Sen. Jay Rockefeller is outraged by what he sees as Carnival’s abuse of the loopholes in the tax system. However, Carnival has said they pay all the taxes they are required to. Rockefeller, chairman of the Senate Commerce Committee, told Rock Center’s Harry Smith that he regards Carnival “very poorly” as a corporate citizen. Rock Center commissioned S&P Capital IQ to look into Carnival’s taxes and their team found that on billions of dollars in profits over five years, Carnival paid only .6 percent taxes. But Rockefeller believes that Carnival’s extremely low tax rate — while legal — is “disgusting” because of its frequent use of government services.
Catania – A contest from an architectural research group at Italy’s Università degli Studi di Catania seeks creative things to do with the partially submerged Costa Concordia. However, the island the ship sits 300 meters from won’t be listening to the winner. Read More Digital Journal
After the Costa Concordia wrecked off the Tuscany coast in January, killing 32 people, lobby spending by its corporate parent soared. Carnival’s lobby bill in Washington last quarter totaled $522,000 – three times the amount spent the prior quarter. In its lobby reports to Congress, the company listed three areas of concern: unearned passenger revenue (advance payments for voyages), emission control and cruise ship safety. Read More First Street Research Read More Sun Sentinel