Lockheed Martin Exceeds F-35 Delivery Goals

By Al Brown, The Chicago Times

January 8, 2022

FORT WORTH, TX – On January 3, Lockheed Martin announced it has exceeded 2021 delivery goals for 2021.  The aerospace giant delivered three more F-35s than planned in 2021 to the United States and other international customers.

According to Lockheed Martin, 142 F-35s, out an original order of 139, were delivered to customers.  The extra three fighter jets will be applied to the 2022 order year, which is predicted to exceed deliveries of 150 fighters.

Despite labor and supply shortages due to the pandemic, Lockheed Martin is on track to ramp up production to 156 F-35s per year along with a steady supply of replacement parts.

Chicago: Starbucks Workers Move To Form Union

By John McPhaul, The Chicago Times

January 4, 2022

CHICAGO – Workers at a Loop area Starbucks are pushing to unionize, joining a growing trend in North America for the coffee chain.

Last week, 14 workers at a Loop area store submitted signed cards to join the Service Employees International Union and have now requested a vote.

According to letter penned on behalf of workers to Starbucks President and CEO Kevin Johnson, workers pleaded for upper management to hear their concerns.

“We believe forming a union will truly support all partners, allowing us to complete our duties to the best of our abilities. Many of us at store 63483 have invested significant time and energy into Starbucks and want it to be a sustainable career. By seeing improvement in security, wages and labor hours, we know we’d be able to brew our best. Despite our differences- the bottom line is we both want to see our store succeed, which we know we can achieve through supporting and listening to one another.”

The Loop area Starbucks is the first store in the Midwest to move towards unionization, now joining other Starbucks stores located in the United States.  Starbucks is opposed to the unionization and believes its direct relationship with employees, without union interference, has been the key to both corporate and employee success for the past 50 years.  Starbucks operates about 8,900 corporate stores and 6,000 franchises in the United States.

Ford To Double Production Of F-150 Lightning

By The Chicago Times Business Staff

January 4, 2022

DETROIT — Ford Motor Company announced today that it will double annual production of its F-150 Lightning electric pickup truck to 150,000 vehicles as orders for the vehicle have reached almost 200,000 ahead of its spring debut.

Ford’s production increase is also a response to bitter rival General Motors Company’s introduction of the electric version of the Chevrolet Silverado pickup truck, which will see deliveries in 2023.

Jim Farley, Ford CEO, also announced that Ford plans to triple annual production of its popular Mustang Mach-E electric crossover to 200,000 units by 2023.

Photo: Ford Motor Company

With the growing demand for electric vehicles, Farley also said Ford will have the annual capacity to build 600,000 electric vehicles worldwide over the next two years.  Ford aims to be the second largest electric vehicle manufacturer in North America behind Tesla.

According to Ford, the 2022 F-150 Lightning will have a base price of $39,974.

Criminals Put On Notice: Illegal Income Must Be Reported To IRS

By Al Brown, The Chicago Times

December 30, 2021

WASHINGTON – According to the IRS, individuals who earned income from illegal activities must include it in their 2021 filings.

“If you steal property, you must report its fair market value in your income in the year you steal it unless you return it to its rightful owner in the same year,” the IRS said in a statement.

The IRS did not elaborate on how the reporting rule will be enforced, but they highly recommend illegal income be reported in Schedule 1 (Form 1040), line 8z, or on Schedule C (Form 1040) as self-employment activity.

In 1927, the US Supreme Court ruled in United States v. Sullivan that the 5th amendment, which protects citizens from self-incrimination, does not protect criminals from having to declare illegal income. The Supreme Court ruled against Manly Sullivan’s claim that declaring illegal income from the bootlegging of alcohol would violate the 5th amendment.  Sullivan was a bootlegger from South Carolina.

The case also acted as a legal litmus test for Assistant Attorney General Mabel Walker Willebrandt’s prosecution of Al Capone for tax evasion in 1931.

GasBuddy Predicts $4 Per Gallon by Middle Of 2022

By The Chicago Times Business Staff

December 30, 2021

BOSTON – According to fuel price watcher GasBuddy, Americans nationwide will be paying $4 per gallon for gas in the near future.

GasBuddy estimates are based on rising demand “post pandemic recovery” and tightening oil supplies.  GasBuddy believes prices will peak around $4.13 per gallon in June and return to the $3 per gallon range by winter as seasonal fuel blends change for the year.  Major cities in California may see $5 per gallon.

Pullman Area To Go Hydroponic

By The Chicago Times Business Staff

December 30, 2021

CHICAGO – Vertical Harvest, a Wyoming-based agriculture company, announced on Dec 27 it will build a hydroponic farm in Pullman.

According to Vertical Harvest, construction will begin in early 2022 on a $40 million, 63,000-square-foot farm adjacent to the Pullman Wheelworks Apartments, 901 E. 104th St.  Vertical Harvest expects the farm to be completed by 2023.

Mercy Housing, which owns the property will partner with developer Chicago Neighborhood Initiatives in a long-term lease.  Alderman Anthony Beale of the 9th Ward predicts the new farm will create 55 full-time jobs.