Tag Archives: gold

Governor Memorializes 3 TN Soldiers, Declares ‘Gold Star Family’ Day

News release from governor’s office:
Tennessee Gov. Bill Haslam and First Lady Crissy Haslam joined Tennessee Department of Veterans Affairs Commissioner Many-Bears Grinder and Major General Terry “Max” Haston of the Tennessee Military Department to pay tribute to three Tennesseans killed in action, including a soldier previously missing in action for 62 years.
Sergeant Jacob M. Schwallie of Clarksville, was fatally injured by a roadside bomb on May 7, 2012 in the Ghazi Province, Afghanistan. Schwallie graduated from Rossview High School in 2007 and enlisted in the United States Army in 2008.
Private First Class Glenn Shely Schoenmann reportedly died as a Prisoner of War (POW) on December 29, 1950. The Grundy County native was involved in the Battle of Chosin Reservoir in North Korea on November 28, 1950 when he went missing. The United States Army Soldier was 20-years old when he was killed. Navy veteran Raymond Schoenmann accepted the state’s memorial presentation on behalf of his older brother.

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TN Gets Golden Shovel

NASHVILLE, Tenn. (AP) — Tennessee has been ranked among the best in economic development by a national publication.
Area Development magazine picked the state for a 2012 Gold Shovel Award, along with Texas, South Carolina and Utah. The award goes annually to states that have achieved major success in job creation and economic impact. Tennessee also received the award in 2009.
Additionally, the state was recognized as a 2011 Economic Development Project of the Year for the $235 million General Motors venture in Spring Hill that is expected to create 2,350 jobs.
State officials said Tennessee had the second best year of job creation on record, topped only by 2007.

House Sub Kills Stripper Tax Bill

NASHVILLE, Tenn. (AP) — An effort to tax strippers and adult businesses to help pay for a reduction in the state tax on coins, bullion and investment income has failed for the year.
The House Judiciary Committee on Wednesday killed the bill sponsored by Rep. Joe Carr, R-Lascassas, by sending it to a study committee after the Legislature adjourns for the year.
The bill sought to impose a 20 percent sales tax on items sold at “sexually oriented businesses,” and to require strippers to pay a privilege tax to work in Tennessee. Carr said he based the tax proposal on studies showing that adult businesses depress property values by a similar amount.
“This legislative body in years past has done this before, it has raised the taxes where one area was not paying their share based on the economic blight they might serve to a community, and we are redistributing this to another area that was overly taxed,” he said. “That’s exactly what we’re doing here.”
Carr said the measure would be projected to collect about $8.5 million per year. About $5 million would go toward reducing the state’s Hall tax on income from interest and dividends, while the remainder would go toward removing the state’s sales tax on gold, silver or platinum coins or bullion.
Tracy O’Neall, a lobbyist for the adult industry in Tennessee, noted that the tax wouldn’t apply to mainstream theaters or bookstores that might offer sexually explicit material.
“You’re singling out one sector of entertainment and this will set the state up for unnecessary litigation at incredible coast to the taxpayer,” she said. “Because this will be challenged if it is passed.”
Rep. Jon Lundberg, R-Bristol, questioned the need for reducing the tax on collectors’ items like rare coins and disputed whether supporters’ goals of drawing coin shows to the state was worth the loss in tax revenue.
The panel first rejected Carr’s amendment outlining the tax swap plan on a voice vote. Then it shipped the remaining bill to a summer study committee.

Former State Legislator Sued for $80 Million

MEMPHIS, Tenn. (AP) — A West Tennessee financial adviser and former state representative is the target of an $80 million lawsuit that claims plaintiffs were duped.
Larry Bates of Hardeman County is among the defendants in the suit filed Wednesday in U.S. District Court in Memphis. Bates served in the Tennessee General Assembly 1971-76 as a Democrat.
The website of First American Monetary Consultants lists Bates as the company’s founder and “political economist.”
WMC-TV in Memphis reported the lawsuit against Bates and others claims the company fraudulently persuaded customers to buy gold and silver coins, but withheld delivery (http://bit.ly/vW2aFq ).
The plaintiffs claim FAMC targets Christians and uses Bible quotations in its pitch.
Bates told the station the lawsuit is “pure nonsense” and said it was motivated by a disgruntled former employee and political opponents.