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Journal of Business & Economics Research February 2007 Volume 5, Number 2
- Sybil Jefferson
- 1 years ago
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1 A Formula For Job Creation: Tax Law Changes For Small Businesses Patricia T. Papachristou, ( Christian Brothers University James O. Parker, ( Christian Brothers University ABSTRACT The Bush tax cuts in 2001 (Economic Growth and Taxpayer Relief Reconciliation Act, (EGTRRA) and in 2003 (Job Growth and Taxpayer Relief Reconciliation Act, JGTRRA) are touted as providing an aid to the economy's recovery and job creation. The data shows that George Bush's first administration had the most anemic job expansion in decades and actually saw negative net jobs created. We advocate four tax changes for small businesses that would postpone the timing of taxes and make it easier for small businesses to survive. As small businesses provide more than two-thirds of the net new jobs created each year, insuring their sustainability will go a long way to foster small business expansion and more job growth among suppliers. Currently a third of new small businesses fail within their first two years and the failure rate exceeds 60 percent by the end of the sixth year. These tax proposals for small businesses resemble laser surgery for the economy instead of the chemotherapy of tax cuts for the whole economy. These proposals focus where twothirds or more of new jobs are created each year and will help small businesses manage their cash flow more effectively and encourage their long term sustainability. It is time for Congress to enact measures that help provide small businesses with a source of capital rather than draining them of the vital cash that they need. Such measures would not require government handouts or loans but, rather, would for the most part, merely entail postponing the taxation of business profits so long as those profits remained in the business to help insure its survival and growth. WHAT THE FEDERAL GOVERNMENT SHOULD BE DOING T wo-thirds of George W. Bush s tax cuts went to the top one percent of the population. The average family received a few hundred dollars that were more likely to be spent on consumer electronics from Asia, instead of American manufactured goods. Thus these tax cuts did not have the predicted Keynesian stimulative effect in the United States. Consequently, despite the biggest tax cuts in history and a government deficit that was 3.5% of GDP in 2004, there were no net jobs created in George W. Bush's first term in office. Even the Economic Report to the President, 2005 claimed employment would regain its pre-recession level only in the first quarter of 2005 (p.119). In Dec the employment ratio was 66.0%, still below the pre-recession peak of 67.3% (Economic Report to the President, 2006, p.329). Rather than cutting taxes and hoping that consumers use their increase in disposable income to buy American made goods and stimulate the U.S. economy, rather than buying Asian or European goods and stimulating those economies, it is time for Congress to break with tradition and enact some tax measures that directly benefit U.S. small businesses and thereby foster the job creation that will result from their increased numbers. The latest tax cut that George W. Bush signed into law on May 16, 2006 gives an estimated 80 percent of the tax savings to the top 10 percent of tax payers. Bruce Bartlett, a former Treasury economist justified the tax changes on the basis that poor people don t create jobs, and rich people do. (Christian Science Monitor, May 22, 2006, p.15). Despite the tax law changes enacted by the Bush administration we have yet to see our employment ratio rise above its pre-recession level. The last four years of the Clinton administration had an employment ratio of 67.1 percent. The types of measures called for should prove highly cost effective since they often involve mere postponement of taxation rather than its elimination. The specific tax changes that we recommend for small businesses are 1) the right to choose the cash method of accounting, 2) the right to deduct expenditures which increase inventory, 3) more liberal provisions 1
2 for expensing investments in capital goods, and 4) the right to accumulate a significant amount of retained earnings at either low rates of taxation or free of taxation. Before discussing each of these proposals in detail, it is helpful to describe the role small businesses play in the American economy. THE ROLE OF SMALL BUSINESSES IN THE AMERICAN ECONOMY The truth of the matter is that small businesses and their owners form a sort of informal "partnership" with a host of various parties. Lenders who choose to make loans to small businesses will prosper or suffer as their debtor prospers or suffers. Interest income from performing loans will enable lenders to make further loans to other businesses, whereas loan defaults will leave the lenders unable to make as many such loans and may even bring their own survival into question. Suppliers who provide goods to small businesses on credit are in a similar position as that of money lenders and even suppliers who do not extend credit will feel the sting of declining sales and profits when the small businesses they were supplying shut down. Likewise, landlords, suppliers of utilities and telephone services, insurance companies, transporters, equipment makers, workers and a host of others who sell their goods and services to small businesses will "share" in the success or failure of the small businesses with which they do business. The federal government is unique among the informal "partners" of U.S. businesses. The government takes its share of business profits in the form of taxes. It not only collects those taxes directly on the profits of each business, either from the business itself, from its owners, or from both, but it also collects taxes from the wages that it pays its employees and from the earnings realized by the other informal "partners" of the business as a result of their transactions with one another. Yet, despite its huge potential to realize revenue from the commercial activity of small businesses, the federal government in the U.S. does little to directly foster their success. In fact, if the federal government were an actual partner in the small businesses that it taxes, it would be a poorly behaved one. The government insists on taking its share of profits, in the form of taxes, at the very first showing of a profit, and in cash, regardless of how serious a negative impact this may have on the business. TAX PROPOSAL ONE: THE RIGHT TO CHOOSE THE CASH METHOD OF ACCOUNTING Section 446-I(c) (2) of our current Internal Revenue Code (I.R.C.) provides that corporations that sell goods rather than services must adopt the accrual method of accounting. An exception for those engaged in the business of farming is provided for in I.R.C. 448 as is the requirement that even corporations that market nothing but services must switch to the accrual method of accounting when their gross sales reach $5,000,000 per year, averaged over the previous 3-taxable-year period. There is a further exception for qualified personal service corporations that allows them to remain on the cash method of accounting even when gross sales exceed the $5,000,000 limit and the company is a service company in which all of the shareholders are employed by the business and actively participate in its operation. Conversely, there is an exception which prohibits tax shelters from using the cash method of accounting even if they sell no goods. Entities other than C corporations which attribute more than 35% of their losses to parties who do not "...actively participate in the management of such enterprise," and who are not limited partners are considered to be tax shelters under the provisions of I.R.C. 464(e)(2). Still another provision allowing for the use of the cash method of accounting by businesses with average gross receipts over the last three years of less than $10,000,000 came into effect by virtue of Revenue Procedure for years ending on or after December 31, This provision is somewhat complex and does not apply to businesses that come within certain codes of the North American Industry Classification System (NAICS). The ineligible industries are involved in mining, manufacturing, wholesale trade, retail trade or certain information industries. The NAICS codes are available on line at by selecting "subjects A to Z," then selecting "N" and finally selecting "NAICS (North America)." Obviously, the excluded industries are those that deal in goods rather than services, for the most part. An exception at the other end of the spectrum is provided for in Revenue Procedure which permits even corporations that sell goods to use the cash method of accounting if their average annual gross receipts do not exceed $1,000,000 for each of the prior tax years ending after December 16, The relatively small amount of 2
3 gross receipts permitted for this exception effectively prevents it from having the impact on economic growth that it could. The fact that a taxable entity must recognize accounts receivable as if they were actual receipts under the accrual method of accounting will not create problems as long as the total of its accounts payable equals or exceeds the total of its accounts receivable since the accounts payable will be treated as if they were actually paid when they are merely accrued under the accrual method of accounting. However, serious problems can develop when a company on the accrual method of accounting earns a profit and that profit takes the form of accounts receivable. The result is a tax liability without any cash with which to pay it. Out of desperation, the business owners in such a situation often raise cash by "selling" their accounts receivable, a practice known as "factoring." In order to entice someone to give them cash for their accounts receivable the business owners must be willing to transfer the accounts at less than their full value. The amount of such discount in the value of the accounts receivable is often 5% to 10% and this represents the return which the party obtaining the accounts expects to make on the transaction. If any of the accounts prove to be uncollectible, since the transfers are usually with full recourse, the business must buy back the defaulting account. Factoring may enable a business to meet its short-term cash needs but it is accomplished at a dear price. Although the 5% to 10% discount may sound relatively modest, it must be remembered that the net profit generated by the factored accounts may not be much larger than the discount. For example, if a company were generating a net profit of 12% on its sales and were paying a 7% discount in order to factor its accounts, the business would be surrendering over half of its profits in order to obtain cash in what would probably be a mere 30 to 60 days sooner than it otherwise would. Furthermore, once a company starts to factor its accounts it is often very difficult for it to stop. This is due to the fact that once a company factors the receivables that it generates for a month, it will have no income for the month in which those receivables come due since they will be paid to someone else. Therefore, it will likely be necessary to factor subsequent months' receivables in order to obtain cash to replace the previously factored receivables. If the business experiences even one or two poor months, the company may lack the profits with which to even cover the cost of factoring. Even if the company can cover the cost of continued factoring, the reduced revenue from factoring smaller levels of receivables due to sales declines, and the erosion of past profits due to the cost of factoring may still doom the business to failure. If small businesses were allowed the option of adopting the cash method of accounting, regardless of whether or not they sold goods, the problems associated with having to pay taxes on profits that take the form of accounts receivable would be eliminated. The justification for requiring the accrual method of accounting is to prevent businesses from distorting their profits by paying obligations in advance. However, businesses who were allowed to deduct such advance payments would merely be altering the timing of taxation rather than avoiding it since the deductions taken prematurely would not be available in subsequent years. It has already been recognized that giving small businesses the option of adopting the cash method of accounting may prove beneficial to them as evidenced by the various exceptions for small taxpayers which permit corporations to use the cash method of accounting. If such a provision is beneficial to small businesses and can help insure their survival and the job creation that results, then the provision should be extended to all small businesses. Regulations can always be promulgated to prevent outright abuse of the provisions. TAX PROPOSAL TWO: DEDUCTION OF EXPENDITURES TO INCREASE INVENTORY One of the most common misconceptions held by the American public is that if they were to start a small business that they would only have to pay taxes on monies that were actually distributed to them from their company's profits. Therefore, they figure that the degree to which they can use profits to increase their inventories they will avoid taxation on those profits until such time as the inventory is sold. This is simply not true. Under current U.S. tax law, any of a company's taxable profits that are used to purchase additional inventory by a C corporation, or organization taxed as if it were a C corporation, are taxed in the same manner as if those profits were either accumulated as retained earnings or paid out as dividends. The tax treatment of profits used by partnerships to acquire inventory may be even more troublesome to taxpayers. Partnerships themselves do not pay taxes as an entity. Rather, they file a return showing their profits, which includes a form K-1, a copy of which is 3
4 sent to each owner, allocating those profits to the partners in accordance with their partnership agreement or, in the absence of an agreement as to the allocation of profits, on the basis of each partner s ownership interest. Each partner must then report his individual share of partnership income shown on his form K-1 on his personal tax return. If the partnership income were used to buy inventory for the partnership, rather than distributed to the partners, the income still must be reported by the partners on their individual returns and they will find themselves in the unenviable position of having taxable income without having received a distribution with which to pay the taxes on it. The same tax treatment applies to entities that are taxed as if they were partnerships. Foremost among them are qualified small corporations who make an election under the provisions of I.R.C to be taxed under Subchapter S of the Internal Revenue Code and limited liability companies that elect to be taxed as partnerships under the provisions of Treasury Regulation Owners of these types of organizations who are not particularly active in their management may have no idea that the organization they have an investment in has generated profits which have been invested in inventory until they receive their form K-l after the close of the year. Unlike the situation in which a company realizes its profits in the form of increased accounts receivable, when a company realizes profits in the form of an increase in inventory, it does not then have an asset that it can factor to raise needed cash. Unless the company is in a position to borrow money to distribute to the owners to use to pay their tax liability, owners who are confronted with a tax liability on earnings used by the company to buy inventory and are unable to obtain a personal loan to cover the taxes, may be forced to file their returns showing the liability that is due, but without paying it. The taxpayer will then be required to pay the delinquent tax liability, along with relatively high interest, on installments. Of course, earnings from which the installment payments will be made will also be subject to regular taxation. This combination of installment payments with interest and regular tax payments on earnings may not leave the taxpayer much to meet his living expenses. Almost certainly business owners put in this position will be unlikely to continue to use profits to fund increases in inventory which, in turn, will stifle growth that is dependent upon expansion of inventories. Rather than discouraging small businesses from using profits to expand inventories and create growth that may be fostered by that expansion, we should be encouraging such a use of profits. This could be accomplished by a provision as simple as allowing small businesses to postpone taxation on profits to the extent that those profits were used to increase inventories. The key word in this proposal is "postpone." When companies sell the inventory that they previously acquired with untaxed profits they would be taxed on the previously deferred profits unless those receipts are further invested in still more inventory. Such a provision would allow small businesses to help finance their inventory needs with funds that would otherwise go to pay taxes, but companies who over-invest in inventory in an effort to avoid taxation would still ultimately be taxed as they liquidated their excess inventory. It does not seem likely that many businesses would be prone to abuse such a provision by continuously expanding excess inventory, since most owners would certainly prefer to have cash for other business uses or distribution, rather than acquiring inventory that they did not need. It is true that businesses could manipulate the incidence of taxable income to an extent by building inventories during highly profitable years and reducing inventories in years of little or no profit. However, rather than being an abuse of the tax law, this would seem to be sound business management made possible by a sensible tax law. To the extent that small businesses were able to survive lean times by liquidating surplus inventories acquired by tax deferred dollars earned in prior years, the country and the economy would be well served, as businesses that would have otherwise failed continue to provide jobs to workers who continue to be taxpayers rather than recipients of unemployment benefits. TAX PROPOSAL NUMBER THREE: EXPENSING RATHER THAN DEPRECIATING INVESTMENTS IN CAPITAL GOODS Just as many potential promoters of small businesses mistakenly believe that they can deduct their investments in inventory for tax purposes, they also believe that they can avoid taxation on profits by using their income to buy equipment rather than distributing the profits to the owners. Although there is some truth to this popular belief, it is not entirely true. Section 162 of the Internal Revenue Code currently permits companies to fully deduct the cost of items in the year in which they were acquired if they are not expected to last for a year or more and are "ordinary and necessary" 4
5 business expenses. Expenditures for capital assets, those that have a relatively long expected useful life, such as machinery and equipment, cannot be "expensed," the term used when an expenditure is fully deducted from taxable income in the year in which it was incurred. Rather, deductions for expenditures for capital goods must be taken in the form of depreciation over the assigned life expectancies of the goods under provisions in the Internal Revenue Code known as the Asset Cost Recovery System (ACRS). The assigned life expectancies are somewhat arbitrary in that some assets are likely to last well past their assigned lives whereas others cease to be useful prior to their life expectancies. In most cases the owners of capital assets are allowed to choose between depreciating their assets in equal installments over their expected lives, straight-line depreciation, or taking double the straight-line percentage and applying it to the underdepreciated balance, the double declining balance method. To the extent that the funds used to acquire capital goods are borrowed, no tax liability will arise in connection with the funds since borrowed money is not considered to be taxable income. However, to the degree that profits are used to acquire capital goods, those making such investments will, once again, face the situation in which taxes will be due on their profits but the monies earned will not be available with which to pay those taxes. To the degree that depreciation may be taken on the capital goods purchased, the tax liability on profits used to make such a purchase will be offset. But this will only lessen the tax problem rather than eliminate it since there will be a substantial portion of the purchase price that cannot be offset by depreciation. Section 179 of the Internal Revenue Code benefits small businesses by allowing them to expense up to $25,000 per year of expenditures in 2003 and beyond that would otherwise have to be depreciated. To the degree that the cost of an asset is expensed it will not be eligible for depreciation. Once total annual expenditures for capital goods exceed $200,000, the eligibility to expense part of the cost is phased out, thereby limiting this exception to small businesses. Obviously, lawmakers see the wisdom of allowing small businesses to take tax deductions early for expenditures to acquire capital goods, as evidenced by the options to choose accelerated depreciation and to even expense up to $25,000 of annual capital expenditures. Why is the option to expense the cost of capital goods arbitrarily set at $25,000? If being allowed to expense their entire investment in capital goods would enable businesses to increase their expenditures for those goods and thereby increase their growth and/or survival rates, it would only make sense to allow them to do it. Such a change could readily be accomplished by simply modifying the existing provisions which allow for the limited expensing of capital expenditures and either eliminating the limit or dramatically raising it. If the goal were to limit such an option only to small businesses, this could be accomplished by leaving a cap in place beyond which expenditures for capital goods could not be expensed at all. Unlike the provisions of the U.S. tax code concerning depreciation, which make it mandatory to take depreciation on capital assets beginning in the year in which they are placed in service and continuing each year over the assigned life of the asset, the option to expense capital goods should be entirely optional. The current provisions, which allow limited expensing of expenditures for capital goods, permit such expending only in the year of initial acquisition of the goods. If the law were changed to permit unlimited expensing of such purchases, it would be advantageous to permit businesses to expense their investments in capital assets at any time over the anticipated life of the asset. Under such a provision, businesses with too little income to benefit from such a tax deduction could save it for future years when they were more profitable. In fact, if unlimited expensing of investments in capital assets were permitted in a system that allowed businesses to expense as much or little of their expenditure each year over the life of the asset as they chose, such a system could replace our current provisions for depreciation altogether. As with other suggested tax law changes herein, allowing businesses to expense their investments in capital goods at their discretion over the expected life of the assets would, to a large extent, merely alter the timing of the incidence of taxation rather than eliminating taxation altogether. Businesses that elected to fully expense capital investments in the year they were incurred would realize tax savings that may be needed to help cover the cost of those investments but, in doing so, they would incur higher taxes in future years than they would have had they elected to spread the deduction out over the life of the assets. Likewise, businesses that elected to save the write offs for capital investments for fixture years might do so at the cost of greater tax liability in the earlier years of the assets' 5
6 expected lives. Admittedly, there are businesses that would wisely use their deductions for expenditures for capital goods to reduce their aggregate tax burdens. However, there are probably a lot more businesses that would take the write offs as quickly as possible in an effort to raise immediate cash, even if it meant larger tax payments in the long run. Even if this were not the case, to the degree to which businesses could use such a tax. provision to aid in their growth or survival, the federal government would still likely be a net beneficiary when the taxes collected on the salaries of workers who would otherwise be without employment are considered. Simulative tax legislation in the past has often included provisions for tax credits for investments in capital goods. For example, in the mid-1970s, to the degree that businesses invested in tangible property with at least a 3- year-life and which was an important element in the company's productive process, they were permitted to take an investment credit that was generally 10% of the amount of the expenditure, depending on the nature of the property obtained. Since tax credits may be used to offset tax liability on a dollar-for-dollar basis, rather than merely reducing taxable income, they have a much stronger favorable impact on businesses than do measures that increase the amount of depreciation that may be taken by a similar percentage. For example, if a proprietor in a 27% tax bracket were to invest $25,000 in equipment for which he could take a 10%tax credit, he could reduce his tax liability by $2,500 as a result of the credit. Whereas, if that same party were merely allowed to take an extra 10% depreciation in the year of acquisition, he would merely reduce the amount of income to which he must apply the 27% tax rate by $25500and his net tax reduction would be only 27% of$2,500, or $675. In recent years, investment tax credits have largely been limited to special situations such as the credit for expenditures necessary to comply with the Americans with Disabilities Act that is available to small businesses provided for in IRC. 44. However, the rationale for the more general investment credits of past years is still valid today. Not only do general investment credits provide some capital to businesses with which to acquire the capital goods they need to survive and grow, but, to the degree that new investments are stimulated by the investment credit, companies that supply the capital goods also prosper and grow. Increased growth and prosperity by businesses result in increased employment which generates more income for the federal government to tax and offset the revenue lost due to the tax credits. Perhaps it is time to take another look at tax credits, at least for small businesses. TAX PROPOSAL NUMBER FOUR: THE RIGHT TO ACCUMULATE SIGNIFICANT RETAINED EARNINGS AT A LOW TAX RATE Consumers seeking financial advice from books, magazines, radio talk shows, television shows or personal consultants are almost universally advised to accumulate a cash reserve equivalent to several months of living expenses with which they can survive periods of illness or unemployment. Similar advice would be good for small businesses. However, we do little to encourage businesses to retain earnings with which to meet their needs during lean economic times. Corporations that do not elect to be taxed as partnerships, as provided for in Subchapter S of the Internal Revenue Code, and are, therefore, taxed under Subchapter C of the Internal Revenue Code and are known as "C corporations," are permitted to accumulate a certain amount of retained earnings. The amount of earnings which C corporations may retain cannot exceed the reasonable needs of the company or LRC. 531 will cause the excess to be subjected to an accumulated earnings tax equal to the highest marginal tax bracket for individuals. Fortunately, L.R.C. 536 allows most C corporations to accumulate earnings of $250,000 without any question as to whether the amount is in excess of the corporation's reasonable needs. Companies that can demonstrate a genuine need to retain earnings in excess of $250,000, using the criteria set forth in the Internal Revenue Code, will be permitted to further accumulate the appropriate retained earnings without having to pay the accumulated earnings tax. Although the retained earnings provisions offer some tax relief to C corporations, the relief is not complete. Even earnings that are retained by C corporations are still subjected to corporate taxation. The tax relief comes by not forcing the corporation to distribute its after-tax earnings to shareholders in the form of a dividend which would then be further taxed when they filed their tax returns. 6
7 In practice, most small businesses that are C corporations avoid the double taxation that arises when corporate profits are distributed as dividends by simply paying sufficient tax deductible salaries and bonuses to owners, who are employed by the company, so that the corporation does not show a profit. Of course, the recipient of the salary and bonus must pay income taxes and social security on them. With individual income tax brackets in the U.S. reaching as high as 38.6% for 2003, it is quite possible that the income tax liability, plus the combined employer's and employee's shares of Social Security, could exceed 40% of the portion of an owner/employee's salary that is taxed in the recipient's highest income tax brackets. Since the first $50,000 of taxable corporate income is taxed at only 15% and no social security taxes are levied on corporate income, it may be appealing to owners of a C corporation to forego bonus payments sufficient to allow the corporation to realize a taxable income of $50,000, pay the 15% corporate income tax, and retain the remaining 85% of the income as working capital or emergency funds, as long as the company's retained earnings do not exceed its reasonable needs. The alternative would be for the owners to take their bonuses, pay their taxes and then make an additional capital contribution to the corporation with the approximately 60% of their bonus remaining after taxes. Some may still choose the alternative rather than face the prospects of taking the capital out at a future date and having it taxed as a dividend. It is time for Congress to develop retained earnings provisions that are clearly beneficial to small businesses and are available to all of them. Since there is no incidence of taxation at the entity level for proprietorships, partnerships, or entities choosing to be taxed as partnerships, such as S corporations, they do not even have the limited retained earnings provisions available to them that the C corporations currently have. If businesses and their owners could avoid taxation of corporate profits to a degree by allowing the businesses to retain earnings to finance expansion or to prepare them for the periods of economic stress that are inevitable for virtually every business, there is no question that businessmen would take advantage of that opportunity. Improved growth rates and higher survival rates for small businesses would be inevitable. Measures designed to place maximum limits on the amount of retained earnings that a business could avoid taxation on would be necessary, as would other limitations designed to prevent abuse of the provisions. Of course, to the degree that businesses later distributed retained earnings that had not been previously taxed, the distributions would then be subjected to taxation. With provisions in place to tax previously untaxed retained earnings when they are withdrawn from the company, measures allowing a relatively liberal amount of tax deferred retained earnings would appear to, once again, merely affect the timing of the taxation on those earnings rather than exempt them from taxation altogether. However, once a business uses its retained earnings to meet shortfalls in paying its bills, or funds an advertising campaign, develops a new product line, or otherwise embarks on some sort of expansion program, the funds will be consumed and unavailable for distribution. To a large extent, companies would likely use their retained earnings for programs designed to enhance their business reputations, a concept referred to as "goodwill." Such expenditures often lead to increased sales and higher profits which will generate tax revenues but the actual goodwill generally remains on the company's books and does not generate a direct source of funds for distribution until such time as the assets of the business are sold or the business is liquidated. Upon liquidation, it would not be unreasonable to require business owners whose businesses had benefited from tax deferred retained earnings that remain untaxed and who then received distributions from the liquidation, to recognize the distribution as taxable income until the previously deferred retained earnings were fully offset. Such tax treatment would seem appropriate even if the funds distributed could be traced to the liquidation of assets that had been acquired with capital contributions of the owners. In essence, the tax deferral on retained earnings should be viewed as if it were a conditional capital contribution to the business by the federal government which, upon liquidation, is to be given priority as to repayment. Since successful businesses may well operate for decades or even centuries, it is entirely possible that the period of tax deferral on these companies retained earnings will last for a very long time. As a result, the Treasury will suffer some decline in revenue due to allowing small businesses to defer taxes on retained earnings. However, this should not be cause for alarm since there are so many potentially beneficial developments that are likely to result from a healthier economic environment for small businesses. 7
8 CONCLUSION In a recent speech to the National Economists Club on February 14, 2005, Gregory Mankiw, Chairman of the President's Council of Economic Advisors, discussed tax reform and stated that tax code changes would continue to be made to 'make the tax code simpler, to make it more fair, and to further promote growth and job creation." There is little reason to believe that additional Keynesian tax changes would create more new jobs in the United States. Now is the time to amend the current laws so that they create a more favorable economic environment in which small businesses can survive and grow since America's small businesses account for over two-thirds of its net jobs created each year. To the extent that the federal government levies taxes on the profits of small businesses, those funds will not be available to the companies to sustain them and to finance growth. When small businesses fully utilize their profits to support expansion, often without even realizing what the consequences of what they have done will be, they leave themselves and their owners with taxable income but with no cash with which to pay the taxes. In essence, our current tax laws punish small businesses that undertake aggressive growth programs rather than rewarding them. It is time for Congress to enact measures that help provide small businesses with a source of capital rather than draining them of the vital cash that they need. Such measures would not require government handouts or loans but, rather, would for the most part, merely entail postponing the taxation of business profits so long as those profits remained in the business to help insure its survival and growth. These proposed tax measures should be very cost effective. They largely involve mere postponement rather than elimination of taxation. Even to the degree that the measures result in specific reductions in federal tax collections, their net effect should be quite positive overall. In light of the ability of small businesses to create so many new jobs in the U.S., even a modest improvement in the small business survival rates should translate into millions of new jobs and billions of dollars of tax receipts from the workers' wages. REFERENCES 1. Bureau of Labor Statistics. 2. Economic Agenda, Remarks at Macroeconomic Advisers Washington Policy Conference by Dr. N. Gregory Mankiw, September 9, 2004 (http://www.whitehouse.gov/cea/economic-agenda.html). 3. Economic Report to the President,2004, Francis, David R. Simplified Tax Code: A Tough Sell, Christian Science Monitor, October 24, 2005, p Why the Rich Get the Most Tax Goodies, Christian Science Monitor, May 22, 2006, p Groshen, Erica L. And Simon Potter. Has Structural Change Contributed to a Jobless Recovery, Current Issues in Economics and Finance, Federal Reserve Bank of New York, August 2003 (Vol.9 No.8), 7. Helyar, John. 50 and Fired, Fortune, May 16, 2005 (Vol.151No.10), pp Hilsenrath, Jon E. and Sholnn Freeman. So Far, Economic Recovery Tilts to Highest-Income Americans, Wall Street Journal, July 20, Internal Revenue Code. 10. Ip, Greg. Job Data Might Be a Salve for Bush, Wall Street Journal, August 8, 2005, p. A Parker, James O. Tax Power for the Self-Employed: Straightforward Advice from an Expert, Naborville, Illinois: Sphinx Publishing Co., The Real Estate Investor, Naborville, Illinois: Sphinx Publishing Co., Tax Smarts for Small Business, Naborville, Illinois: Sphinx Publishing Co., Schreft, Stacy L. and Aarti Singh. A Closer Look at Jobless Recoveries, Federal Reserve Bank of Kansas City, Economic Review, 88, No.2, pp Schweitzer, Mark. Another Jobless Recovery? Federal Reserve Bank of Cleveland, Economic Commentary, March 1,
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Searched file: food safety programs names
*Filename: food safety programs names.zip
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*Uploaded: 02/18/2015 14:21:31
*Type: WinZip
*Supported OS: All
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Universal lever operated gummed tape dispenser.
The gummed paper tape dispenser is designed to make warehouse tasks much easier and save time. When boxes need to be sealed for storage or shipping, it is essential to ensure that tape is not needlessly wasted. In addition, the time taken for the packing and shipping process should be kept to an absolute minimum. These tape dispensers are designed to save time and eliminate waste. There is never any need to worry about sealing cartons by hand, because the pull & tear models are easy to use, while the lever operated system ensures only the required amount of tape is dispensed.
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Got every system in my network up and running with SEP12 now except 1!
This client is error during install, well to be more specific it claims its getting interrupted and rolls back the install. Windows logs show an EventID 11708.
I did a little digging and found some posts from 2008 about a suggested method of using a tool called SCSCleanWipe to remove all traces of symantec products, as some aspect of a previous install is causing the issue.
Is this still a valid resolution? If so where can I locate the current version of this software. If not what recommendation do you have for this situation.
For reference this system only had SEP 11 installed and maybe Corp 10, but I do not have that record handy.
Sep 2, 2011 at 10:20 UTC
I did not find anything conclusive. There are many possible causes for the install to fail.
First thing I would do is, run the SEP Support tool. The is a checkbox to run a Preinstall check. See if any errors come up when running the check. If that fails to provide any useful info, follow these steps.
18 Replies
Sep 2, 2011 at 8:28 UTC
To help us troubleshoot the issue, please post the SEP_INST.log.
From start - run - %temp%\SEP_INST.log, search for Return Value 3 and post the 10 lines above the return value 3.
If you happen to need to Cleanwipe tool, you will have to open a case and request the tool from support.
Sep 2, 2011 at 8:39 UTC
File contained 2 instances of desired search term
MSI (s) (C8:D8) [15:11:28:175]: Executing op: ActionStart(Name=ShowServiceProgress,Description=Executing install script via service,Template=[1])
MSI (s) (C8:D8) [15:11:28:175]: Executing op: CustomActionSchedule(Action=ShowServiceProgress,ActionType=3073,Source=BinaryData,Target=ShowServiceProgress,CustomActionData={A4C6A6D3-7221-458F-A52B-BA6011F550EF};SOFTWARE\Symantec\Symantec Endpoint Protection;Executing install script via service;)
MSI (s) (C8:2C) [15:11:28:222]: Invoking remote custom action. DLL: C:\WINDOWS\Installer\MSIF3.tmp, Entrypoint: ShowServiceProgress
ScriptGen: ShowServiceProgress() MSIRUNMODE_SCHEDULED
1: LinkAllExecutables 2: 0
ScriptGen: ShowServiceProgress() calling WaitForSingleObject(scriptStarted) ...
ScriptGen: ShowServiceProgress() WaitForSingleObject(scriptStarted) returned WAIT_OBJECT_0
ScriptGen: ShowServiceProgress() script execution failed.
ScriptGen: ShowServiceProgress() reset script failure event.
ScriptGen: ShowServiceProgress() is returning an error (so close to the end!)
MSI (s) (C8:D8) [15:12:56:891]: User policy value 'DisableRollback' is 0
MSI (s) (C8:D8) [15:12:56:891]: Machine policy value 'DisableRollback' is 0
Action ended 15:12:56: InstallFinalize. Return value 3.
MSI (s) (C8:D8) [15:13:50:127]: Executing op: ActionStart(Name=installFailure.87654321_4321_4321_4321_210987654321,Description=Logging install failure,Template=[1])
MSI (s) (C8:D8) [15:13:50:127]: Executing op: CustomActionRollback(Action=installFailure.87654321_4321_4321_4321_210987654321,ActionType=1281,Source=BinaryData,Target=installFailure,)
MSI (s) (C8:00) [15:13:50:158]: Invoking remote custom action. DLL: C:\WINDOWS\Installer\MSI11B.tmp, Entrypoint: installFailure
IDCCA: Failed to set property IdcXmlPath to C:\WINDOWS\TEMP\idc.xml (6)
IDCCA: Machine ID: 939fef567a5033d984658b4a67f3c7198a0b068
IDCCA: HttpQueryInfo: 200 OK Error: 0
MSI (s) (C8:D8) [15:13:54:863]: Executing op: End(Checksum=0,ProgressTotalHDWord=0,ProgressTotalLDWord=0)
MSI (s) (C8:D8) [15:13:54:863]: Error in rollback skipped. Return: 5
IDCCA: SETI::CUploadFile::logout200 OK
MSI (s) (C8:D8) [15:13:54:894]: No System Restore sequence number for this installation.
MSI (s) (C8:D8) [15:13:54:894]: Unlocking Server
MSI (s) (C8:D8) [15:13:54:894]: PROPERTY CHANGE: Deleting UpdateStarted property. Its current value is '1'.
Action ended 15:13:54: INSTALL. Return value 3.
Sep 2, 2011 at 8:53 UTC
yes i believe the cleanwipe utility is still available from their community site at symantec.
Sep 2, 2011 at 9:01 UTC
Nothing is jumping out at me from the logs. Can you attach the complete log here in the thread?
@ momurda, the Cleanwipe tool is only available from support. Our policy does not allow for the tool to be posted publicly on the Connect forum.
<edit> Adding: How to get the CleanWipe tool (Endpoint Removal)
Sep 2, 2011 at 9:14 UTC
No problem! I even attempted to clean out username, etc
Sep 2, 2011 at 10:20 UTC
I did not find anything conclusive. There are many possible causes for the install to fail.
First thing I would do is, run the SEP Support tool. The is a checkbox to run a Preinstall check. See if any errors come up when running the check. If that fails to provide any useful info, follow these steps.
Sep 2, 2011 at 10:55 UTC
Yeah. Cleanwipe should do it. It will reboot the PC twice, but its worth it to stop the headache.
Sep 2, 2011 at 1:41 UTC
1) Meets the requirements. Support tool reports everything fine
2) Power Eraser only found legit applications (circuit programming software)
3) Tried as local user as well as domain admin. Even installed Live Update separately beforehand
4) This unfortunately is one of the dell systems and I need to find the disc to run SFC
Sep 2, 2011 at 2:35 UTC
There is a manual uninstall document if you do not want to go the Cleanwipe route.
Sep 2, 2011 at 2:40 UTC
I just found this KB that may be related. Take a look.
Sep 6, 2011 at 7:33 UTC
Managed to try step 4 (sfc) and it didn't indicate any problems.
Guess cleanwipe is the next step, the manual steps are well... numerous and manual :)
Sep 7, 2011 at 9:26 UTC
Wont let me submit a case to try and obtain the cleanwipe utility. Keeps asking for "Technical Contact Id, Support Number, or Technical Case Id"
Looked over my documentation I have for it and I just have Customer number and fileconnect serial codes.
Sep 7, 2011 at 9:36 UTC
PM me your Company name, address and contact information.
I will see if I can get you the Contact ID.
Sep 7, 2011 at 10:01 UTC
Though in the process of looking up the info for you, I found my support ID on... go figure.. my license cert for 2011.
Always seems to happen, not finding the thing your looking for until you start looking for something else.
Sep 9, 2011 at 12:49 UTC
Unfortunately running cleanwipe did not resolve the issue for this client.
The next action I am going to try is running the instal from the SEP disc as an unmanaged. My previous attempts had been with a package made from SEPM.
I don't suspect there is anything currently infectious on the system (had SEP11 on it prior) but I will run some in-depth scans with multiple products to be sure
Sep 9, 2011 at 12:57 UTC
Running some addition scans is a good idea. You might want to add the Symantec Power Eraser and the SERT utility to your list of tools.
PE - http:/
SERT - http:/
Sep 13, 2011 at 9:54 UTC
Switching to use the support contact from symantec, although the issue is not resolved for this workstation (I have a new list of things to try, but have been unable to dedicate time to that) I want to thank you Thomas for trying your best. In my oppinion whatever is causing this issue is a very unique case that will just take some time/testing to identify exactly the offending conditions.
Sep 13, 2011 at 10:10 UTC
Hi Craig,
Your very welcome, I just wish we had more success. I hope you find a solution quickly, and please let us know when you find root cause.
This discussion has been inactive for over a year.
You may get a better answer to your question by starting a new discussion.


text:
Tuesday 21 January 1958
It was Tuesday, under the sign of Aquarius. The US president was Dwight D. Eisenhower (Republican).
Famous people born on this day include Miguel Alejandro in New York City and Frank Ticheli.
In that special week of January people in US were listening to At The Hop by Danny & The Juniors.
In UK Great Balls Of Fire by Jerry Lee Lewis was in the top 5 hits.
The Enemy Below, directed by Dick Powell, was one of the most viewed movies released in 1958
while By Love Possessed by James Gould Cozzens was one of the best selling books.
On TV people were watching New York Philharmonic Young People's Concerts.
But much more happened that day: find out below..
You can also have a look at the whole 1958 or at January 21 across the years.
Old Newspapers
Have a look at the old newspapers from 21 January 1958 and get them!
Which were the most popular movies released in the last months ?
TV Series
Which were the most popular TV series released in the last 30 days ?
Find out your future
Get a FREE Numerology report based on the digits of 21 January 1958!
Wish him/her..
Historical Events
Which were the important events of 21 January 1958 ?
- National Hugging Day
- Catholicism - Feast day of Saint Agnes.
- Mauritius - Thaipoosam Cavadee.
- UN Arms Day
Famous Birthdays:
- Miguel Alejandro in New York City: New York, USA; actor (Popi).
- Frank Ticheli: American composer.
- Charles Onyango-Obbo: Ugandan author, journalist, and former Managing Editor of The Monitor, a daily Ugandan newspaper.
- Gareth Branwyn: American journalist and critic.
- Michael Wincott: Canadian actor.
- KMOT TV channel 10 in Minot, ND (NBC) begins broadcasting
- The last Fokker C.X in military service, the Finnish Air Force FK-111 target tower, crashes, killing the pilot and winch-operator.
Music Charts
Which were the top hits in that special week of January 1958 ?
Top #10 songs in the USA
Search For Your Ancestors
Subscribe to our Newsletter
Don't miss our monthly news, no spam guarantee Click here to Subscribe
...and if 21 January 1958 was your Birth Date then Join our Birthday Club!
Make this date unforgettable
Genealogy: find out your family heritage
Magazine Covers
What news were making the headlines those days in January 1958?
- Life: Senator Lyndon Johnson
- Time: TIME Magazine Cover: Frank Pace Jr. -- Jan. 20, 1958
- SportsIllustrated: Sports Illustrated: no.7547
Which were the most popular books released in the last weeks ?
Remember when
What videogames would you be playing back in the days ?


text: 10/02/08 10/02/08 POPSUGAR Fashion Karl Lagerfeld Kris and Karl Blurr The Line Between Body Art and Jewelry October 2, 2008 by coutorture 0 Shares Chat with us on Facebook Messenger. Learn what's trending across POPSUGAR. View on One Page Photo 7 of 7 Start Slideshow ADVERTISEMENT () Share This Link Copy What's Your Reaction? Thanks for your reaction Don't forget to share this with your friends! ← Use Arrows Keys → 7 Previous Next Kris Van AsscheParis Fashion Week Spring 2009Body ArtSpring 2009FeatureTattoosKarl Lagerfeld


text:
Need to amplify your acoustic guitar? There are so many models currently available the choice can be overwhelming. This guide will inform you on how to choose the pickups and other gear to amplify your guitar that serves your sound, best.
Category: Guitar/Banjo etc.
9 Tips for a Productive Guitar Practice
Virtually every guitarist out there, famous or not, has experienced at some point the feeling that he needs to progress or that he is stuck in some routine. Learn how to make your practices more efficient.
Pickin' and Grinnin'
Bluegrass traces its roots to British folk music and African American gospel and blues…
Stuck Trying to Learn a Song? Try the Loop Method
Taking a short segment of a musical piece and playing it repeatedly in rhythm, without stopping, is called the loop method and it is the best way to learn..
How to Set up Your Guitar
Below are four essential steps on how to set up a guitar. These are steps typically performed by a store technician or luthier. Removing the mystery behind the steps..
Top 5 Bass Lines & How to Play Them
Top 5 Bass Lines & How to Play Them The bass is often an overlooked instrument, but it shouldn't be. The bass provides powerful bass lines, which hold a song together or can even take the lead. Bass lines and grooves give the song its rhythm and help give the other instruments freedom to roam. […]
Alfred's Ultimate Easy Play-Along
Alfred's Ultimate Easy Play-Along series for guitar features easy-to-play arrangements (in TAB and notation) of guitar parts as played on classic original recordings
Essentials for Every Musicians' Gig Bag
Todd Hobin breaks down his personal gig bag and shows what the essentials for every musicians' gig bag should be. A majority of the gear is everyday stuff like: pens, paper, cough drops and various other little things
Rhythm Guitar Exercise Tip & Lesson
This rhythm guitar exercise is a must for anyone looking to get a stronger rhythm in their skill set. Chuck shows how easy and simple it is to strengthen your rhythm playing
Guitar Case Tip
Want to know a really quick guitar case tip? It's really simple and easy to the point it's almost obvious, but it could be the difference between damaging your instrument and costing your hundreds.


text:
Current Round
Min Deposit: 1.00 Max: 20 Skins
steam market csgo
Sie versprechen euch zu helfen, in Wahrheit bestehlen sie euch: Mehrere Addons für Google Chrome sind darauf ausgerichtet, euer Steam-Inventar zu plündern und eure Skins in Counter-Strike: Global Offensive zu plündern.So when he was given the IP of a TeamSpeak server to join, he didn't think twice. After all, competitive players have been using TeamSpeak, Mumble, Ventrilo and Skype for years: joining IPs is almost part and parcel of any good FPS on PC. Team Fortress 2 is a few hours away from receiving one of its biggest updates yet. The Gun Mettle update will offer a campaign to players, providing two contracts per week for three months, giving them specific challenges to fulfill. If you're good enough, you'll be awarded with a brand new weapons case, which contains juicy new weapons that sport unique skins.
Der Junge wurde am Donnerstag vergangener Woche verhaftet, wie die norwegische Polizei bekannt gab. Er soll einen entsprechenden Trojaner installiert haben und sich am Rechner der Opfer Zugriff auf den Steam-Account verschafft haben, um die CS:GO-Skins anschlie?end durch ein gro?es Netz an Zwischenaccounts zu tauschen (sogenannter 'Scam') und letztendlich für bares Geld gewerbsm??ig an den Mann zu bringen.The U.K. Gambling Commission, which regulates betting, declined to comment on individual providers but said any site offering gambling services to British residents must be registered."With us, people cash out the money they are getting from each sale. Some can make a lot of money out of it," he explained. New Counter-Strike skins are rewarded randomly, earned by completing challenges, or bought through the Steam Community Market—and every day, between 10,000 to 15,000 items are exchanged on OPSkins' site. Some of those items sell for thousands of dollars. The most expensive item, a virtual knife, sold for $5,000.It's time for Esports to embrace regulated betting and gaming, to shut down these questionable operations or to force them to regulate themselves in the same way as traditional gambling operators, or it risks losing its shirt.A new post on the Malwarebytes blog points out a new threat targeting Steam users who are using the "Steam escrow" – or as Valve calls it, the "Steam trade hold" – system. As is often the case with these sort of threats, the one uncovered by Malwarebytes security researchers and highlighted by Jovi Umawing uses a website that looks and acts like Steam's new system.
For all practical purposes it's a 50/50 split, but once you get into decimal places, female PC gamers do slightly outnumber males. Women represent 50.2 percent of PC gamers across all genres, including social (Facebook, Kongregate), versus 49.9 percent for men. The scales dip slightly further toward women when it comes to the RPG genre, with 53.6 percent of the market made up of women, while men represent 46.5 percent. In the FPS and MMO genres, however, 66 percent of players are men.Valve delayed the CS:GO beta, which was due to launch in October, because of feedback given by professional Counter-Strike 1.6 players."As a one-time customer service gesture, I have reversed the actions that were committed while your account was compromised," the email sent to Souvlis from Valve reads. "Any Community Market listings that you had listed were also removed and returned to your inventory. We will not restore stolen items again."The Operation Wildfire event, which runs through to June 17, gives everyone access to seven new community maps, including Tulip, Cruise, Coast and Empire, in addition to the spruced-up Nuke. However, if you're willing to pay the $6 entry fee, the Operation Wildfire Access Pass comes will a host of new features.But what of these "intuitive layout changes"? The details can be perused over on this rather thorough blogpost, but whole sections of the map have been removed (such as the middle tunnel in the yard) while the bomb site has been shifted to another corner of the map.
There's also an argument to be made that since Valve is making a killing off these cases, it naturally feels incentivized to devote more resources to post-release development of the game. During the past year the game has seen the addition of a new weapon, hitboxes, culling, animations, and more. This support has made the game better, and is part of the reason why the game is so big it can challenge Dota 2's concurrent player count.If you've got a decent number of bullets left in your magazine and think an enemy is close, don't start reloading and get caught with your pants down. Reloading takes time, and you should only do it when you think you're safe from enemy fire. If you run out of bullets in a firefight, switching to your pistol is going to be much quicker than trying to reload mid-fight.
Our weeks-old, St. Louis -based CS:GO server has hosted lively Steam events about twice a week. We run custom maps exclusively because the community has somehow produced 1,000 of them for CS:GO since adding Steam Workshop support last month. I earmarked my early favorites in February, but new favorites have already emerged, like the cs_sauna remake.It goes a little something like this: Weapons can be acquired through playing the game, paying to open "weapons cases," buying them through the marketplace, or trading with other Steam users. The amount that people are paying for weapons determines weapons' value, and special graphs associated with each weapon show you at a glance how much you can expect to buy or sell them each for.My next dealer admits that he perhaps goes a little overboard with his CS:GO trading. When you buy a "key" to open a weapons case in Global Offensive, you're presented with a spinning gambling dial, which flicks around until it eventually lands on your winning weapon.Since then, his CS:GO trading has involved finding expensive weapons in cases, trading them for more and more expensive weapons with other users, and then plugging all that money back into more cases.Recently Steam users and developers began to discover that gifting in Russian and Commonwealth of Independent States (CIS) regions no longer worked outside of particular regions. Soon it became evident that Southeast Asia, South America, and Turkey were also affected. The short version? No more trading between those areas and Western territories like the United States. The long version, as uncovered by intrepid souls on Reddit, is quite comprehensive: These restrictions appear to apply to all games, regardless of specific locks (or a lack thereof) publishers might've had in place.It's the PC shooter fans who are (predictably) the most skeptical about the controller's ability to provide a good enough experience. Watching both Portal and Counter-Strike, many gamers noted that large view swings like a 180-degree turn could only be achieved with multiple swipes of the thumb. Though Valve will unquestionably allow players to adjust the sensitivity of the pads, one wonders why the controller's first video wouldn't show such precision if it were possible. Could the pad be too small to allow accurate aiming over a full 360 degrees in just a single swipe of the thumb? To some, that question is all-important in deciding whether this could ever potentially threaten the mouse for PC shooters.The controller is still a long way out from release, however, and the fine-tuning that will define its last few months of development will surely change its functionality quite a bit. Particularly, pointer acceleration could play a prominent role in taming twitchy FPS games — that is, changing the sensitivity depending on the speed and size of the swipe. This would allow both large and minute adjustments, but it does take some getting used to. And if there's one thing PC shooter fans don't want to do, it's adjust to anything different.
Game Skins son efectos visuales que cubren la apariencia de armas o personajes del juego y se activan directamente en el juego. Skins son, en efecto, gráficos personalizados que permiten a los jugadores destacarse unos de otros dentro del juego. En 2007, Team Fortress 2 lanzó su propia colección de sombreros. Luego vino la era de 2 juegos gratis con sólo skins no invasivas (no hay ventaja en el juego aparte de la estética por lo que los jugadores están a la par). Hoy, juegos como TF2, CS:GO, LoL han basado su modelo empresarial en ellos, permitiendo a sus creadores desarrollar su producto incesantemente, mediante el uso de skins.I love the husband/wife dynamic here. While both of them are gamers, she's obviously nowhere near as excited about the roll as he is. This is what my wife looks like every time a new Hatsune Miku game comes to the States, complete with kid-considerate sushing.Valve oddly makes betting incredibly easy in the game itself. One can buy cases that have randomly won weapons upon opening, which the keys to open also cost money. Those weapon skins can be easily transferred to third-party pools, or websites, to be either sold or put into a 'pot' to be won by betting on different professional and semi-professional CSGO matches. There is a wide variety of websites that offer ways to use your weapon skins as collateral, and currency, to gamble and place bets.The most comparable keyboard to the Cooler Master is the Razer BlackWidow. Although the switches are branded Razer Green, they're produced in partnership with Kaihua Electronics, which has been making switches for almost as long as Cherry has. The Green switch is the rough equivalent of the Cherry MX Blue, with a slightly higher actuation point, and a heavier touch.
CS:GO is a first-person shooter game that puts players in the position of being various this means that these "skins" are used to decorate the weapons wielded by players. The ability to trade skins arose from Valve Corporation's Steam marketplace and some skins are rarer and more difficult to obtain than others providing prestige and value to them. As a result, some rare skins can sell for over $10,000. However, most virtual items go for much less, amid them keys used to unlock item boxes in the game sell for approximately $1.ʏһҳúm4a4 skins
Ђһҳúcsgo trading


text:
The European Central Bank cut interest rates a quarter point to a record low of 0.5pc and threatened to punish banks for hoarding funds, but was faulted for doing too little to pull Europe out of deep recession.
by Ambrose Evans-Pritchard, The Telegraph:
Yields on 10-year German Bunds fell to an all-time low of 1.16pc, signalling the risk of a deflationary crisis and a slide towards outright depression.
Mario Draghi, the ECB's chief, said the bank "stands ready to act" with further stimulus if needed but insisted that the economy would recover "later this year".
The bank failed to deliver the expected measures to alleviate a serious credit crunch for small firms across Southern Europe, agreeing only to study possible options.
"They are a long way behind the curve. A quarter point cut is a drop in the ocean at this stage and nothing that Draghi said will turn things around," said David Owen from Jefferies Fixed Income.
Please follow SGT Report on Twitter & help share the message.


text:
Update at 9:42 a.m. ET: The defense has called its first witness, a crime scene investigator who processed items seized from Anthony's bedroom.
TRIAL: Defense focuses on DNA evidence
Original posting: The defense is to call its first witness today in the Florida murder trial of Casey Anthony, who is accused of killing her 2-year-old daughter, Caylee, three years ago.
Livestreaming video of the trial will begin in On Deadline at 9 a.m. ET.
Anthony, 25, has pleaded not guilty to a charge of first-degree murder in the death of the toddler.
Prosecutors in Orlando charge that Caylee was suffocated by her mother with duct tape. Anthony could face a death sentence if convicted.
The defense contends Caylee drowned in her grandparents' swimming pool and her body was disposed of by her grandfather. Her skeletal remains were found in December 2008.
Doug is an unrepentant news junkie who loves breaking news and has been known to watch C-SPAN even on vacation. He has covered a wide range of domestic and international news stories, from prison riots in Oklahoma to the Moscow coup against Mikhail Gorbachev. Doug previously served as foreign editor at USA TODAY. More about Doug
Michael Winter has been a daily contributor to On Deadline since its debut in January 2006. His journalism career began in the prehistoric Ink Era, and he was an early adapter at the dawn of the Digital Age. His varied experience includes editing at the San Jose Mercury News and The Philadelphia Inquirer.
Also: Follow On Deadline on Twitter


text:
- Bribery and corruption are related terms.
- Corruption: -- is a practice of giving a bribe in the form of money, goods or privileges in return for a service.
- Bribery: -- is an act of giving money, material goods or services to someone to influence the recipient to give underserved favour. It is aimed at influencing a decision to favour.
- Bribery is a form of corruption. - Corruption is some kind of moral degeneration. A practice whereby someone uses his/her influence in an activity that is not morally acceptable. - Example of corruption include promotion by a senior for a favour, colluding to miss work, use of government vehicles to attend to personal matters.
- In Kenya, Kenya Anti Corruption commission KACC is a national body formed to fight corruption.
- Unemployment — one will bribe to secure employment
- Greed for money — caused by peer pressure, poor moral values, wrong ethical foundation about money etc
- Fear — fear of being imprisoned
- Ignorance — giving bribes ¡n form of gifts
- Disintegration of traditional African values
- Lack of moral integrity— no Christian values, one having no spiritual basis
- Frustration in the place of work
- A perverted conscience
- Leads to injustice
- Leads to incompetent supplies of goods or services being awarded hefty contracts — leads to poor services e.g. road construction
- Poor infrastructure, poor public service delivery
- Leads to undermining moral fabric of society — leading to social hopelessness and despair
- Has led to lack of trust in public servants, and the government
- Discontentment among people
- Degrades the personality of an individual 8. Can lead to imprisonment and loss of job


text:
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