Category Archives: business news

Pence pledges to release tax returns … and Trump?

tax-return-form

Mike Pence isn’t exactly “going rogue,” to borrow a phrase coined eight years ago by another candidate for vice president, former half-term Alaska Gov. Sarah Palin.

But the Indiana governor — and the Republicans’ nominee for vice president — is saying something his running mate isn’t saying.

He plans to release his personal tax returns before Election Day.

It’s a departure — and a welcomed one at that — from the refusal by GOP presidential nominee Donald J. Trump to release his tax returns.

Pence assures us it will be a quick read once they returns become known. I believe him.

Trump’s returns — which also should be released for public review — seem to present some issues for the GOP presidential nominee.

Is Trump as rich as he boasts? Has he given anything to charity? Has he paid his “fair share” of income tax, or any at all?

I welcome Gov. Pence’s decision to release his returns.

I do not, though, expect Gov. Pence to talk his running mate into following suit.

City takes an astonishing turn

downtown

Maybe I’m easily amazed.

Whatever.

My amazement is focused on what I have perceived to be a remarkable about-face at Amarillo City Hall. It involves the city’s focus on its downtown business and entertainment district. It has gone from a hands-off public policy to a definite hands-on approach.

I am utterly convinced the entire city will reap the benefit.

My wife and I arrived in Amarillo in early 1995 to start a new life — and to continue a life we started when we arrived in Texas 11 years earlier.

We saw a downtown district that was, to put it charitably, in a state of suspended animation. Downtown was in shabby condition. In addition to the Barfield Building and Herring Hotel — two significant structures that have been rotting ever since — the city had the vacant Santa Fe Building with which to contend.

Then the light bulb flickered on at the Potter County Courthouse. County Judge Arthur Ware finagled a deal to purchase the Santa Fe Building for $400,000. He then secured a state historic preservation grant to pay for a renovation of the magnificent 12-story structure. The project was completed — and the county moved some of its offices into the Santa Fe Building.

That might be considered the start of downtown Amarillo’s revival.

City Hall’s outlook, though, remained standoffish. Mayors Kel Seliger and Trent Sisemore seemed uninterested in getting involved directly with downtown revival. They preferred to let private business take the lead. The city might lend support — if it felt a project merited it.

Little happened over nearly a decade.

The pace has accelerated tremendously in the past decade. How did it come about? I believe it has been the result of a more activist City Hall approach.

The city launched a Strategic Action Plan, which produced a vision for the downtown district. It created Downtown Amarillo Inc. Center City became even more of a player. The city created the Tax Increment Reinvestment Zone. The Amarillo Economic Development Corp. invested sale tax funds to help some of these projects along.

Meanwhile, private businesses — apparently sensing the energy coming from City Hall — began a series of tangible improvement projects. New bank branches went up. A convenience store was built. The old Fisk Building was turned into a business hotel.

The momentum was building.

Then came the Embassy Suites hotel project. Plans took root to build a parking garage. And, oh yes, we have that multipurpose event venue/ballpark.

Along the way, some folks started expressing anger. They didn’t like the way the city was proceeding with some of these projects. They alleged “secrecy,” which I believe was a dubious accusation.

Sure, we had some serious misfires. Wallace Bajjali — the master development firm hired to oversee downtown’s resurrection — went kaput overnight. That, too, fueled the anger. Well, WB is long gone.

But the movement is continuing.

The City Council has gone through a serious makeover. There have been some more hiccups, mostly created by tensions among some of the council members.

Is all this amazing? Yes it is.

I do not want the city to turn away from its new course.

The city is going to ask voters to approve more than $300 million in infrastructure improvements, just as it asked voters to approve a referendum to build that MPEV downtown.

There are times when local government can step in — and step up — when it perceives a need.

Amarillo saw the need to boost its downtown district. Believe this: When this project is done — as every U.S. community that has taken this kind of proactive approach has learned — the entire city will reap the reward.

Tax returns, Mr. Trump … tax returns

hillary

Hillary Rodham Clinton and her Democratic running mate, Tim Kaine, have released their tax returns.

Now it’s time for Donald Trump and his running Republican running mate, MIke Pence, to do the same.

http://www.msn.com/en-us/news/politics/clinton-releases-2015-tax-return-prods-trump-to-do-the-same/ar-BBvyxbS?li=BBmkt5R&ocid=spartandhp

This issue will not go away. Nor should it as long as Trump continues to hide behind some kind of phony excuse about the Internal Revenue Service audit.

IRS officials say an audit doesn’t prevent someone from releasing returns to the public.

Here’s an interesting twist to the Trump refusal to do what other presidential candidates have been doing since 1976: it’s that he has been insisting that President Obama release his academic records at Harvard; he bitched about the president’s birth, insisting that he release his birth certificate to prove he actually was born in the United States.

Now, with the focus on his own tax returns — and his continuing boasts about how rich and successful he has been — Trump refuses to let us all in on what should be public knowledge.

How much is he really worth? How much has he given to charity? How much does he pay in taxes? What is the nature of his foreign investments?

We’ve seen Hillary Clinton’s returns. She and her husband made a lot of money this past year. They also paid a significant portion in taxes. They gave to charity, although most of that charitable giving went to their foundation.

It’s your turn, Donald Trump.

Still trying to grasp the ‘problem’ with the economy

USEconomy1

I must need to crack open a few economics books.

The U.S. Labor Department released its monthly jobs numbers this past Friday and they came in quite well.

The economy added 255,000 non-farm private-sector jobs; the unemployment rate remains at 4.9 percent. The jobs figures helped stimulate the stock market as investors — for a day at least — demonstrated confidence in the economy. The economy has added 14 million jobs since Barack Obama became president.

Is that bad news? Really?

But then we hear the politicians.

The economy stinks, they say. Republican presidential nominee Donald J. Trump is leading the gloom-doom amen chorus by telling us how “incompetent” the government has been during the past eight years.

Sen. Bernie Sanders, of course, kept up the mantra during his unsuccessful bid for the Democratic Party presidential nomination. Too much wealth belongs to too few Americans, he said. We have to spread it around, he said; we have to break up those big banks.

I keep hearing how “terrible” the economy is doing. What I hear, though, doesn’t quite match up with what I see.

I live in a section of Amarillo, Texas, that is undergoing a significant business and residential expansion. My wife and I drive north and south all the time along Coulter Street and are amazed at the transformation we’ve witnessed during the two decades we’ve lived here.

We joked just this weekend about how we had moved into our newly built house in late 1996 when it literally was one block from the edge of urban civilization. Everything west of us was pasture land. That’s it! Cattle grazed a block from our front door.

Today? We see nothing but rooftops for as to the horizon.

Businesses are springing up like the crab grass that envelops fescue lawns in this part of the world.

OK, I get that the economic recovery could be stronger. I read the economists’ reports telling us of their concern that the economy could tank at any moment.

None of this, though, matches up with what I’m seeing in this city where we live.

What in the world am I missing?

About those tax returns, Mr. Trump

tax-return-form

Let’s revisit an issue that seems to have re-entered the debate over Donald J. Trump’s presidential candidacy.

Tax returns.

The Democrats’ vice-presidential nominee, Tim Kaine, brought the issue up again Wednesday night while accepting his party’s nomination. He asked out loud and in front of the nation why the GOP nominee won’t follow custom and release his tax returns.

He wondered — again out loud — whether Trump is hiding anything from the public whose votes he is seeking.

There’s no law requiring presidential and vice-presidential nominees to reveal their tax returns to the public. It has become a custom since the 1976 election between President Ford and former Georgia Gov. Jimmy Carter.

For four decades, candidates have released this information for public review.

Kaine and others have wondered many things about Trump’s personal financial information.

* Is he as rich as he says he is? I mean, he boasts constantly about his vast wealth.

* Is he giving sufficient amounts of his income to charity?

* Is he — as Sen. Kaine wondered — paying his “fair share of taxes”?

* Are there some foreign investments that need careful scrutiny? Hasn’t the candidate vowed to “put America first”?

* Does the real estate mogul have some connection with Russia, which has become a serious discussion point in recent days?

Trump has said he can’t release his returns because of an on-going audit. Internal Revenue Service officials say an audit does not preclude someone from releasing his or her returns.

Who’s lying here? I tend to believe the IRS version of what’s allowed and what is not.

Trump’s campaign is based in large part on his business acumen. He says he wants to do for the country what he’s done in private business. If that’s his major selling point, well, it seems to me that the public has a right to examine precisely what he has done in his business life.

The public also has the right to determine whether the income he has earned and the taxes he has paid match up the way they should — and must — for all the rest of us.

The nominee has said he’s “on your side.” Let’s see for ourselves.

Sometimes old makes way for new

polk street

This picture is of a building that’s coming down on Polk Street,  near Seventh Avenue, in downtown Amarillo.

A friend of mine, Wes Reeves, snapped it and posted it on social media earlier today.

I’ve known Reeves for many years and I have developed a keen affection for his own love of local history and things that are old and worth preserving.

Reeves loves old buildings. He believes communities must honor their past by doing all they can to preserve those vestiges of history.

He also noted as he posted this photo that there’s some good news accompanying the demolition of something old. It is that Amarillo is getting something new: a brew pub that is planned to be built in the city’s evolving downtown business-and-entertainment district.

Which brings me to the point here.

It is that the city is changing its central district personality.

Is the city going to forsake every single shred of history? Good heavens, no!

Amarillo already has preserved the historic Fisk Building and turned it into a classy hotel. Potter County has renovated the exterior of its courthouse, along with restoring and reviving the Santa Fe Building. There will be plenty of other restoration projects ahead; I’m hoping — along with the rest of the city — for eventual restoration of the Barfield Building and the Herring Hotel.

The new features, though, ought to be as welcome here as efforts to preserve the old ones.

And no doubt about it, we’re getting plenty of new business.

Yes, downtown is changing. That change necessarily means we have to make way for the change. If it involves the occasional removal of something old that no longer is functional, well, I’m all for that, too.

Let the change continue.

City’s landscape taking on new look

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I attended a luncheon meeting today atop the Chase Tower in downtown Amarillo.

The office building looms 31 floors above the ground and from the top floor you can get a tremendous look across many miles of the sprawling Texas Panhandle landscape.

I chose to look down, though.

Peering east from the top of the tower I was struck once again by the vast change that’s occurring across the street from the Civic Center and City Hall.

The Embassy Suites hotel superstructure has been topped out next to the performing arts center. Next door is that parking garage that’s going to provide parking for several hundred vehicles along with some retail space on the ground floor.

My amazement continues to be at the sight of all that heavy construction downtown, the cranes towering over the sites.

We’ve lived here for more than two decades. During almost our entire time as residents of Amarillo, my wife and I have seen nothing approaching the level of activity that’s proceeding at this moment.

For too long the city appeared indifferent to the vitality and economic health of its central business district. Does that make as little sense to others as it does to me, that the city wouldn’t want to develop a clearly defined strategy to improve its downtown district?

Amarillo did that a few years ago when it ratified its Strategic Action Plan.

I am gratified to see the progress that is underway downtown.

I’ll reiterate that the progress looks pretty impressive when you can look at it from the top of downtown Amarillo’s tallest structure.

Downtown Amarillo opens another venture

Fresh Vegetables at market

Amarillo’s downtown district is undergoing significant change, perhaps even more dramatic change than we’ve witnessed at City Hall during the past year or so.

Amarillo Community Market opened today.

It brings together artisans and food producers to sell produce and assorted goods to customers who wander downtown to browse and buy. Check out the link right here:

http://mix941kmxj.com/the-amarillo-community-market-opens-on-july-9th/

Will this concept succeed? Will it flourish? Will it become part of downtown’s fabric?

No one knows.

However, it does remind me of the kinds of urban projects that have succeeded over many years. I like to use my hometown of Portland, Ore., as an example where a touch of innovation can take root and grow into something quite grand.

Portland’s Saturday Market began more than 40 years ago at the west end of one of the many bridges that span the Willamette River. It was little more than a small flea market — or a glorified yard sale.

Today? It’s huge, man. It has become part of Portland’s urban culture.

I’m not a futurist. I cannot predict what’ll happen in the next day, let alone in the next year, or next decade.

But the signs of change in Amarillo’s thinking about its downtown district give me hope that there might be a place for a Community Market to grow into something significant for the city.

Hey, come to think of it … aren’t we still planning to build that multipurpose event venue downtown?

Gosh, the MPEV well might serve as the perfect venue for this Community Market once it’s complete.

Don’t you think?

Here’s a sign of inflation

Aristotelis-Onassis

Some financial wizards are speculating that computer marketing genius Bill Gates could become the world’s first trillionaire.

His net worth today is around $75 billion. He might be able to add another $925 billion to his portfolio by the time he checks out, according to at least one guru.

http://www.msn.com/en-us/money/markets/a-silicon-valley-mogul-says-a-world-with-trillionaires-is-inevitable-%e2%80%94-heres-how-itll-happen/ar-BBu1hus?li=BBnbfcN

Whenever I see stories like this, or lists of the world’s richest people, I cannot help but think of this bit of financial trivia that I’ll share with you now.

The Greek shipping mogul Aristotle Onassis died in 1975. At the time of his death he was rated among the top two or three richest men on Earth. He was known actually more for the fact that he married the former first lady of the United States, Jackie Bouvier Kennedy.

He and another Greek shipping magnate, Stavros Niarchos, occasionally swapped places annually — kind of in the manner that Bill Gates does today with Warren Buffett or Carlos Slim.

Onassis’s estimated wealth at the time of his death?

Oh, it was about $600 million.

That ain’t chump change as I understand the meaning of the term.

For Gates and some of his other fellow billionaires, though, Onassis’s portfolio comprised, well, walkin’-around money.

Whatever. It’s all way out of my league. As John Wayne said in the film “Big Jake”: Times change.

So much for principle, yes, Mr. Speaker?

trade

I guess you could have predicted this switcheroo.

Former Speaker of the U.S. House of Representatives Newt Gingrich has performed a 180-degree flip on free trade. He now agrees with the Republican presumptive presidential nominee Donald J. Trump.

Free trade is a bad thing, Trump says. It steals jobs from American workers and ships them out to places like China and Mexico, he says.

Gingrich, though, was one of the architects of the North American Free Trade Agreement, which opened the door wide to free trade among the United States, Canada and Mexico.

Then the party’s presumed nominee came calling with a possible vice-presidential selection in mind.

Now it’s the former speaker who says he agrees with Trump on trade.

This kind of switch isn’t new, of course. Politicians do it all the time.

My favorite switch involved one of my favorite Republicans, a man I admire very much. George H.W. Bush once was considered a tried-and-true pro-choice Republican on abortion. Then the party’s nominee tapped him on the shoulder in 1980 and said, in effect, “If you want to run on our ticket, you have to become a pro-life guy on abortion.”

Bush did and he joined Ronald Reagan on the GOP’s winning 1980 ticket.

http://www.politico.com/story/2016/07/newt-gingrich-trump-trade-vice-president-225035

Trump has accused U.S. political and business leaders of “stupidity” in allowing free trade to pilfer U.S. jobs. Does that include Gingrich?

I guess not.

It’s interesting nevertheless because Gingrich always has struck me as a politician dedicated to core principles and to partisan orthodoxy. Free trade is part of the Republican mantra, while Trump’s view of GOP trade policy has angered many within the party’s establishment mainstream.

Go figure.

Let’s be sure to check in with Gingrich if Trump picks someone else to run with him.