A former Caterpillar executive says in a lawsuit he was punished for calling out the company about sketchy tax practices — demoted and threatened with termination if he didn’t take the allegedly lesser job. The man accuses the company of using accounting tricks to avoid paying $2 billion in federal income tax. [More]
Government Policy
The Potential Tax Perils Of Catching A Historic Baseball
By 7.12.11
If you’re a dreamer who totes a baseball glove to a ballgame and seeks bleacher seats in hopes of catching a home run ball, you may want to consider the tax implications of your whimsy. The man who chased down the home run ball that was Derek Jeter’s 3,000th hit — and gave it back to Jeter — may face financial peril because of the windfall of swag the Yankees showered upon him. The IRS may consider the free season tickets and signed merchandise the team gave the man to be taxable income. [More]
1950's Kool-Aid Commercial Drinks Itself
By 7.11.11
Here’s a retro Kool-Aid commercial from a simpler time. Back when the Kool-Aid man was just a jug with a condensation face that talked. No busting through walls. he just chilled there like a good friendly value sitting on a table. Children and adults just whistled at one another to signify that it was Kool-Aid time. And mothers spoke very precisely and articulately. Ahhh. [More]
Macy's To Pay $750K For Selling Hoodies With Drawstrings
By 7.11.11
When I was a young thing, the drawstring on your hooded sweatshirt was something to chew on or play with while being bored to death in school. But as of 2006, such drawstrings have been considered strangulation hazards in children’s clothing. That, however, didn’t stop Macy’s from selling hoodies, jackets and other kids’ clothing with drawstrings, which is why the retailer now has to pay a penalty of $750,000. [More]
Mass. City To Refund "Gay Marriage Penalty" That Hits Public Employees
By 7.11.11
The IRS has a way of punishing people for getting married, but the marriage penalty hits gay public employees harder than straight couples. Unlike their straight counterparts, gay workers who place their spouses on employer-provided health insurance have to pay taxes on the benefits that can add up to $3,000 a year. Cambridge, Mass. will use a stipend to refund the “gay marriage penalty” to city workers affected. [More]
TSA Screener Accused Of Stealing $50K In Electronics From Travelers
By 7.8.11
As if worrying about having your private parts groped — or being scrutinized and mocked — by TSA screeners wasn’t enough, yet another airport security staffer has been arrested and accused of using his position to pilfer thousands of dollars worth of travelers’ treasures. [More]
Treasury Prints Less Money As Credit Card Use Climbs
By 7.8.11
Last year, the Treasury Department didn’t even bother printing any new $10 bills. [More]
Phoenix Suburb Plans To Turn Dog Waste Into Electricity
By 7.8.11
(Warning: This post includes Tucson-Phoenix sh*t talking). I’m not sure what sort of reputation the Phoenix area has in the rest of the country, but those in my hometown of Tucson associate the locality with dog excrement. Officials in the Phoenix suburb of Gilbert are making the best of their bumper crop by planning to use dog poop as a power source for a street lamp at a dog park. [More]
NHTSA: Hybrids & Electric Vehicles Are Silent But (Possibly) Deadly To Pedestrians
By 7.7.11
One of the first things most people notice when driving or riding in a hybrid or electric vehicle is just how much quieter the engine is compared to your standard gasoline engine. But the folks at the National Highway Traffic Safety Administration are worried that these cars might be a little too quiet for passing pedestrians. Thus, NHTSA is looking for ways these vehicles can alert pedestrians to their presence. [More]
Beware These Credit CARD Act Loopholes
By 7.7.11
Protections offered by the Credit CARD Act of 2009, which demanded more transparency and established tighter rules for credit card companies, have left some loopholes that expose users to potential exploitation. Credit card-offering banks, which rarely miss an opportunities to use credit to manipulate customers, are taking advantage of the law’s shortcomings. [More]
The TSA Is All Worried About Surgically Implanted Bombs
By 7.6.11
The threat of drinking water and toothpaste has been securely locked up in a plastic sandwich bag. And those new-fangled scanners can see if you’re carrying a huge knife and/or grenade in your crotch. But a new threat has the TSA focusing its interest on something that its fancy electronics and grabby hands can’t detect so easily: Surgically implanted bombs. [More]
Airlines Can't Convince Court They Are Being Overcharged For TSA Screening
By 7.6.11
Even though the screeners at airport security checkpoints in the U.S. are employees of the Transportation Security Administration and those fancy new see-through-your-clothes machines are technically paid for by the feds, the airlines still have to fork over hundreds of millions of dollars per year for security theater. Several of them claim the TSA is overcharging to the tune of $115 million. An appeals court disagrees. [More]
GM, Chrysler, Toyota Warn That Higher-Ethanol Gas May Void Warranties
By 7.5.11
Even though gasoline containing upward of 15% ethanol content (E15) hasn’t come on the consumer market, the government has already finalized the labels that will be affixed to pumps carrying the fuel, a sign of E15 will likely make it to your local gas station at some point. Now Bloomberg reports that nine automakers, including GM, Chrysler and Toyota have warned regulators that putting E15 in your tank may void your vehicle’s warranty. [More]
Michigan Inmate Sues Because He's Denied Porn
By 7.5.11
A 21-year-old Michigan inmate has filed a lawsuit that contends he’s been stripped of civil rights because he isn’t allowed to look at porn, claiming his lack of access to the material gives him a “poor standard of living” and “sexual and sensory deprivation.” [More]
Exxon Mobil Ordered To Pay $1.5 Billion Over Maryland Gasoline Leak
By 7.1.11
A jury in Baltimore County, Maryland, has ordered petroleum giant Exxon Mobil to pay $1.5 billion in damages to residents and businesses of a town affected by a gasoline leak in 2006. [More]
JetBlue Now Offering Access To Speedier Security Lines For A Fee
By 7.1.11
Access to expedited security lines has generally been something that the largest airlines offer to their first class and business class passengers. But JetBlue, which has no first or business class seats, has just begun offering a service — for a fee, of course — that gives travelers access to the TSA fast lane at 14 airports. [More]
Chase Drops Thousands Of Debt Collection Cases Against Borrowers
By 7.1.11
Chase is dropping thousands of pending debt collection cases against defaulted credit card borrowers, WSJ reports. Remember the big deal over robo-signing foreclosure cases a few months ago? The problem of bulk signing sloppy paperwork, and, in some case, filing fraudulent documents, could be even bigger when it comes to credit cards. It looks like JP Morgan Chase is trying to get its house in order before they’re forced to by government and legal forces. [More]
