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Readers Respond: Taxation nation

BY HBSDEALER Staff

The following are responses to an HCN Daily item about Herman Cain’s 9-9-9 tax plan, built around a 9% business tax, a 9% individual tax and a 9% national sales tax. It would also eliminate the mortgage interest deduction.] 

“I’m for [the 9-9-9 plan]. What no one is talking about is the undercurrent of money from illegal activities that this plan will catch and tax at least 9%. Currently no revenue is generated from this source. Would it be great if this didn’t exist? Yes. Is that realistic? No. This plan will catch money on BOTH sides of the ball. Wages being paid to illegal residents will at least get caught when they spend their wages and money earned by persons engaged in illegal activities will get taxed when they spend it. The underground economy will always exist, and it is being taxed at 0% right now.”
— Kent Porter
Porters Building Centers
Kearney, Mo.

"Almost anything is better than what we have. His plan is simple, fair and will spur economic growth. I think any criticism of his plan or others similar is spurred from a misconception that too little tax revenue is our problem. There is already too much tax revenue. The problem is an oppressive government growing on credit terms at our expense. No government in history has ever been close to this big, and it was unsustainable years ago. Herman Cain’s solution is great for the revenue side. I hope he has a great plan about the spending side and the massive shrinkage of government that must happen if we are to survive.”
— Jeff Wilson

“In my discussions about this plan, most people forget that it is supposed to eliminate all other federal taxes, thus simplifying and lowering some things in our life. I’ve asked numerous young people and they are against it, thinking that now they will pay more in taxes until I ask them if they buy gasoline, fly on a plane, or use a cell phone. To which they say, ‘I didn’t know all those had federal taxes on them.’ Like most things, the media plays people to whatever slant they land on. I’m still undecided for a couple of reasons:

“1. Will they ever really eliminate other taxes, permanently?

“2. Will there be a ceiling that the 9-9-9 [plan] will never increase?”
— Erv Sweet

“What are the unintended consequences of the plan?

“No deductions for that home improvement loan and 9% more cost added to building materials. We know how quickly a 10% increase kills a category in the store.

“No tax on used merchandise?  How long before an ugly underground economy immerges that skirts building codes.”
— Tom Fromelt

 

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Growth-minded Marvin’s secures $20 million credit facility

BY Ken Clark

Leeds, Ala.-based Marvin’s Building Materials and Home Centers closed a five-year, $20 million revolving secured credit facility. The financing was provided by Wells Fargo Bank.

“Marvin’s was looking for a financial partner to provide stability and guidance in our banking matters,” said Gregg Denny, Marvin’s CFO. “The Wells Fargo team was very knowledgeable regarding the retail industry and offered Marvin’s an asset-based credit facility, which met our long-term strategic objectives.”

During September, Marvin’s announced a new store in Fayetteville, Tenn., that will be the first of at least two new stores planned for Marvin’s in 2012. It will also be the first new-store format in Tennessee. The company opened two new stores in Monroeville, Ala., in May and a third opened in Eufaula, Ala., on Oct. 14. 

Marvin’s is a family-owned business founded in 1945 by Marvin Cohn in Gadsden, Ala.  It is now actively operated by Mike and Dan Cohn, the third generation of the family. Marvin’s currently operates 27 stores in Alabama, Mississippi and Georgia and was named the 2010 Retailer of the Year by Home Channel News.

 

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U.S. backs Whirlpool in anti-dumping case

BY HBSDEALER Staff

Appliance maker Whirlpool prevailed in a preliminary finding by the U.S. Commerce Department that foreign producers in South Korea and Mexico — including Samsung Electronics and LG Electronics — violated United States and International trade laws by “dumping” bottom-mount refrigerators in the United States.

The Oct. 27 ruling found company-specific dumping margins for four Mexican producers: Samsung at 36.65%, LG at 16.44%, Mabe at 36.21% and Electrolux at 19.80%. In Korea, manufacturer Samsung was hit with a 32.2% anti-dumping duty, and LG received a 4.09% penalty.

As a result of the Commerce Department’s action, affected importers will be required to post bonds as security for possible future payment of anti-dumping duties if United States’ wholesale sales prices on bottom-mount refrigerators are not raised to fair value.

Manufacturer Samsung released a statement after the ruling saying it is in compliance with U.S. trade laws and expects to ultimately prevail.   

“The Department of Commerce took exception to the manner in which Samsung provided certain information and, as a result, made adverse assumptions in its calculations of the anti-dumping margins. However, the Department of Commerce has requested that Samsung provide the needed information in a different form, which it has agreed to consider before issuing its final determinations. We intend to present factual data and information to that end during the full investigation.” 

The Commerce Department said it is halfway through its investigation, and will seek further information from the companies being investigated and conduct a full audit before the final determination. These results are expected in March 2012. On the successful completion of this case, the United States government may assess duties against United States imports from South Korea and Mexico of bottom-mount refrigerators.

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