OK, so the ARR Alaska
Railroad records 685-miles of “qualified track”. Qualified means
that track which undergoes routine maintenance activities like the
application of harsh chemicals for weed control. Don't eat those
berries, and if you or the dog piss red after a walk along the
rail...! Anyway, Internal Revenue Code 45G – which was most
recently extended again with the Bidden & McConnell “Fiscal
Cliff” slug fest negotiations, it allows for a tax deduction of
$3500 for each mile of “Qualified Track” if that “track” is
assigned to another entity and that entity picks up the bill for
performing the required maintenance, including applying that cancer
causing pesticide. Now the ARR - whose board membership includes Bill
Sheffield who still can't decide which side of the fence he is on
politically, which causes him to endure annoying nosebleeding - well
it can't utilize this “tax credit” like a private entity can so
miraculously transfers this tax incentive to one of two private
entities that operate here in the “Lost Frontier” and utilize the
rail for business. Now according to the public relations kiosk over
at the “depot”, the ARR cannot divulge who this private entity
is, as even though this is a state with a constitution that forbids
secrecy in government, the ARR board was allowed to pass some dire
strait “forbidding laws” that allows for secrecy. But it is not
rocket science trying to figure out to whom this “secret” entity
finds ownership and taking advantage this tax haven transfer. So
let's see if we can “Name that Corporation”? We have the Koch
Brothers that utilize the rail, for shipping refined products up and
down the contaminated rail right-of-way. Honestly, when the Alaska
Railroad went up for sale as a condition of “statehood” as before
“We're In” it was under the jurisdiction of the Federal Railroad
Act, well there came “One” interested investor, but that interest
could not get the state to issue an immunity clause with respect to
“NO Liability” due the contaminated 685-mile right-of-way that
was then a consideration as a candidate under the Super-Fund Act. So
this entity laughed all the way back to the lower-48 and the state
was left with picking up the pieces, and today we have the “Secret
Alaska Railroad Corporation” that has never ended up showing a
profit, not without Uncle Sam through Don Young “pork” sweetening
the pot – the latter incorporating the CEO's hefty salary. Imagine,
running a business that makes not a profit yet getting a weekly
paycheck that is out of this world because the ARR has been the
United States' “Bail Me Out” poster child for how long? Doesn't
make sense in my book. And if this is not the Koch dynasty that
enjoys the “qualified Rail” tax haven transfer, then the other
user would have too be none other then Joe Uselessbelli, the guy that
ships coal cheaper to Korea then what can be bartered for by the
Defense Logistics Agency to keep “OUR” troops warm! No wonder the
Alaska ARMY bases are on the chopping block, as greed can sink even
“Big Wild Ships”. Now when we reconsider the “Board”
affiliation, it is very well politically endowed, so must cringe on
the fact that even though it remains out of bankruptcy due a yearly
infusion of Uncle Sam welfare in the tune of $45-million, the fact
that it cannot contribute to political WAR chests - like for Don
Young when Don goes to bat to keep that ARR government welfare check
a reality - it must bug the executive branch, as everybody else can
contribute according to Citizens-United! But with the ARR, it is a
state entity and that requirement for “No Political Contributions”
satisfies “separation”. Yet like anything else over-time, high
paid CEO's are always looking for a loophole and it appears the
“Rail” boss and his posse have found a ways and means to
“contribute”, even with the ban in effect. See, whether it is the
Koch suckers or Joe's coal cars that takes advantage this “tax”
write-off incentive, there is an imbalance in the equation. The ARR
gets a check in the tune of $4.8-million for this “Track”
assignment and performs the required maintenance, wherein Joe or
Charlie gets to write-off 50% of that maintenance fee, or
$2.4-million is secured away from Uncle Sam. Now for reasons
suspicious, the entity that gets this tax deduction bonus is also
handed over a gift, in the tune of $2.7-million in “transport
credit” from the ARR board of directors! The ARR “gives” this
“”transport credit” as part of the “agreement”. Look
nothing is free! So Joe or Charlie gives the ARR board of directors –
maybe Bill carries the check over to the depot, at least that keeps
him away from the Port – and in return there is issued a credit
equaling more then the balance, or $4.8-million in finds $5.1-million
in return? That's a 6.25% Return-on-Investment - per year. I guess to
some the ARR is a decent bank, when we have before us a tanked
economy. Remember, nothing is “free” in this day and age. Now in
the tax code world, this “extra” is all a gift, as it is not
revenue form services rendered, once again nothing is “free” in
capitalized America. So one could argue that $2.4-million is “awash”,
for the track maintenance expenditures not covered by the “tax”
deductions allowed under IRC 45G. But up to now there is one happy
recipient that is left with an additional $300,000, as a gift! So
guess what is more likely then not happening to this gift? It is not
revenue but an asset that must be accounted for. Look, it is well
known that the Koch suckers have contributed “$millions$ to help
wipe out Obama and wipe out unions. This extra “loot”, this
“gift” from the ARR board of directors serves no useful business
purpose whatsoever, as if the ARR can throw away money. It the U.S.
Taxpayers' money, give it back to Uncle Sam, give it back to the
taxpayers - its rightful owner. Look, it raises suspicion. So the
best way to hide this “gift”, as a political donation. In
ending, this does not surprise me as the Alaska Railroad has been
getting away with fraud the last 6-years, with the money it receives
for “commuter rail” services that is a big fat joke like lie. And
when finally they were caught by someone that is trying to make a
difference in Congress and making sure the U.S. Taxpayers are not
screwed left, right and in between, wherein this money was about to
be chopped – because it was “fraud” money - the board ran and
hid behind Don Young. And what else can we expect accept more
pilferage upon the U.S. Taxpayers and Don smiling all the way to
retirement under the coconut tree! For those that would like to take
this on, here is what the ARR kiosk informed:
"I
checked with our accounting and legal departments for information to
respond to your inquiry. For purposes of the Internal Revenue Code
§45G, ARRC entered into an agreement with a customer where the
customer paid ARRC $4.8 million for maintenance expenses performed by
ARRC and others on its mainline; these expenses met the IRS
definition of qualified track maintenance expenses as defined in
that internal revenue code section. The agreement also required
that ARRC provide a credit to the customer for shipments on the
railroad in the amount of $2.7 million. The agreement specifies
that ARRC may not disclose who the customer is without prior
consent. The qualified track miles include our mainline, sidings and
yard track, totaling about 685 track miles."
In ending, the state's attorney general should be investigating this, to see if that “transport credit” is a ways and means to hide political contributions. If not, then why are we so generous and giving the hen-house away?
In ending, the state's attorney general should be investigating this, to see if that “transport credit” is a ways and means to hide political contributions. If not, then why are we so generous and giving the hen-house away?
Brought to you by the
MickPrick Show, where everyone is a victim!
No comments:
Post a Comment