CITY-COUNTY OBSERVER “MOLES” EXCITED ABOUT UPCOMING “ANNUAL COMMUNITY SERVICE AWARDS” LUNCHEON”
CITY-COUNTY OBSERVER “MOLES” ARE EXCITED ABOUT UPCOMING “COMMUNITY SERVICE AWARDS”LUNCHEON”
EVENT IS COMPLETELY SOLD OUT
SEPTEMBER 19, 2024
When the City-County Observer was created 20-plus years ago an interesting phenomenon happened. Â After we published our first newspaper we started receiving several non-solicited news tips from several civic-minded individuals who were interested in our mission of encouraging “Good Public Policy.”
In appreciation of our past and present newsworthy contributors (MOLES). Today our contributors are 179 strong. Â We designed a fun and creative award named in honor of our valuable news contributions which we present to individuals honored at our “Annual Community Service Award Luncheon.” Â To say the least, the “MOLES” awards have become a highlight at our awards ceremony.
PHOTO: The 2024 EDITION OF THE CITY-COUNTY OBSERVER “MOLE TROPHIES” ARE READY TO BE PRESENTED TO OUR 2023 “COMMUNITY SERVICE AWARD” WINNERS
QUICK BACKGROUND LESSON ABOUT OUR “MOLES”
We originally called our newsworthy contributors “MOLES.” Â Some people called them by different names such as rats, finks, traitors, snitches, and a variety of other non-printable names. So that we could give them a more sophisticated title we recently renamed them “Newsworthy Contributors.”
From day one, we pledged that we would never let anyone know the identity of any of our anonymous “Newsworthy Contributors” We are proud to say that we have kept this pledge and shall continue to do so. Â In fact, the only person who has direct knowledge or contact with our “Newsworthy Contributors” is the CCO Publisher and you can rest assured that the list of our anonymous “Newsworthy Contributors” remains safe in his possession in life or his passing.
Our “Newsworthy Contributors” were originally called “MOLES, “ mainly from local City and County government employees. Â Today they come from all walks of life regardless of race, color, creed, economic and educational background, or political, religious, or sexual persuasions. ÂCurrently, we have 173 anonymous “Newsworthy Contributors.”
The History and Implications of Taxing Unrealized Capital Gains
The History and Implications of Taxing Unrealized Capital Gains
by JOE Wallace
AUGUST 26, 2024
Introduction
Taxation of unrealized capital gains, the practice of taxing the increase in value of assets before they are sold, has been a subject of significant debate. While the concept of taxing these gains may seem like a logical approach to ensuring that wealthier individuals pay a “fair share” of taxes, its implementation has historically been fraught with economic challenges. This article delves into the history of taxing unrealized capital gains, particularly in European nations during the 1970s and 1980s, exploring specific examples, the outcomes of these policies, and the potential consequences if such policies were to be reintroduced today.
Historical Context and Examples
The idea of taxing unrealized capital gains gained traction in several European countries during the economic turbulence of the 1970s and 1980s. Governments were grappling with high inflation, economic stagnation, and widening income inequality. In response, they sought to increase tax revenues by targeting the wealthy, who often held significant portions of their wealth in appreciating assets like real estate and stocks.
One notable example is Sweden, which in the late 1970s introduced a tax on unrealized capital gains as part of broader tax reforms aimed at curbing inflation and promoting economic equality. The policy was designed to tax the paper profits of assets that had increased in value, even if the asset holders had not realized those gains by selling the assets. However, the policy quickly encountered significant challenges.
The Swedish experience revealed that taxing unrealized gains created severe liquidity problems for asset holders, particularly those with non-liquid assets such as real estate. Many taxpayers found themselves in the paradoxical situation of owing taxes on wealth that they could not access without selling their assets. This led to a chilling effect on investment, as individuals and businesses became wary of acquiring or holding onto assets that could expose them to substantial tax liabilities without a corresponding increase in cash flow. By the early 1980s, the policy had been repealed due to its adverse effects on investment and economic growth.
Another example can be found in Germany, where a similar approach was attempted in the 1980s. The German government sought to tax unrealized capital gains as part of a broader effort to stabilize the economy and reduce income inequality. However, the policy faced widespread opposition from the business community and was criticized for its complexity and potential to distort investment decisions. The administrative burden of assessing and collecting taxes on unrealized gains proved to be enormous, leading to significant inefficiencies in the tax system. The policy was ultimately abandoned, as the economic malaise it caused outweighed any potential benefits.
Outcomes and Lessons Learned
The experiences of Sweden, Germany, and other countries that experimented with taxing unrealized capital gains offer important lessons. First and foremost, such policies tend to create liquidity issues for taxpayers, forcing them to sell assets prematurely or take on debt to cover tax liabilities. This can lead to a decrease in overall investment, as individuals and businesses become more cautious in their financial decisions.
Moreover, the administrative complexity of taxing unrealized gains cannot be understated. Accurately assessing the value of assets, particularly those that do not have a readily available market price, is a daunting task. This can lead to disputes between taxpayers and tax authorities, as well as increased costs for both the government and the private sector.
Another critical outcome is the potential for economic distortion. When taxpayers are penalized for holding onto appreciating assets, they may be incentivized to engage in inefficient financial behavior, such as selling assets before they are ready or shifting their investments to avoid the tax altogether. This can lead to misallocation of resources and reduced economic growth.
Conclusion
The historical attempts to tax unrealized capital gains in countries like Sweden and Germany serve as cautionary tales. While the goal of increasing tax revenues and promoting economic equality is laudable, the unintended consequences of such policies can be severe. The liquidity issues, administrative burdens, and economic distortions that arise from taxing unrealized gains have repeatedly proven to outweigh the potential benefits.
If a nation were to reintroduce a tax on unrealized capital gains today, it would likely face similar challenges. Policymakers would need to carefully consider the potential impact on investment, economic growth, and the overall efficiency of the tax system. While the idea of taxing unrealized gains may appeal to those seeking to reduce wealth inequality, history suggests that the practical difficulties and economic risks associated with such a policy make it a less-than-ideal solution.
In conclusion, the history of taxing unrealized capital gains demonstrates the importance of balancing the desire for increased tax revenue with the need to maintain a healthy, functioning economy. Should any nation consider implementing such a policy in the future, it would be wise to learn from past experiences and approach the idea with caution, ensuring that the potential consequences are fully understood and addressed.
EVSC Ask For Assistabe to Help With Growing Population OF Haitian, Marshallese, and Spanish Students
Greetings Community Partners and Friends,
We are excited to be gearing up for the new school year!
To support our growing population of MLL students and families, we are asking for your support next week.
REQUEST: If you are an individual or organization who is bi-lingual or multilingual or provides these supports, we would love your help with translation/interpreting.
Our top three languages are Haitian Creole, Marshallese, and Spanish. We have 50 plus nationalities, so we are not limiting additional languages.
FOOTNOTE: This e-mail was sent out to Community Partners, Friends, and other interested supporters of EVSC. Reliable sources tell us there are approximately 1,400 Haitian, Marshallese, and Spanish students enrolled in EVSC.
EDITORIAL: “ADVERSITY BRINGS STRENGTH”
“ADVERSITY BRINGS STRENGTH”
After 60 years I shared a stroll down memory lane of the area of my birth home that brought back memories of the painful past.
After all these years the Jimtown area political games remain the same but the names have changed. Most of the housing stock located on East Iowa, East Franklin Street, and the adjoining East Michigan Street area are sub-par, to say the least. Many of the people living in that area struggle each day to eke out a mere existence. Poverty has always run rampant in that area, and many households experience alcohol and drug abuse problems, many homes in that area are single-family dwellings.
Many children in that area go to bed hungry and lack appropriate health and dental care, and clothes compared to the children living in the more affluent areas of Evansville are extremely embrazzing
This area is a prime example of years of lack of economic support from City Hall. Jimtown has always been a breeding ground for crime, corruption, and failure.
I have been watching the progress of the Jimtown area for over 6 decades and still realize that the games are the same but the names have changed.
You would be stunned to learn that many adopted the motto that “Adversity Brings Strength” and we don’t need “Hand Outs Butt A Helping Hand”.
I’m sad to see that my birth home has deteriorated even more over the years with no improvement in sight. To make a point that the late and great Elvis Presley wrote and sang a song titled “IN THE GETTO.” This song says it all about the condition of the located on East Iowa, East Franklin Street, and the adjoining East Michigan Street area
1 Warehouse fire
2 Street and sidewalks
3 crime rate
4 unemployment
5 HOSING stock is deployable
2024 West Side Nut Club Founder’s Day Event shells out over $700,000 to local community
Release Date: September 17, 2024 Contact: Brandon McClish, WSNC
Evansville, Ind. The West Side Nut Club (WSNC) celebrated a monumental milestone at its annual Founder’s Day event, held in the picturesque Discovery Lodge at Burdette Park. With nearly 500 guests in attendance, including WSNC members, community partners, and media representatives, the evening was a resounding success and marked the largest distribution of funds in the club’s storied history.
This year’s Founder’s Day saw WSNC officers generously award over $700,000 to a diverse array of local organizations, including youth programs, schools, youth sports, and nonprofits. The impressive distribution is part of the WSNC’s 2024 total giving, which has reached an astounding $827,332.20.
Brandon McClish, 2024 WSNC Publicity Chair, took the stage to reveal a staggering figure: “In our 103-year history, the West Side Nut Club has now given a remarkable total of $9,665,222.53 to our community. It’s truly inspiring to see how our efforts have made a lasting impact.”
This year, the club opted to move the Founder’s Day event from its traditional May slot to September, aligning it with the anticipation of the upcoming Fall Festival. “We wanted to bring more visibility to these fantastic organizations right before the Fall Festival, which is the source of all our giving,” said Justin Guetling, Founder’s Day Chair. “In all my years with the Nut Club, tonight has been one of the most incredible experiences. We just handed out over $700,000 to organizations that will use it to make life-changing differences in our community.”
The evening was filled with heartfelt moments and jubilant celebrations as recipients took the stage to express their gratitude and share how the funds would support their missions. The event underscored the WSNC’s unwavering commitment to enhancing the lives of individuals and groups throughout the community.
As the Fall Festival approaches, the WSNC looks forward to continuing its tradition of generosity and making an even greater impact in the years to come. The 103rd Annual West Side Nut Club Fall Festival will run from October 7th-12th on historic West Franklin Street.
For more information, please contact:
USI loses to Purdue Fort Wayne after early goal
USI loses to Purdue Fort Wayne after early goal
Screaming Eagles continue homestand next week
EVANSVILLE, Ind. – University of Southern Indiana Men’s Soccer could not overcome an early Purdue University Fort Wayne goal and lost, 1-0, Tuesday afternoon at Strassweg Field. The Screaming Eagles are 0-7-0, while the Mastodons go to 4-2-1.
After Purdue Fort Wayne posted the only goal of the match at 3:04 and the first three shots of the match, the Eagles were nearly even with the Mastodons in the final 87 minutes. The Mastodons only outshot the Eagles, 13-7, for the match, but USI and Purdue Fort Wayne were tied 4-4 in the final 45 minutes.
USI also had the momentum in the second half with a 4-1 advantage in corner kicks, 6-3, in the match. The Eagles had their best chances to score early in the second half when sophomore defender/forward Jackson Mitchell and freshman defender/midfielder Gavin English had shots on-goal at 55:15 and 67:17, respectively
Between the posts, sophomore goalkeeper Andrew Klott stood a little taller today. Klott allowed the one tally and made six saves in the loss.
NEXT UP FOR USI:
The Eagles reach the halfway mark of the five-game homestand September 25 when they host Rose-Hulman Institute of Technology for a 7 p.m. contest. Rose-Hulman is 1-2-2 to begin 2024 and is set to host Ohio Northern University Saturday before visiting USI next week.
The USI and Rose-Hulman match will be the first countable contest between the two programs. The September 25 match also will be a regular season game for the Eagles, while being listed as an exhibition game for the Division III Engineers.
Gov. Holcomb, INDOT break ground on Indiana approach of I-69 crossing
Gov. Holcomb, INDOT break ground on Indiana approach of I-69 crossing
The I-69 Ohio River Crossing will complete the key connection between Indiana and Kentucky
EVANSVILLE– Governor Eric J. Holcomb and Indiana Department of Transportation Commissioner Mike Smith broke ground on the Ohio River Crossing project in Evansville. INDOT is overseeing this project, with construction beginning late September and continuing through 2026. The $202 million dollar project is fully funded.
“This is another day to remember for all Hoosiers,” said Gov. Holcomb. “Today signifies a key milestone toward completing the most direct, safe, and efficient connection between Evansville and Henderson. This additional crossing will open the door to limitless new opportunities for transportation, economic and community development projects. I’m both grateful and proud to stand here today with so many local leaders who have worked for decades to convert ideas into blueprints, and blueprints into new connections. Indiana continues to pave a road to a brighter future due to our collaborative Hoosier work ethic.”
I-69 ORX Section 3 focuses on the approach roadways and bridges that will provide all-weather construction access to the river to build the future I-69 river crossing. The roads and bridges that are part of Section 3 will be used by construction crews to build the new crossing, and drivers will use the roadways and bridges once the new I-69 bridge is complete.
“We know how important this future I-69 bridge is to Evansville and the surrounding region,” said INDOT Commissioner Mike Smith. “Indiana has led the way in investing in I-69. Last month, we made the vital connection between Evansville and Indianapolis a reality and crossed the I-69 Finish Line, making it even more fitting that we’re here today, taking the first steps toward completing another key connection.”
I-69 ORX is divided into three sections for construction. I-69 ORX Section 2 is a bi-state project between Indiana and Kentucky that will complete the I-69 connection from US 60 in Henderson to I-69 in Evansville. It includes the new four-lane river crossing. Construction is anticipated to begin in 2027 and be complete by 2031. Preconstruction activities will begin in 2025. Both states continue to look for opportunities to accelerate the timeline.
I-69 ORX Section 1 focuses on improvements in Henderson and is led by the Kentucky Transportation Cabinet. ORX Section 1 extends from KY 425 to US 60. It includes a more than six-mile extension of I-69, new interchanges with US 41 and US 60, and a reconstructed KY 351 interchange. Construction began in summer 2022 and will be complete by the end of 2025.
Vincennes University invites media to Knox County Suicide Prevention Walk, Monarch Madness and Parent & Family Weekend
Vincennes University invites media to Knox County Suicide Prevention Walk, Monarch Madness and Parent & Family Weekend
Here are the VU activities and events media representatives and the public are invited to attend on Saturday, Sept. 21, 2024:
WHEN, WHAT AND WHERE:
9-11 a.m. (ET): Knox County Suicide Prevention Walk
This event is open to everyone and supports those who struggle with mental health challenges as well as family members who have lost a loved one.
Where: VU Outdoor Track, 1600 Short St. (Rain location: VU Student Recreation Center, 1600 Short St.)
Media contact: Kathy Evans, VU Counseling Center, kmevans@vinu.edu or 812-888-4374
11 a.m.-2 p.m. (ET): Monarch Madness
Once again VU is a sponsor of this popular event which is in its sixth year. Citizen scientists of all ages will find monarch butterflies and tag them for science research. The event is open to the public and will include lots of family-friendly activities.
Where: Fox Ridge Nature Park, 1364 N Hillcrest Rd, Vincennes, IN 47591
Media contact: Dean of VU College of Science, Engineering and Mathematics Curt Coffman, ccoffman@vinu.edu or 812-888-4373
Noon-4 p.m. (ET): VU Parent & Family Weekend
VU parents, families and students will enjoy an entertaining day with lunch, live music, bounce houses, cornhole and outdoor games with prizes.
Where: Lawn outside of VU P.E. Complex, 1401 N. Chestnut St.
Media contact: Elizabeth Hutchinson, VU Director of Student Activities, ehutchinson@vinu.edu or 812-888-4126