where student housing is currently undersupplied but demand is likely to grow due to increased domestic and international mobility of students, rising demand for well managed and designed accommodation and expanding volumes of foreign students choosing to study in Europe.
"Student housing has proven itself to be a resilient asset class to date, and with its counter-cyclical fundamentals many institutional investors are turning to the sector where they can achieve strong occupancy and rental growth. This will be further exacerbated as central banks continue quantitative easing and a regime of low interest rates."


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Duke Nukem Forever (Impressions)
posted: 11/2/2010 1:41:00 PM
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Duke Nukem Forever
After over a decade of waiting (somewhat) patiently for its release, it seemed
Duke Nukem Forever
was doomed to lay in development hell. Fortunately, however, at an incredibly populated section of PAX Prime this year, 2K Games and Gearbox Software showed fans that Duke Nukem Forever will finally be coming out. For real this time.
If you weren't able to attend PAX, as yours truly is sad to admit, then my recent tour with the game in my home city of NYC might provide some insight into the game.
The demonstration begins with the very first level of the game. You start the level by relieving yourself in one of the urinals. If you stick around in the bathroom, you'll find a "turd" in one of the stalls. Should you command Duke to pick it up, he will respond with a slew of self-loathing comments that can only be interpreted as directed towards you, the player. Tossing it around as you please while making a mess, Duke continues in his string of hilarious commentary calling the act sickening amongst other terms.
Finally moving forward from the restroom, you see some squad mates preparing to initiate an attack on the invading aliens beside a whiteboard outlining their plans. Yet another small piece of joy, you can draw whatever your heart desires directly on the whiteboard with a selection of colored markers. It is these small intricacies in the game that are delightfully fun and a quick break from the otherwise incessant violence (which will see no complaints from me).
After picking up an alien Devastator, Duke proceeds to confront a cyclops boss from the Duke Nukem 3D era. In fact, the entire level will be reminiscent of the final level of said previous iteration. When the over-sized cyclops is finally defeated, Duke puts the controller down to reveal that he has been playing Duke Nukem 3D in what can only be described as a scene indicative of the meta-reference. Gearbox throws in some humor about how after 12 years, the game better be worthwhile.
After fully appreciating the meta reference, Duke embarks on a road trip in level 15: Highway Battle. Running over aliens, he comes to a gorge that can be boosted past, but at the expense of your gasoline. Here, some of the weapons to be found in Duke Nukem Forever can be toyed with. Fans of the Duke franchise will be familiar with some of the weaponry, from the shrink ray to the pipe bombs that are detonated with a remote. There's a good range for any playing style, from the sniper to the in-your-face shotgun.
Level 15 is also where both a beer can and Duke hologram can be found. The beer can, though dizzying your view from drunkenness, will make Duke's melee fighting even tougher. The hologram functions as the perfect distraction, and it both moves and pretends to shoot at enemies.
The final stand Duke takes against his foes before the demonstration ends has him seated at a turret as a small wave of aliens attempt to attack him. Finally, an alien ship attacks from above, and leaves Duke on his back as he quite characteristically sticks his middle finger up at them before passing out.
The Duke Nukem character has definitely been retained: namely, the familiar brawny personality and attitude against alien scum, with a penchant for guns and women. Hilarious oddities like the "turd" and the whiteboard you can physically draw on not only add to your ego, but they are also fun distractions from the rest of the violence in the game. Most importantly, however, there is plenty of first person shooter action to be had, with the memorable armory from the franchise.
The game's brute nature is endearing and brings the game down to a baser kind of fun. You won't find particularly academy award winning script writing, but rather comments that are witty in a Duke kind of way. The character everyone knows, loves and misses will certainly (and finally) be making its return in Duke Nukem Forever.
Hit the jump for our interview with 2K about Duke Nukem Forever.
Interview with Senior Producer at 2K Games, Melissa Miller, and 2K representative Charlie Sinhaseni.
Any concerns with the ESRB?
Charlie: We are producing a game that is geared towards adults and it will most likely be getting an M rating but we support and fully adhere to the guidelines. We have a really good relationship with the ESRB.
What's left to work on? Is it just polishing or are there still levels and other things to work on?
Melissa: We are definitely in the polishing phase. As you can see we've got some pretty solid levels even now. Now we are doing everything to make the game the best that it can be.
Did you have to rehash everything that was worked on originally?
Melissa: No, we really did get a solid foundation from 3D Realms. Part of the development is being done by Triptych and they're actually a fairly large group of ex-3D Realms employees so they've just continued their work. There's definitely a continuous vision for this.
Was it difficult to transition with the different engine changes?
Melissa: There was an engine change, and I can't speak for anything that happened at 3D Realms, but the tech of where it was is the same as where it is now. Again, having those guys from Triptych smooths things over because they have an expertise in all the stuff that's happening on the engine as well as the brand.
Charlie: Triptych's involvement in the game helps retain the heart and soul of the project. For instance, Allen Blum created the Duke Nukem. He is what started Duke Nukem all the way through development until now with Gearbox to complete the project. The President and CEO of Gearbox, Randy Pitchford, actually got started in the game business working on Duke Nukem 3D. Now he's gone full circle and owns the IP with Gearbox. His co-owner, Brian Martel, also worked on Duke Nukem 3D. Now he's the Art Director at Gearbox. The soul forms the foundation as to what Duke Nukem Forever is.
And Jon St. John is still the voice actor for Duke Nukem.
Charlie: Yes. He has been really great. He even made an appearance for us at PAX. He's a very valuable partner with Gearbox. He's been involved in a lot of their projects; he did a lot of the voices in Half-Life: Opposing Force, for example.
Did you have to continue work with him for this title?
Melissa: Since we are in polishing there are still things we are finding where we say: "Hmm, actually if we had another line here it would work better." So for things like that.
How do you think the fans who have lost the dream of the idea of the game coming out will be won back?
Melissa: We know that there have been a lot of disappointments. There's also the sense that fans have been anticipating this for 13 years, and are asking if the game can live up to expectations. So what we've been trying to do is give them the opportunity wherever possible to get their hands on the game and see that it's real, to rebuild the trust that this game will come out seriously this time.
Also, we allow them to get a sense that their expectations are going to be met. When you play the game, you have fun. It's consistent across the board with everybody who touches it. We're really excited for them to have that sense of discovery when they get a chance to play and give them the opportunities like at PAX to get a first look at the game. Also, our First Access Club that we did with our GOTY Borderlands edition is meant to reach out to them and give them opportunities and reward them for their patience and their support.
Special thanks to both Melissa Miller and Charlie Sinhaseni at 2K for inviting us out for the demonstration and answering our questions.


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Bournemouth is fast becoming a place to be; choc a block of families and youths enjoying the sunny days. What did I do? Here are the highlights: ate lots of amazing vegan food;
For breakfast/lunch & dinner, head to The Coast deli for The best Chocolate orange polenta cake and blueberry loaf with a whole host of delicious roast vegetable salads, shakes and olives smothered in thyme.
After breakfast I sat in the picturesque gardens listening to a slide guitarist singing old New Orleans blues and jazz and the odd Bob Dylan song. Later, a group of Extinction rebellion peaceful protesters started designing proactive plant based facts onto the concourse pathway. The group employed artistic activism engaging passers by in conversation regarding the connection with meat eating and environmental awareness. The impact of rearing livestock versus agricultural farming and enjoying a plant based lifestyle. Before long the pathway was creatively covered in colourful chalk designs and slogans. A young pair of identically dressed sisters added their own illuminating comments to the colourful display.
From here we made our way up to The Mad Cucumber cafe; the most reliable restaurant for a fabulous array of choices and a fridge laden with fresh cakes. Their menu is akin to any London fare in that they offer many international choices of cuisine inc burgers burritos and much more. I love the specialty teas on offer, the community library section, and arty plant displays too.
Walking Down the rd is the Twelve Eatery, a new stylish plant based restaurant with a fresh new menu to try on my next visit.
Try The 'Pause' Cat Cafe; for I the best coconut milk hot chocolate (& name! 😉 ) this is actually nicer than imagined as it's a cat rescue centre with a completely sectioned off kitchen/cafe area. The staff are lead by a volunteer team who are cat lovers and learning to serve customers who come from the busy high street.
For dinner we tried the pizza express shared a gluten free pizza without arancini (rice balls with broad beans and mint) (which opens late).
Heading out from the big wheel, Up on the track towards the west cliff is a weekly Vintage car show, where owners share their historic motors; teaching me the difference between British and American design (American pick up trucks and Cadillacs can seat up to 4 people in the front seat; UK saloon just 2 at a squeeze.) The interiors gleam with wooden dashboards, metallic handles, window frames and wing mirrors; upholstery in unusual shades of grey/green/ beige designs, is immaculate and almost as good as new. They are simply Sublime, works of art. Meeting the owners is as exciting and I'm reduced to promise a return trip.


text: (Adds dealer quotes, details throughout; updates prices) * Canadian dollar at C$1.2466, or 80.22 U.S. cents * Canada's factory sales rise 1.6 percent in August * Bond prices lower across steeper yield curve * Canada's 2-year yield drops further below its U.S. equivalent By Fergal Smith TORONTO, Oct 18 (Reuters) - The Canadian dollar strengthened against its U.S. counterpart on Wednesday, helped by firmer oil prices and data showing a surprise rise in domestic manufacturing sales. Canadian manufacturing sales grew by 1.6 percent in August, the biggest gain in eight months, on higher sales of vehicles and parts, as well as petroleum and coal products. Analysts had forecast a decrease of 0.1 percent. U.S. crude prices settled 16 cents higher at $52.04 a barrel, although some gains were pared after U.S. refining and fuel stocks data signaled slower demand in the world's top oil consumer. At 5 p.m. EDT (2100 GMT), the Canadian dollar was trading at C$1.2466 to the greenback, or 80.22 U.S. cents, up 0.4 percent. It touched its strongest since Friday at C$1.2459. On Tuesday, it had found support ahead of its October low at C$1.2600. "When I speak to our traders and sales people, there doesn't appear to be a lot of conviction on the part of the market place right now," said Scott Lampard, head of global markets at HSBC Bank Canada. An uncertain outlook for the North American Free Trade Agreement and more unfavourable interest rate spreads between Canadian and U.S. debt had weighed on the loonie for more than a month. But that move has stalled ahead of the Bank of Canada interest rate decision next week. Some investors are buying the loonie in case the central bank signals that monetary policy remains too accommodative, said Marc Chandler, global head of currency strategy at Brown Brothers Harriman. Canadian government bonds were lower across a steeper yield curve in sympathy with U.S. Treasuries as global equity markets climbed. The two-year dipped 0.5 Canadian cent to yield 1.514 percent and the 10-year declined 17 Canadian cents to yield 2.037 percent. The gap between Canada's 2-year yield and its U.S. equivalent widened a further 1.5 basis points to a spread of -5.3 basis points. Canada's inflation report for September and retail sales data for August are due on Friday. (Reporting by Fergal Smith; Editing by Lisa Shumaker)


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Pollock v. Farmers' Loan Traust Company
This was a bill filed by Charles Pollock, a citizen of the state of Massachusetts, on behalf of himself and all other stockholders of the defendant company similarly situated, against the Farmesr' Loan & Trust Company, a corporation of the state of New York, and its directors, alleging that the capital stock of the corporation consisted of $1,000,000, divided into 40,000 shares of the par value of $25 each; that the company was authorized to invest its assets in public stocks and bonds of the United States, of individual states, or of any incorporated city or county, or in such real or personal securities as it might deem proper; and also to take, accept, and execute all such trusts of every description as might be committed to it by any person or persons or any corporation, by grant, assignment, devise, or bequest, or by order of any court of record of New York, and to receive and take any real estate which might be the subject of such trust; that the property and assets of the company amounted to more than $5,000,000, or which at least $1,000,000 was invested in real estate owned by the company in fee, at least $2,000,000 in bonds of the city of New York, and at least $1,000,000 in the bonds and stocks of other corporations of the United States; that the net profits or income of the defendant company during the year ending December 31, 1894, amounted to more than the sum of $3,000,000 above its actual operation and business expenses, including lossess and interest on bonded and other indebtedness; that from its real estate the company derived an income of $50,000 per annum, after deducting all county, state, and municipal taxes; and that the company derived an income or profit of about $60,000 per annum fro its investments in municipal bonds.
It was further alleged that under and by virtue of the powers conferred upon the company it had from time to time taken and executed, and was holding and executing, numerous trusts committed to the company by many persons, copartnerships, unincorporated associations, and corpoa tions, by grant, assinment, devise, and bequest, and by orders of various courts, and that the company now held as trustee for many minors, individuals, corpartnerships, associations, and corporations, resident in the United States and elsewhere, many parcels of real estate situated in the various states of the United States, and amounting in the aggregate, to a value exceeding $5,000,000, the rents and income of which real estate collected and received by said defendant in its fiduciary capacity annually exceeded the sum of *200,000.
The bill also averred that complainant was, and had been since May 20, 1892, the owner and registered holder of 10 shares of the capital stock of the company, of a value exceeding the sum of $5,000; that the capital stock was divied among a large number of different persons, who, as such stockholders, constituted a large body; that the bill was filed for an object common to them all, and that he therefore brought suit not only in his own behalf as a stockholder of the company, but also as a representative of and on behalf of such of the other stockholders similarly situated and interested as might choose to intervene and become parties.
It was then alleged that the management of the stock, property, affairs, and concerns of the company was committed, under its acts of incorporation, to its directors, and charged that the company and a majority of its directors claimed and asserted that under and by virtue of the alleged authority of the provisions of an act of congress of the United States entitled 'An act to reduce taxation, to provide revenue for the government, and for other purposes,' passed August 15, 1894, the company was liable, and that they intended to pay, to the United States, before July 1, 1895, a tax of 2 per centum on the net profits of said company for the year ending December 31, 1894, above actual operating and business expenses, including the income derived from its real estate and its bonds of the city of New York; and that the directors claimed and asserted that a similar tax must be paid upon the amount of the incomes, gains, and profits, in excess of $4,000, of all minors and others for whom the company was acting in a fiduciary capacity. And, further, that the company and its directors had avowed their intention to make and file with the collector of internal revenue for the Second district of the city of New York a list, return, or statement showing the amount of the net income of the company received during the year 1894, as aforesaid, and likewise to make and render a list or return to said collector of internal revenue, prior to that date, of the amount of the income, gains and profits of all minors and other persons having incomes in excess of $3,500, for whom the company was acting in a fiduciary capacity.
The bill charged that the provisions in respect of said alleged income tax incorporated in the act of congress were unconstututional, null, and void, in that the tax was a direct tax in respect of the real estate held and owned by the company in its own right and in its fiduciary capacity as aforesaid, by being imposed upon the rents, issues, and profits os said real estate, and was likewise a direct tax in respect of its personal property and the personal property held by it for others for whom it acted in its fiduciary capacity as aforesaid, which direct taxes were not, in and by said act, apportioned among the several states, as required by section 2 of article 1 of the constitution; and that, if the income tax so incorporated in the act of congress aforesaid were held not to be a direct tax, nevertheless its provisions were unconstitutional, null, and void, in that they were not uniform throughout the United States, as required in and by section 8 of article 1 of the constitution of the United States, upon many grounds and in many particulars specifically set forth.
The bill further charged that the income-tax provisions of the act were likewise unconstitutional, in that they imposed a tax on incomes not taxable ud er the constitution, and likewise income derived from the stocks and bonds of the states of the United States, and counties and municipalities therein, which stocks and bonds are among the means and instrumentalities employed for carrying on their repective governments, and are not proper subjects of the taxing power of congress, and which states and their counties and muncipalities are independent of the general government of the United States, and the respective stocks and bonds of which are, together with the power of the states to borrow in any form, exempt from federal taxation.
Other grounds of unconstitutionality were assigned, and the violation of articles 4 and 5 of the constitution asserted.
The bill further averred that the suit was not a collusive one, to confer on a court of the United States jurisdiction of the case, of which it would not otherwise have cognizance and that complainant had requested the company and its directors to omit and to refuse to pay said income tax, and to contest the constiutionality of said act, and to refrain from voluntarily making lists, returns, and statements on its own behalf and on behalf of the minors and other persons for whom its was acting in a fiduciary capacity, and to apply to a court of competent jurisdiction to determine its liability under said act; but that the company and a majority of its directors, after a meeting of the directors, at which the matter and the request of complainant were formally laid before them for action, had rejused, and still refuse, and intend omitting, to comply with complainant's demand, and had resolved and determined and intended to comply with all and singular the provisions of the said act of congress, and to pay the tax upon all its net profits or income as aforesaid, including its rents from real estate and its income from municipal bonds, and a copy of the refusal of the company was annexed to the complaint.
It was also alleged that if the company and its directors, as they propered and had declared their intention to do, should pay the tax out of its gains, income, and profits, or out of the gains, income, and profits of the property held by it in its fiduciary capacity they will diminish the assets of the company and lessen the dividends thereon and the value of the shares; that voluntary compliance with the income-tax provisions would expose the company to a multiplicity of suits, not only by and on behalf of its numerous shareholders, but by and on behalf of numberous minors and others for whom it acts in a fiduciary capacity, and that such numerous suits would work irreparable injury to the business of the company, and subject it to great and irreparable damage, and to liability to the beneficiaries aforesaid, to the irreparable damage of complainant and all its shareholders.
The bill further averred that this was a suit of a civil nature in equity; that the matter in dispute exceeded, exclusive of costs, the sum of $5,000, and arose under the constitution or laws of the United States; and that there was furthermore a controversy between citizens of different states.
The prayer was that it might be adjudged and decreed that the said provisions known as the income tax incorporated in said act of congress passed August 15, 1894, are unconstitutional, null, and void; that the defendants be restrained from volunarily complying with the provisions of said act, and making the list, returns, and statements above referred to, or paying the tax aforesaid; and for general relief.
The defendants demurred on the ground of want of equity, and, the cause having been brought on to be heard upon the bill and demurrer thereto, the demurrer was sustained, and the bill of complaint dismissed, with costs, whereupon the record recited that the constitutionality of a law of the United States was drawn in question, and an appeal was allowed directly to this court.
An abstract of the act in question will be found in the margin. [1]
By the third clause of section 2 of article 1 of the constitt ion it was provided: 'Representatives and direct taxes shall be apportioned among the several states which may be included within this Union, according to their respective numbers, which shall be determined by adding to the whole number of free persons, including those bound to service for a term of years, and excluding Indians not taxed, three-fifths of all other persons.' This was amended by the second section of the fourteenth amendment, declared ratified July 28, 1868, so that the whole number of persons in each state should be counted, Indians not taxed excluded, and the provision, as thus amended, remains in force.
The acutal enumeration was prescribed to be made within three years after the first meeting of congrees, and within every subsequent term of ten years, in such manner as should be directed.
Section 7 requires 'all bills for raising revenue shall originate in the house or representatives.'
The first clause of section 8 reads thus: 'The congress shall have power to lay and collect taxes, duties, imposts and excises, to pay the debts and provide for the common defence and general welfare of the United States; but all duties, imposts and excises shall be uniform throughout the United States.' And the third clause thus: 'To regulate commerce with foreigh nation, and among the several states, and with the Indian tribes.'
The fourth, fifth, and sixth clauses of section 9 are as follows:
'No capitation, or other direct, tax shall be laid, unless in proportion to the census or enumeration hereinbefore directed to be taken.
'No tax or duty shall be laid on articles exported from any state.
'No preference shall be given by any regulation of commerce or revenue to the ports of one state over those of another; nor shall vessels bount to, or from, one state, be obliged to enter, clear, or pay duties in another.'
It is also provided by the second clause of section 10 that 'no state shall, without consent of the congress, lay any imposts or duties on imports or exports, except what may be absolutely necessary for executing its inspection laws'; and, by the third clause, that 'no state shall, without the consent of congress, lay any duty of tonnage.'
The first clause of section 9 provides: 'The migration or importation of such persons as any of the states now existing shall think proper to admit, shall not be prohibited by the congress prior to the year one thousand and eight hundred and eight, but a tax or duty may be imposed on such importations, not exceeding ten dollars for each person.'
Article 5 prescribes the mode for the amendment of the constitution, and concludes with this proviso: 'Provided, that no amendment which may be made prior to the year one thousand eight hundred and eight shall in any manner affect the first and fourth clauses in the ninth section of the first article.'
B. H. Bristow, Wm. D. Gurtrie, David Willcox, Charles Steele, and
[Argument of Counsel from pages 442-469 intentionally omitted] Assistant Attorney General Whitney, for the United States.
[Argument of Counsel from pages 469-513 intentionally omitted]
Herbert B. Turner, for appellee Farmers' Loan & Trust Company.
James C. Carter, Wm. C. Gulliver, and F. B. Candler, for appellee Continental Trust Company.
Attorney General Olney and
[Argument of Counsel from pages 513-532 intentionally omitted]
Jos. H. Choate, Charles F. Southmayd, for appellants Pollock and Hyde.
[Argument of Counsel from pages 532-553 intentionally omitted]
Mr. Chief Justice FULLER, after stating the facts in the foregoing language, delivered the opinion of the court.
^1 By sections 27-37 inclusive of the act of congress entitled 'An act to reduce taxation, to provide revenue for the government, and for other purposes,' received by the president August 15, 1894, and which, not having been returned by him to the house in which it originated within the time prescribed by the constitution of the United States, became a law without approval (28 Stat. 509, c. 349), it was provided that from and after January 1, 1895, and until January 1, 1900, 'there shall be assessed, levied, collected, and paid annually upon the gains, profits, and income received in the preceding calendar year by every citizen of the United States, whether residing at home or abroad, and every person residing therein, whether said gains, profits, or income be derived from any kind of property, rents, inter-
est, dividends, or salaries, or from any profession, trade, emploument, or vocation carried on in the United States or elsewhere, or from any other source whatever, a tax of two per centum on the amount so derived over and above four thousand dollars, and a like tax shall be levied, collected, and paid annually upon the gains, profits, and income from all property owned and of every business, trade, or profession carried on in the United States by persons residing without the United States. * * *
'Sec. 28. That in estimating the gains, profits, and income of any person there shall be included all income derived from interest upon notes, bonds, and other securities, except such bonds of the United States the principal and interest of which are by the law of their issuance exempt from all federal taxation; profits realized within the year from sales of real estate purchased within two years previous to the close of the year for which income is estimated; interest received or accrued upon all notes, bonds, mortgages, or other forms of indebtedness bearing interest, whether paid or not, if good and collectible, less the interest which has become due from said person or which has been paid by him during the year; the amount of all premium on bonds, notes, or couponds; the amount of sales of live stock, sugar, cotton, wool, butter, cheese, pork, beef, mutton, or other meats, hay, and grain, or other vegetable or other productions, or other forms of indebtedness of the estate of such person, less the amount expended in the purchase or production of said stock or produce, and not including any part thereof consumed directly by the family; money and the value of all personal property acquired by gift or inheritance; all other gains, profits, and income derived from any source whatever except than portion of the salary, compensation, or pay received for services in the civil, military, naval, or other service of the United States, inclui ng senators, representatives, and delegates in congress, from which the tax has been deducted, and except that portion of any salary upon which the employer is required by law to withhold, and does withhold the tax and pays the same to the officer authorized to receive it. In computing incomes the necessary expenses actually incurred in carrying on any business, occupation, or profession shall be deducted and also all interest due or paid within the year by such person on existing indebtedness. And all national, state, county, school, and municipal taxes, not including those assessed against local benefits, paid within the year shall be deducted from the gains, profits, or income of the person who has actually paid the same, whether such person be owner, tenant, or mortgagor; also losses actually sustained during the year, incurred in trade or arising from fires, storms, or shipwreck, and not compensated stated for by insurance or otherwise, and debts ascertained to be worthless, but excluding all estimated depreciation of values and losses within the year on sales of real estate purchased within two years previous to the year for which income is estimated: Provided, that no deduction shall be made for any amount paid out for new buildings, permanent im-
provements, or betterments, made to increase the value of any property or estate: provided further, that only one deduction of four thousand dollars shall be made from the aggregate income of all the members of any family, composed of one or both parents, and one or more minor children, or husband and wife; that guardians shall be allowed to made a deduction in favor of each and every ward, except that in case where two or more wards are comprised in one family and have joint property interests, the aggregate deduction in their favor shall not exceed four thousand dollars: and provided further, that in cases where the salary or other compensation paid to any person in the employment or service of the United States shall not exceed the rate of four thousand dollars ner annum, or shall be by fees, or uncertain or irregular in the amount or in the time during which the same shall have accrued or been earned, such salary or other compensation shall be included in estimating the annual gains, profits, or income of the person to whom the same shall have been paid, and shall include that portion of any income or salary upon which a tax has not been paid by the employer, where the employer is required by law to pay on the excess over four thousand dollars: provided also, that in computing the income of any person, corporation, company, or association there shall not be included the amount received from any corporation, company, or association as dividends upon the stock of such corporation, company, or association if the tax of two per centum has been paid upon its net profits by said corporation, company, or association as required by this act.
'Sec. 29. That it shall be the duty of all persons of lawful age having an income of more than three thousand five hundred dollars for the taxable year, computed on the basis herein prescribed, to made and render a list or return, on or before the day provided by law, in such form and manner as may be directed by the commissioner of internal revenue, with the approval of the secreatary of the treasury, to the collector or a deputy collector of the district in which they reside, of the amount of their income, gains, and profits, as aforesaid; and all guardians and trustees, executors, administrators, agents, receivers, and all persons or corporations acting in any fiduciary capacity, shall make and render a list or return, as aforesaid, to the collector or a deputy collector of the district in which such person or corporation acting in a fiduciary capacity resides or does business, of the amount of income, gains, and profits of any minor or person for whom they act. but persons having less than three thousand five hundred dollars income are not required to make such report; and the collector or deputy collector, shall require every lit or return to verified by the oath or affirmation of the party rendering it, and may increase the amount of any list or return if he has reason to believe that the same is understated: and in case any such person having a taxable income shall neglect or refuse to make and render such list and return, or shall render a willfully false or fraudulent list or return, it shall be the duty of the
collector or deputy collector, to make such list, according to the best information he can obtain. by the examination of such person, or any other evidence, and to add fifty per centum as a penalty to the amount of the tax due on such list in all cases of willful neglect or refusal to make and render a list or return; and in all cases of a willfully false or fraudulent list or return having been rendered to add one hundred per centum as a penalty to the amount of tax ascertained to be due, the tax and the additions thereto as a penalty to be assessed and collected in the manner provided for in other cases of willful neglect or refusal to render a list or return. or of rendering a false or fraudulent return.' A proviso was added that any person or corporation might show that he or its ward had no taxable income, or that the same had been paid elsewhere, and the collector might exempt from the tax for that year. 'Any person or company, corporation, or association feeling aggrieved by the decision of of the deputy collector, in such cases may appeal to the collector of the district, and his decision thereon, unless reversed by the commissioner of internal revenue, shall be final. If dissatisfied with the decision of the collector such person or corporation, company, or assiciation may submit the case, with all the papers, to the commissioner of internal revenue for his decision, and may furnish the testimony of witnesses to prove any relevant facts having served notice to that effect upon the commissioner of internal revenue, as herein prescribed.' Provision was made for notice of time and place for taking testimony on both sides, and that no penalty should be assed until after notice.
By section 30, the taxes on incomes were made payable on or before July 1st of each year, and 5 per cent. penalty levied on taxes unpaid, and interest.
By section 31, any non-resident might receive the benefit of the exemptions provided for, and 'in computing income he shall include all income from every source, but unless he be a citizen of the United States he shall only pay on that part of the income which is derived from any source in the United States. In case such non-resident fails to file such statement, the collector of each district shall collect the tax on the income dervied from property situated in his district, subject to income tax, making no allowance for exemptions, and all property belonging to such non-resident shall be liable to distraint for tax: provided, that non-resident corporations shall be subject to the same laws as to tax as resident corporations, and the collection of the tax shall be made in the same manner as provided for collections of taxes against non-resident persons.'
'Sec. 32. That there shall be assessed, levied, and collected, except as herein otherwise provided, a tax of two per centum annually on the net profits or income above actual operating and business expenses, including expenses for materials pruchased for manufacture or bought for resale, losses, and interest on bonded and other indebtedness of all banks, banking institutions, trust companies, saving institutions, fire, marine, life, and other
insurance companies, railroad, canal, turnpike, canal navigation, slack water, telephone, telegraph, express, electric light, gas, water, street railway compainies, and all other corporations, companies, or associations doing business for profit in the United States, no matter how created and organized but not including partnerships.'
The tax is made payable 'on or before the first day of July in each year; and if the president or other chief officer of any corporation, company, or association, or in th case of any foreign corporation, company, or association, the resident manager or agent shall neglect or refuse to file with the collector of the internal revenue district in which said corporation, company, or association shall be located or be engaged in business, a statement verified by his oath or affirmation, in such form as shall be prescribed by the commissioner of internal revenue, with the approval of the secretary of the treamsury, showing the amount of net profits or income received by said corporation, comapny, or association during the whole calendar year last preceding the date of filing said statement as hereinafter required, the corporation, company, or association making default shall forfeit as a penalty the sum of one thousand dollars and two per centum on the amount of taxes due, for each month until the same is apid, the payment of said penalty to be enforced as provided in other cases of neglect and refusal to make return of taxes under the internal revenue laws.
'The net profits or income of all corporations, companies, or associations shall include the amounts paid to sharehoders, or carried to the account of any fund, or used for construction, enlargement of plant, or any other expenditure or investment paid from the net annual profits made or acquired by said corporations, companies, or associations.
'That nothing herein contained shall apply to states, counties, or municipalities; nor to corporations, companies, or associations organized and conducted solely for charitable, religious, or educational purposes, including fraternal beneficiary societies, orders, or associations operating upon the lodge system and providing for the payment of life, sick, accident, and other benefits to the members of such societies, orders, or associations and dependents of such members; nor to the stocks, shares, funds, or securities held by any fiduciary or trustee for charitable, religious, or educational purposes; nor to building and loan associations or companies which make loans only to their shareholders; nor to such savings banks, savings institutions or societies as shall, first, have no stockholders or members except depositors and no capital except deposits; secondly, shall not receive deposits to an agregate amount, in any one year, of more than one thousand dollars from the same depositor; thirdly, shall not allow an accumulation or total of deposits, by any one depositor, exceeding ten thousand dollars; foruthly, shall actually divide and distribute to its depositors, ratably to deposits, all the earnings over the necessary and proper expenses of such bank, institution, or society, except such as shall be applied to sur-
plus; fifthly, shall not possess, in any form, a surplus fund exceeding ten per centum of its agregate deposits; nor to such savings banks, savings institutions,#e shall be uniform throughout the United States.' And the third clause thus: 'To regulate commerce with foreign nations, and among the several states, and with the Indian tribes.'
'Nor to any insurance company or association which conducts all its business solely upon the mutual plan, and only for the benefit of its policy holders or members, and having no capital stock and no stock or shareholders, and holding all its property in trust and in reserve for its policy holders or members; nor to that part of the business of any insurance company having a capital stock and stock and shareholders, which is conducted on the mutual plan, separate from its stock plan of insurance, and solely for the benefit of the policy holders and members insured on said mutual plan, and holding all the property belonging to and derived from said mutual part of its business in trust and reserve for the benefit of its policy holders and members insured on said mutual plan.
'That all state, county, municipal, and town taxes paid by corporations, companies, or associations, shall be included in the operating and business expenses of such corporations, companies, or associations.
'Sec. 33. That there shall be levied, collected, and paido n all salaries of officers, or payments for services to persons in the civil, military, naval, or other employment or service of the United States, including senators and representatives and delegates in congress, when exceeding the rate of four thousand dollars per annum, a tax of two per centum on the excess above the said four thousand dollars; and it shall be the duty of all paymasters and all disbursing officers under the government of the United States, or persons in the employ thereof, when making any payment to any officers or persons as aforesaid, whose compensation is determined by a fixed salary, or upon settling or adjusting the accounts of such officers or persons, to deduct and withhold the aforesaid tax of two per centum; and the pay roll, receipts, or account of officers or persons paying such tax as aforesaid shall be made to exhibit the fact of such payment. And it shall be the duty of the accounting officers of the treasury department, when auditing the accounts of any paymaster or disbursing officer, or any officer withholding his salary from moneys received by him, or when settling or adjusting the accounts of any such officer, to require evidence that the taxes mentioned in this section have been deducted and paid over to the treasurer of the United States, or other officer authorized to receive the same. Every corporation which pays to any employe a salary or compensation exceeding four thousand dollars per annum shall report the same to the collector or
deputy collector of his district and said employe shall pay thereon, subject to the exemptions herein provided for, the tax of two per centum on the excess of his salary over four thousand dollars: provided, that salaries due to sstate county, or municipal officers shall be exempt from the income tax herein levied.'
By section 34, sections 3167, 3172, 3173, and 3176 of the Revised Statutes of the United States as amended were amended so as to provide that it should be unalwful for the collector and other officers to make known, or to publish, amount or source of income, under penalty; that every collector should 'from tiem to time cause his deputies to proceed through every part of his district and inquire after and concerning all persons therein who are liable to pay any internal revenue tax, and all persons owning or having the care and management of any objects liable to pay any tax, and to make a list of such persons and enumberate said object'; that the tax returns must be made on or before the first Monday in March; that the collectors may make returns when particulars are furnished: that notice be given to absentees to render returns; that collectors may summon persons to produce books and testify concerning returns; that collectors may enter other districts to examine persons and books, and may make returns; and that penalties may be imposed on false returns.
By section 35 it was provided that corporations doing business for profit should make returns on or before the first Monday of March of each year 'of all the following matters for the whole calendar year last preceding the date of such return:
'First. The gross profits of such corporation, company, or association, from all kinds of business of every name and nature.
'Second. The expenses of such corporation, company, or association, exclusive of interest, annuities, and dividends.
'Third. The net profits of such corporation, company, or association, without allowance for interest, annuities, or dividends.
'Fourth. The amount paid on account of interest, annuities, and dividends, stated separately.
'Fifth. The amount paid in salaries of four thousand dollars or less to each person employed.
'Sixth. The amount paid in salaries of more than four thousand dollars to each person employed and the name and address of each of such persons and the amount paid to each.'
By section 36, that books of account should be kept by corporations as prescribed, and inspection thereof be granted under penalty.
By section 37 provision is made for receipts for taxes paid.
By a joint resolution of February 21, 1895, the time for making returns of income for the year 1894 was extended, and it was provided that 'in com-
puting incomes under said act the amounts necessarily paid for fire insurance premiums and for ordinary reparis shall be deducted'; and that 'in computing incomes under said act the amounts received as dividends upon the stock of any corporation, company or association shall not be included in case such dividends are also liable to the tax of two per centum upon the net profits of said corporation, company or association, although such tax may not have been actually paid by said corporation, company or association at the time of making returns by the person, corporation or association receiving such dividends, and returns or reports of the names and salaries of employes shall not be required from employers unless called for by the collector in order to verify the returns of employes.'
This work is in the public domain in the United States because it is a work of the United States federal government (see 17 U.S.C. 105).


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The first time I saw the lanky bay thoroughbred he was in quarantine. A large abscess clung under his jaw with all of the signs of strangles. I didn't dare touch him, in fear of spreading the infection to the rest of the horses, but his kind eyes pleaded to be acknowledge. I was a new volunteer at the rescue ranch, mucking paddocks and grooming elderly horses. Each job there has it's merit but I wanted to ride, and I wanted to ride the bay. When he was released from quarantine, the threat of strangles begnin, I doted upon him like a little girl with her first pony. It had been over five years since I had lost my own mare to colic, his horsy smell soothed my wounded heart. Our trust grew over grooming sessions and long walks and so did my confidence. I was ready to ride. Yet, my stomach fluttered as I took him to the round pen for the first time. My basic horsemanship skills were returning, but I knew nothing about rescue horses. Would all that my mother so patiently taught me about horses relate to this forgotten animal? Cash looked at me from the end of the lunge line, I cued him to move, and he shot off running laps around me. Apparently he thought himself to be quiet the racehorse. After a big breath I finally slowed him down and he began to move, settling into the most beautiful hobby horse gait. My heart leapt, I couldn't wait to be on his back.
Months passed as Cash and I worked. I still didn't know exactly what I was doing, but I knew I had to gain his trust on the ground before he trusted me on his back. When the day came to ask for his sponsorship, I still hadn't ridden him, let alone any horse at the ranch. I know many people were concerned that I had chosen the big skittish gelding as my maiden rescue horse ride. An audience appeared leaning on the fences like gawkers at an old fashioned rodeo. I was no longer nervous when I lead the saddled up bay into the round pen. I trusted him, and I was hoping like heck he trusted me. His ears twitched a bit, picking up on the crowds tension. With one foot in the sturrup, I swung up easily. Visions of our first encounter in the round pen flashed throug my mind as I picked up the reigns and urged him on. He walked out in a gental stride. Ok, so far so good, let try him at a trot. I slid my hands down the reign and I could feel him tense beneath me. Moving him forward he thrust up his head and roughly trotted about the circle. Seeing this shift my audience began to offer words of advise. "Disengage his rear end," or "Work the circle to slow him." I'm sure they were all waiting for a bucking bronc performance, but I didn't have a clue what they were trying to tell me. Instead I did just as my mother always taught me, relax and ride the horse. I dropped my hands a bit, relaxed my seat and trusted this horse. He must have felt that change because he trusted me too and relaxed. It was beautiful.
Today Cash has found his forever home with us as one of our core ranch horses. I'd like to say that each day with him is as profound as the first, however plastic bags have sent both of us back to the round pen over our five year partnership. He has taught me so much about listening to the needs of a rescue horse. Each one is different and has their own wound to heal, but if you trust them they learn to trust you back. Along the way they even find the way to heal your wounds as well. I trust this horse to the moon and back. <img src="https://enchantmentequitreks.files.wordpress.com/2014/05/20140527-203354-74034396the story of Cash
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