Cooking the Books on the Costs of Rules

As part of the ongoing national effort by some in the business community and their allies in Congress to attack standards and safeguards, a report released today by the National Association of Manufacturers (NAM) provides a wildly exaggerated and unreliable estimate for the cost of federal rules in 2012. The report, prepared by economists W. Mark Crain and Nicole V.

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Tracking Toxic Trains in California and Boosting Federal Safeguards

The oil boom in North Dakota's Bakken region has led to more crude oil being transported by train throughout the country and, consequently, a rise in oil train accidents. On Aug. 29, California passed new legislation that would help emergency response officials prepare for potential disasters. The legislation would require rail companies to submit emergency response plans and inform officials about the movement of crude oil and other hazardous materials through the state. The bill dovetails with related federal efforts to boost rail safety.

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BP "Grossly Negligent" in 2010 Deepwater Horizon Oil Spill

On Sept. 4, a federal district court in Louisiana ruled that BP’s “gross negligence” and “willful misconduct” resulted in the 2010 Deepwater Horizon oil rig explosion that killed 11 workers and resulted in millions of barrels of oil spewing into the Gulf of Mexico. The finding could subject BP to roughly $18 billion in civil penalties under the Clean Water Act, or up to $4,300 for each barrel of oil that spilled into the Gulf.

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32 Firms That Renounced America Paid CEOs $439 Million Last Year

A trickle has turned into a torrent. Burger King’s announcement last week that it would buy Canadian donut darling, Tim Horton’s, and then move the merged corporation to Canada represents the 13th such deal announced this year. Most companies pursuing these “corporate inversions” have abandoned America for the express purpose of lowering their U.S. tax bills.

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Counting the Costs of Carbon: White House Approach Bolstered by Investigative Report

Each ton of carbon pollution from cars, planes, and power plants comes with costs. It harms our environment and threatens our health, it drives climate change, and it negatively impacts our economy. The White House has attempted to develop a standard estimate of these costs, called the “social cost of carbon,” for agencies to use in analyzing the benefits of rules designed to reduce carbon emissions. In an Aug. 25 report, the Government Accountability Office (GAO) validated that effort.

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A Taxing Double Standard: Americans with Troubled Mortgages Penalized While Scofflaw Banks Enjoy Tax Breaks

In early August, Bank of America agreed to a $16.65 billion settlement, which includes funds for “consumer relief.” However, after tax write-offs and deductions, Bank of America's net penalty could be less than $15 billion.

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World Health Organization: Public Health Rules Needed to Curb E-Cigarette Risks

Contrary to industry advertising, a new report by the World Health Organization (WHO) finds that electronic cigarettes (e-cigarettes) and other electronic nicotine delivery systems pose significant public health hazards because of toxins emitted from the devices. The agency recommends that countries adopt e-cigarette rules to prevent misleading marketing of the products and to educate the public about the potential health risks involved.

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Valuing Labor Means Helping Workers, Especially When There Are No Jobs

As we take a three-day weekend to celebrate those who labor, let us take a moment to remember the families who won’t be planning picnics or a last trip to the beach. Despite some positive economic indicators, 9.7 million Americans are still out of work, almost a third for more than six months. More than seven million more have taken part-time work at poor wages to make ends meet even though they need full time work to pay the bills. And three-quarters of a million more have little hope and have given up looking for work and as a result are no longer counted as “unemployed.” (They are just “out of the labor force.”)

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Burning Money: Natural Gas Flaring Costs Millions in Lost Revenue

Nighttime satellite imagery makes it seem like a new metropolis has sprung up in the prairies of western North Dakota. But the large cluster of lights actually comes from natural gas flaring in the Bakken oil field. Flaring – or the burning of natural gas released in oil fracking – creates pollution and costs the state millions of dollars in lost taxes and royalties.

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Report: Obamacare Limits Subsidies for Excessive CEO Pay, Saves $72 Million

A new report from the Institute for Policy Studies (IPS) calculates that the Affordable Care Act (ACA), popularly known as Obamacare, reduced taxpayer subsidies by more than $72 million last year. It did this by capping the deductions that currently reward companies for providing excessive pay to their CEOs.

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