The Business Section of the Record-Eagle today carried three main stories. First, Exxon’s profits in the first quarter of 2011 are up 69 percent, by nearly $11 billion. The nation’s second largest oil company, Chevron Corporation, is expected to announce a 25 percent increase in profits to $5.69 billion for the same period. The article also noted that the price of a gallon of gas is now above $4 in eight states and the District of Columbia. Second, Chrysler is set to repay $7.5 billion in bailout money received from the U.S. and Canadian governments. The payments will be made from a refinancing arrangement involving new bank loans and a bond sale that will take place later this year. Finally, Dow Chemical has reported a first quarter increase of 34 percent in net income over last year on revenue that increased 10 percent to $14.73 billion during the first three months of the year.
In Michigan news, after “an hour of spirited debate,” the Michigan House of Representatives voted to slash business taxes by $1.7 billion over the next two years “while shifting the burden to seniors, children and the poor.” “Instead of paying about $2 billion annually into the state’s general fund,” the article continued, “businesses would pay about $300 million. Only about a third of businesses would pay the corporate income tax. Businesses would continue to pay property taxes.” The vote was 56-53 along party lines, although six Republicans voted against it. (All three Republican representatives from our general area voted for it.) The bill, pushed by Governor Snyder, now goes to the GOP-led Senate.
Meanwhile, on the front page, the Record-Eagle reported that the Grand Traverse Board of Commissioners changed their minds and voted to reverse an earlier decision to yank 22 parking meters from in front of the Government Center. A week before the meters had been ordered removed on the motion of Commissioner Dick Thomas after he had been ticketed for a parking violation.
Our legislators at work for us. Right?
Not.
