Finance
Embattled New Fairfield finance board alternate pitches office hours for members to meet with public
![Embattled New Fairfield finance board alternate pitches office hours for members to meet with public Embattled New Fairfield finance board alternate pitches office hours for members to meet with public](https://s.hdnux.com/photos/01/25/53/64/22461732/3/rawImage.jpg)
NEW FAIRFIELD — The finance board alternate whose feedback about particular schooling final month offended members of the group broke his silence Wednesday — however he didn’t ship the general public apology some on the town have been ready for.
Although he was current and spoke briefly throughout the nearly-three-hour-long assembly on Wednesday, David Coleman didn’t tackle his controversial remarks.
He did, nevertheless, suggest an merchandise for the board’s subsequent assembly agenda — a dialogue about instituting in-person workplace hours so finance board members are “out there to the general public.” The board didn’t focus on the concept.
For a number of weeks, residents have been demanding David Coleman publicly apologize for remarks he made in regards to the particular wants group throughout the Board of Finance’s April 20 assembly. Some have additionally known as for him to resign.
The finance board convened a particular assembly Might 9, to deal with the controversial feedback, however Coleman didn’t attend — and his absence, coupled with board members’ feedback and inaction, left some residents feeling extra upset than earlier than.
Board members acknowledged the inappropriateness of the remarks, however stated they didn’t consider there was unwell intent behind the phrases and chalked it as much as Coleman not understanding correct terminology.
Some residents noticed it because the board making excuses for him — and their dissatisfaction with the board’s dealing with of the state of affairs, in addition to Coleman’s obvious lack of regret, carried over into the Board of Finance’s common assembly on Wednesday.
“It was very disappointing that on the final assembly, Mr. Coleman wasn’t in attendance,” resident Terra Volpe stated throughout the public remark portion of the assembly. “It was a possibility for him to pay attention and maybe express regret. There are a whole lot of of us on the town who had been actually damage.”
Urging the board to “cease making an attempt to make excuses” for him, Aline Fogle stated Coleman is “a grown man (who) can communicate for himself,” and she or he hopes he “does the fitting factor.”
Addressing Coleman as “the member of the board,” Jolesit Miller stated, “We’re nonetheless right here … You will have another alternative to apologize. Put in your large man pants and do the fitting factor.”
Coleman requested if a letter the board just lately acquired from Incapacity Rights Connecticut’s govt director, Deborah Dorfman, can be mentioned in govt session — a subject that led to 25 minutes of back-and-forth between board members with conflicting opinions on what can and might’t be excluded from public dialogue.
Board of Finance Chair Wes Marsh described Dorfman’s letter — which he stated all board members acquired — as an invite for her to fulfill with the board to “present data and coaching relating to the significance of full inclusion of and respect for folks with disabilities, in addition to incapacity rights.”
Your complete letter was not learn into the document, however primarily based on a sentence shared throughout Wednesday’s assembly, in addition to feedback from board members about it, it seems that the letter was despatched in response to the controversy surrounding Coleman’s feedback about particular schooling.
Board members Claudia Willard, Thora Perkins and Mark Beninson argued in opposition to discussing or studying the letter outdoors of an govt session on account of the truth that it singled out a board member and the e-mail wherein it was despatched talked about confidentiality.
The Board of Finance finally voted to have board member Mike Cammorata draft a response to Dorfman’s letter, indicating curiosity in having her make an academic presentation to the board.
Dorfman couldn’t be reached for remark Thursday.
The Board of Finance’s subsequent assembly is scheduled for 7:30 p.m. June 15.
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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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