Finance
A campaign finance reform bill is stuck in House committee
![A campaign finance reform bill is stuck in House committee A campaign finance reform bill is stuck in House committee](https://www.pilotonline.com/wp-content/uploads/2023/06/TVP-L-NW-VOTING-ELECTIONS-0620-KW-03.jpg?w=1024&h=683)
RICHMOND — A campaign finance reform bill sailed through two legislative panels with unanimous support, but appears to be dying without a vote in the House Appropriations Committee.
The bill, introduced by Del. Marcus Simon, D-Fairfax, would prohibit politicians from using campaign donations on personal expenditures such as mortgage or rent payments, clothing or tuition. It passed the House Privileges and Elections subcommittee and full committee with unanimous support and was referred to the appropriations committee on Jan. 30, where there’s been no hearing or vote.
“I think we are all pretty stunned,” said Nancy Morgan, coordinator for BigMoneyOutVA. “It’s disrespectful to the voters. It’s disingenuous and it’s not transparent. If they don’t want the bill, then bring it forward and just don’t vote for it.”
Being stalled in the appropriations committee prevents the bill from reaching the House floor. Crossover day is Tuesday, meaning bills that haven’t passed in their respective chambers by that date won’t progress to the other body.
Sen. Jennifer Boysko, D-Fairfax, is carrying an identical bill. It passed the Senate for the third time on Tuesday with a 35-4 vote and will now progress to the other chamber. But the stalled momentum on the House bill indicates Boysko’s measure could face a similar fate when it crosses over.
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Del. Luke Torian, a Dumfries Democrat and chair of the appropriations committee, did not respond to a request for comment Friday.
The bill has 26 co-sponsors in the House, including Democrats Phil Hernandez of Norfolk, Shelly Simonds of Newport News, and Nadarius Clark of Suffolk. Colonial Heights Republican Mike Cherry and Virginia Beach Democrat Kelly Convirs-Fowler serve as chief co-patrons.
“I’m disappointed this policy will not make it though the legislative process,” Convirs-Fowler said Friday.
Virginia has some of the most lax campaign finance rules in the nation. Politicians can legally spend campaign donations on essentially anything, and there’s no limit on who can donate or how much they can give. Candidates report their expenses, but reporting requirements are vague and it’s often unclear what specific items were purchased or how it related to campaigning.
Legislation to tighten the rules has come before the General Assembly for more than a decade, but never reaches the governor’s desk.
Morgan said BigMoneyOutVA, a nonpartisan organization that advocates for transparency and less money in government, felt optimistic this year after the strong support shown in the committees.
“Everybody is disappointed and we want to know from legislators why this bill isn’t moving (for a vote),” she said. “Citizens want campaign finance reform.”
A 2021 poll from the Wason Center for Civic Leadership at Christopher Newport University found 73% of those polled in Virginia supported banning the personal use of campaign funds.
Janet Boyd, director of voter services for The League of Women Voters in Virginia, said their organization is also disheartened. The league is a nonpartisan organization that works to protect democracy and voting rights.
“We were supporting it and we’re very frustrated about the whole thing,” she said. “The Senate has made more progress so it’s possible that we might still be able to do something.”
In previous years, some who opposed tighter rules have argued it could confuse well-meaning lawmakers. Others said donors should trust the politicians they choose to support.
Forty-four states define how campaign funds can be used, with most only permitting the money to be spent on expenditures reasonably related to campaign activities, according to data on the National Conference of State Legislatures’ website.
Katie King, katie.king@virginiamedia.com
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Finance
Harris's proposed unrealized capital gains tax is unlikely to pass: CIO
Unrealized capital gains tax proposals may be floating back into the zeitgeist as the Harris presidential campaign marches on, but for some, the noise around it is much ado about nothing.
“I don’t think this unrealized thing is going to have much momentum because it is a very onerous process to come up with those numbers,” Raymond James chief investment officer Larry Adam told Yahoo Finance Executive Editor Brian Sozzi on Yahoo Finance’s Opening Bid podcast (see video above or listen here).
“You start putting biases of what you think [something] is worth versus the reality,” said Adam. “That becomes a very difficult equation to really put into a place.”
We’ve seen unrealized capital gains tax proposals before, but they’ve met plenty of resistance.
Most recently, the Biden administration proposed an unrealized capital gains tax for those with a net worth of over $100 million. The proposal could affect more than 10,600 people in the US, according to estimates.
But, unlike a capital gains tax, which is imposed on a sold item, deploying an unrealized capital gains tax is a trickier move.
Stifel chief Washington strategist Brian Gardner said in a recent client note that under an unrealized capital gains tax system, “ranking illiquid assets would not only be complicated but controversial,” adding that there would also need to be a way to provide taxpayers with “rebates for future losses.”
While analysts scratch their heads about the subject, an unrealized capital gains tax also has plenty of tomato throwers. Donald Trump called it “beyond socialism,” telling a crowd of small-business owners, “You will be forced to sell your restaurant immediately.”
Trump’s onetime US Commerce Secretary, Wilbur Ross, concurred.
“Frankly, I think it’s a ridiculous proposal,” Ross said on Opening Bid.
Tesla (TSLA) CEO Elon Musk also had negative statements to share on the topic, proclaiming an unrealized capital gains tax would lead to “bread lines and ugly shoes.”
While Trump and Musk might deliver their messages to pack a wallop and make voters think, concerns aren’t necessarily unfounded.
Raymond James’s Adam has considered tax proposals made by both candidates, and thinks that regardless of the administration in office, higher taxes could impact households by almost $2,000. “[It] could be a big impact and a drag on the economy,” he said.
Both Harris and Trump face challenges given the expiration of a significant portion of the 2017 tax cuts at the end of 2025. Trump has proposed an additional extension of provisions from 2017 and potentially more tax cuts.
Harris proposed expanding the child tax credit and supported no increase in the capital gains tax, while taxing those making over $400,000 annually more.
While the presidential race is anyone’s game at this point, Adam isn’t that worried about an unrealized capital gains tax and the potential market losses. “[There’s] a low probability of it passing,” he said. “It’s pretty hard to mark to market every single year for your taxes.”
Three times each week, Yahoo Finance Executive Editor Brian Sozzi fields insight-filled conversations and chats with the biggest names in business and markets on Opening Bid. You can find more episodes on our video hub or watch on your preferred streaming service.
In the below Opening Bid episode, former Trump nominee to the Federal Reserve Judy Shelton shares her outlook for the economy.
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Finance
Insider Sale: President Brian Hole Sells Shares of Willis Lease Finance Corp (WLFC)
On August 30, 2024, President Brian Hole sold 1,187 shares of Willis Lease Finance Corp (NASDAQ:WLFC), as reported in a recent SEC Filing. Following this transaction, the insider now owns 96,589 shares of the company.
Willis Lease Finance Corp specializes in the leasing of spare commercial aircraft engines, aircraft, and other aircraft-related equipment to airlines, aircraft engine manufacturers, and maintenance, repair, and overhaul providers worldwide.
Over the past year, Brian Hole has engaged in multiple transactions involving the company’s stock, selling a total of 24,570 shares and purchasing none. This recent sale is part of a broader trend observed within the company, where there have been 82 insider sells and no insider buys over the past year.
Shares of Willis Lease Finance Corp were priced at $106.17 on the day of the transaction. The company currently holds a market cap of approximately $772.655 million. The price-earnings ratio stands at 8.41, which is below the industry median of 17.98.
According to the GF Value, the intrinsic value estimate for Willis Lease Finance Corp is $63.35 per share, making the stock significantly overvalued with a price-to-GF-Value ratio of 1.68.
The GF Value is calculated based on historical trading multiples, a GuruFocus adjustment factor, and future business performance estimates provided by Morningstar analysts.
This sale by the insider might be of interest to current and potential investors, providing insight into insider confidence and valuation perspectives at Willis Lease Finance Corp.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
This article first appeared on GuruFocus.
Finance
Super Micro Confirms It Will Delay Annual Financial Filings
(Bloomberg) — Super Micro Computer Inc. said that it won’t file its annual financial report while a special board committee reviews internal controls, confirming a statement earlier this week that sent the shares on their worst drop in almost six years.
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The maker of computer servers said it would take “unreasonable effort or expense” to file on time its annual 10-K financial disclosures for the quarter and fiscal year ended June 30.
Super Micro first announced on Aug. 28 that it would delay the financial documents and confirmed its decision Friday in a regulatory filing. The San Jose, California-based company said a special committee is working diligently to assess the effectiveness of its internal controls over financial reporting.
Earlier this week, short-seller Hindenburg Research released a critical report alleging “glaring accounting red flags, evidence of undisclosed related party transactions, sanctions and export control failures, and customer issues.”
Super Micro repeated its assertion that it doesn’t expect the annual financial filing to contain any material changes to its results announced on Aug. 6.
After Friday’s filing, the shares gained about 2% in extended trading. Earlier, the stock suffered its worst week since October 2018, dropping 29% to $437.70 at the close in New York.
The company sells high-powered servers for data centers and has experienced an explosion in demand for its wares amid the artificial intelligence boom, making its shares a proxy for enthusiasm in the technology. Super Micro’s stock more than tripled last year.
–With assistance from Brody Ford.
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