MORNING MESSAGE: Apple Pie is American, But Apple Computer Isn’t
OurFuture.org's Richard Eskow: "We should treat Apple and other formerly American multinationals as neutral entities with whom we can cooperate at times for our mutual benefit. We should encourage them to invest in the United States and hire American workers, as we do with other non-American corporations. What we shouldn’t do is treat them as US corporations. The very concept is probably obsolete in the multinational arena."
Apple Testimony Doesn't Add Up
Apple lied, says NYT's Joe Nocera: "[CEO Tim Cook] said that the low taxes Apple pays overseas is on the profits of its overseas sales. Not to put too fine a point on it, but this was a flat-out lie."
Apple can't square its position on immigrant visas with its tax avoidance, argues TNR's Alec MacGillis: "If Apple really cares about a shortage of homegrown engineering talent, then it should pay taxes to fund the institutions that could address that problem.
Immigration Reform Pressured From Left and Right
Sen. Marco Rubio seeks further changes to win additional GOP support for immigration reform. NYT: "The current bill sets up a sequence of new border measures that must be in place before illegal immigrants can gain legal status and eventually citizenship. Under the current bill, the Department of Homeland Security is directed to produce and carry out the border security plan ... [Rubio] would take the authority away from the department and move the responsibility to Congress."
Rubio is not alone. Politico: "Many of the almost two dozen Republicans identified as possible supporters by the Gang of Eight are demanding changes that would make the bill significantly more conservative. They want stricter border security, tighter control on government benefits for newly-documented immigrants and tougher requirements along the pathway to citizenship. Go too far on any of those elements, and liberal Democrats — who aren’t thrilled with many aspects of the bill already — begin to pull away."
Dems split over proposed health care language in House draft immigration bill. Politico: "The House Democratic Caucus chairman knew that he couldn’t endorse a proposal to deny citizenship to undocumented immigrants who took government health subsidies ... [Rep. Xavier] Becerra is torn between two roles: his part in the bipartisan group and his position in Democratic leadership, where he is under pressure from a progressive caucus not to give too much ground to the Republicans."
House Dem leaders unsure if backing bipartisan House bill helps or hurts. The Hill: "...some Democrats and outside advocates are arguing the party should rally behind the Senate bill and pressure House Republican leaders to bring it to the floor once it passes the upper chamber. Yet some members of the bipartisan House group are worried ... that walking away from the bipartisan agreement could kill immigration reform altogether."
More than 100 conservative economists back immigration reform. LAT: "The economists cited the nonpartisan Congressional Budget Office in noting that an immigration overhaul could increase average economic growth over the next decade by 0.1% and reduce the federal deficit by more than $300 billion."
Trade Talks Threaten Wall St. Reform
"Wall Street Seeks Dodd-Frank Changes Through Trade Talks" reports Bloomberg: "'The trade talks could easily become a Trojan Horse,' said Marcus Stanley, the policy director for Americans for Financial Reform ... In separate letters on the EU and Asia-Pacific pacts, the industry coalition said negotiators should draft rules limiting what regulators can do in the name of protecting financial stability. The letters also urged using the pacts to curb extra-territorial rules that can reach beyond U.S. borders, like ones currently being considered on financial derivatives."
Justice Dept. hasn't examined whether bank prosecutions would harm the economy, reports HuffPost: "Testimony by a top Justice official and fresh documents made public on Wednesday during a House financial services committee hearing revealed that financial regulators and the Treasury Department did not provide warnings to prosecutors weighing the economic consequences or fallout in the financial system of criminal indictments against large financial groups ... The hearing comes as DOJ, Treasury and financial regulators battle perceptions that they consider some large financial institutions are either too big or too important to the economy to fail."
Breakfast Sides
"Harry Reid mulling filibuster overhaul" reports Politico: "Publicly, Reid has been coy about whether he’ll try to alter the Senate’s hugely controversial rules to help confirm President Barack Obama’s nominees ... But it’s clear the majority leader wants to get something done and find 51 Democrats to support ... changing the rules so executive branch nominees can no longer be blocked by filibusters requiring 60 votes to break."
Tesla Motors pays back government loan nine years early. NYT: "'Tesla is repaying early and it’s a great vindication,' said Greg Kats, president of Capital-E, a firm that invests in clean-energy companies. 'Tesla has really helped push the Big Three automakers down the energy efficiency track.' The Energy Department on Wednesday said that losses on its loans were equivalent to 2 percent of its $34 billion portfolio."
CBO examines carbon tax. WSJ: "Instituting a carbon tax could help reduce the deficit and 'produce incremental benefits' for the environment, but could also raise the cost of many goods and services ... the economy as a whole would benefit if the tax was used to reduce the deficit."
