Let Them Eat Cake

George KGeorge K Super ModeratorPosts: 9,815 Senior Member
...A proposal to raise the federal minimum wage to $10.10, an underpinning of President Obama’s economic agenda and an issue that Democrats hope to leverage against Republicans in the midterm elections, failed in the Senate on Wednesday.

The vote was 54 to 42, with 60 votes needed to advance the measure.

All but one Republican voted to sustain a filibuster against the measure, saying that the increase would damage the fragile economy and force businesses to cut hundreds of thousands of jobs.

Democrats were mostly united behind the bill...


http://www.nytimes.com/2014/05/01/us/politics/senate-minimum-wage-bill.html?hpw&rref=politics&_r=0
Keep your stinkin' government hands off my Medicare.
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Replies

  • HextallHextall Senior Member Posts: 9,520 Senior Member
    I just got this news via the smoke from a factory in Pennsylvania.

    [/bronchitis is good for business]
  • George KGeorge K Super Moderator Posts: 9,815 Senior Member
    It was fake.

    All our factories are belong to rust belt.
    Keep your stinkin' government hands off my Medicare.
  • JulietJuliet Posts: 0
    The Dems fiddle while Pfizer moves to London and GE offers to purchase a French company to escape paying additional U.S. taxes on its overseas profits.

    When U.S. companies move to London and would rather make money in France, there's a real problem.
  • George KGeorge K Super Moderator Posts: 9,815 Senior Member
    At least they know where to find better cake.
    Keep your stinkin' government hands off my Medicare.
  • NZ IndicatorNZ Indicator Senior Member Posts: 9,993 Senior Member
    Cake making jobs pay minimum wage.

    Sent from my SCH-I535 using Tapatalk 2
  • fishingcomicfishingcomic Senior Member Posts: 23,584 Senior Member
    Steven wrote: »
    GE offers to purchase a French company to escape paying additional U.S. taxes on its overseas profits.

    Maybe we shouldn't allow them to hide their profits in France. And since France's corporate tax rate is 33% how much saving are we talking here? Could it be that you are overstating the importance of the tax rate in this decision?
    'I've spoken of the Shining City all my political life. …In my mind it was a tall, proud city built on rocks stronger than oceans, windswept, God-blessed, and teeming with people of all kinds living in harmony and peace; a city with free ports that hummed with commerce and creativity. And if there had to be city walls, the walls had doors and the doors were open to anyone with the will and the heart to get here. That's how I saw it, and see it still.'" Ronald Reagan
  • JulietJuliet Posts: 0
    No. You're missing the point. You're sitting there with $13 billion of cash from wherever. If you bring it home, you'll get hit with whatever the differential is between the foreign tax you paid on it and the difference between the U.S. rates.

    So let's say you have an Irish sub with a 15% tax rate. Bring it home, that cash hoard would get reduced by $2.6 billion. You don't want to take that hit so you reinvest overseas in a place, like France, where you don't take that hit.

    It isn't that investing in France is so great. It's that bringing the cash home is so bad.
  • fishingcomicfishingcomic Senior Member Posts: 23,584 Senior Member
    Sorry but with all the tax incentives and breaks we give GE every year, I am not buying the over burdened by taxes theme. Again we should tax them anyway and not let them shelter it in France.

    http://abcnews.go.com/Politics/general-electric-paid-federal-taxes-2010/story?id=13224558
    The top tax bracket for U.S. corporations stands at 35 percent, one of the highest rates in the world. So how is it possible that a giant of American business, General Electric, paid nothing in federal taxes last year, even as it made billions in profit?

    This shouldn't even be possible.
    For those unaccustomed to the loopholes and shelters of the corporate tax code, GE's success at avoiding taxes is nothing short of extraordinary. The company, led by Immelt, earned $14.2 billion in profits in 2010, but it paid not a penny in taxes because the bulk of those profits, some $9 billion, were offshore. In fact, GE got a $3.2 billion tax benefit.
    'I've spoken of the Shining City all my political life. …In my mind it was a tall, proud city built on rocks stronger than oceans, windswept, God-blessed, and teeming with people of all kinds living in harmony and peace; a city with free ports that hummed with commerce and creativity. And if there had to be city walls, the walls had doors and the doors were open to anyone with the will and the heart to get here. That's how I saw it, and see it still.'" Ronald Reagan
  • swizzswizz Senior Member Posts: 2,559 Senior Member
    freedom fries!
    All of your Trout are belong to me.
  • HextallHextall Senior Member Posts: 9,520 Senior Member
    Benghazi!!!!!
  • NZ IndicatorNZ Indicator Senior Member Posts: 9,993 Senior Member
    Sorry but with all the tax incentives and breaks we give GE every year, I am not buying the over burdened by taxes theme. Again we should tax them anyway and not let them shelter it in France.

    http://abcnews.go.com/Politics/general-electric-paid-federal-taxes-2010/story?id=13224558



    This shouldn't even be possible.

    It's all about having good political connections.

    http://www.chicagonow.com/publius-forum/2011/01/one-of-obamas-biggest-donors-now-his-economics-adviser/

    http://www.forbes.com/sites/christopherhelman/2013/07/01/with-power-africa-plan-obama-to-grease-billions-in-deals-for-g-e/
  • BuffcoBuffco Senior Member Posts: 10,244 Senior Member
    War on women!
  • NZ IndicatorNZ Indicator Senior Member Posts: 9,993 Senior Member
    Hextall wrote: »
    Benghazi!!!!!

    Minimum wage is $2.34/hour
  • HextallHextall Senior Member Posts: 9,520 Senior Member
    Baby killers!
  • BuffcoBuffco Senior Member Posts: 10,244 Senior Member
    Thank goodness this failed. We have no minimum wage employees but have some below $10.10. Just ran the numbers what this would cost extra per year. Real money.
  • JulietJuliet Posts: 0
    Sorry but with all the tax incentives and breaks we give GE every year, I am not buying the over burdened by taxes theme. Again we should tax them anyway and not let them shelter it in France.

    http://abcnews.go.com/Politics/general-electric-paid-federal-taxes-2010/story?id=13224558



    This shouldn't even be possible.

    Sure it should. If I make money in Indiana, should I have to pay state income taxes on it in Illinois?
  • fishingcomicfishingcomic Senior Member Posts: 23,584 Senior Member
    Why should having a PO box in Indiana exempt you from paying taxes in Illinois?

    In either case you cannot say they are moving to France to avoid paying taxes they are not paying in the first place.
    'I've spoken of the Shining City all my political life. …In my mind it was a tall, proud city built on rocks stronger than oceans, windswept, God-blessed, and teeming with people of all kinds living in harmony and peace; a city with free ports that hummed with commerce and creativity. And if there had to be city walls, the walls had doors and the doors were open to anyone with the will and the heart to get here. That's how I saw it, and see it still.'" Ronald Reagan
  • JulietJuliet Posts: 0
    It shouldn't. How about if I live in Illinois but shlep over to Gary to work in the mill?

    Let's remember GE is truly a global company. They may already be a top 10 employer in France, for example.
  • fishingcomicfishingcomic Senior Member Posts: 23,584 Senior Member
    If I have a business in the United States and do not have the resources to buy a PO Box in Paris, do I have to pay taxes even though all my sales are overseas?
    'I've spoken of the Shining City all my political life. …In my mind it was a tall, proud city built on rocks stronger than oceans, windswept, God-blessed, and teeming with people of all kinds living in harmony and peace; a city with free ports that hummed with commerce and creativity. And if there had to be city walls, the walls had doors and the doors were open to anyone with the will and the heart to get here. That's how I saw it, and see it still.'" Ronald Reagan
  • JulietJuliet Posts: 0
    BTW, even if you are morally correct, unless we're suddenly going to start imprisoning the Immelt's of the world, they're going to move - just like Pfizer is - and take jobs. You can't eat moral certitude.
  • dryfliedryflie Senior Member Posts: 1,442 Senior Member
    Steven wrote: »
    The Dems fiddle while Pfizer moves to London and GE offers to purchase a French company to escape paying additional U.S. taxes on its overseas profits.

    When U.S. companies move to London and would rather make money in France, there's a real problem.

    For sure....greed is on the rise.
    “The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness.” - John Kenneth Galbraith
  • fishingcomicfishingcomic Senior Member Posts: 23,584 Senior Member
    I am still waiting to find out what tax savings there are for a company that pays no taxes.
    'I've spoken of the Shining City all my political life. …In my mind it was a tall, proud city built on rocks stronger than oceans, windswept, God-blessed, and teeming with people of all kinds living in harmony and peace; a city with free ports that hummed with commerce and creativity. And if there had to be city walls, the walls had doors and the doors were open to anyone with the will and the heart to get here. That's how I saw it, and see it still.'" Ronald Reagan
  • JulietJuliet Posts: 0
    If I have a business in the United States and do not have the resources to buy a PO Box in Paris, do I have to pay taxes even though all my sales are overseas?

    Yes, but if you had only a P.O. Box, you'd still have to pay taxes. The tax rules exempt income from sales of inventory for foreign consumption from U.S. taxation only when a foreign affiliate with a foreign office materially participated in the sale.

    Even if it were as simple as you make it, GE may be unfairly competing with you, but you'd both be competing unfairly with the world.
  • JulietJuliet Posts: 0
    I am still waiting to find out what tax savings there are for a company that pays no taxes.

    Believe it or not, I should be working. Your need for instant gratification will have to be tamped down tonight.
  • fishingcomicfishingcomic Senior Member Posts: 23,584 Senior Member
    Steven wrote: »
    BTW, even if you are morally correct, unless we're suddenly going to start imprisoning the Immelt's of the world, they're going to move - just like Pfizer is - and take jobs. You can't eat moral certitude.

    They are not moving because the tax burden is too high. They are not paying any taxes. Not even on the $5 billion they made in the US! In fact we gave them an additional $3 billion. Your argument is full of beans.
    'I've spoken of the Shining City all my political life. …In my mind it was a tall, proud city built on rocks stronger than oceans, windswept, God-blessed, and teeming with people of all kinds living in harmony and peace; a city with free ports that hummed with commerce and creativity. And if there had to be city walls, the walls had doors and the doors were open to anyone with the will and the heart to get here. That's how I saw it, and see it still.'" Ronald Reagan
  • NZ IndicatorNZ Indicator Senior Member Posts: 9,993 Senior Member
    When minimum wage goes up, the price of beans goes up. When you pay too much for beans, you feel down. When you feel down you stay in bed. When you stay in bed they give your job to someone new.

    When they give your job to someone new he has a lot to learn. When he has a lot to learn mistakes are made. And when mistakes are made you get body slammed by a lowland Gorilla.

    Don't Get Body Slammed by a Lowland Gorilla.
  • JulietJuliet Posts: 0
    They are not moving because the tax burden is too high. They are not paying any taxes. Not even on the $5 billion they made in the US! In fact we gave them an additional $3 billion. Your argument is full of beans.

    Pfizer's moving. Keep up.
  • fishingcomicfishingcomic Senior Member Posts: 23,584 Senior Member
    http://www.americansfortaxfairness.org/files/Pfizer-Fact-Sheet-FINAL.pdf
    Pfizer paid no U.S. income taxes from 2010 to 2012 while earning $43 billion worldwide. It did this
    in part by performing accounting acrobatics to shift its U.S. profits offshore. Instead, it received $2.2
    billion in federal tax refunds.
    'I've spoken of the Shining City all my political life. …In my mind it was a tall, proud city built on rocks stronger than oceans, windswept, God-blessed, and teeming with people of all kinds living in harmony and peace; a city with free ports that hummed with commerce and creativity. And if there had to be city walls, the walls had doors and the doors were open to anyone with the will and the heart to get here. That's how I saw it, and see it still.'" Ronald Reagan
  • JulietJuliet Posts: 0
    Remember, Pfizer pays taxes overseas. But Pfizer can't get the cash either. So it buys AstraZeneca in the U.K. and moves there. It's already paying its international European taxes so why not move there? And then there's the question of whether it could bring back AstraZeneca's profits back without paying the differential.

    You're not going to force Pfizer to stay here. Wouldn't it have been better to not add the tax differential and let Pfizer bring the money back?
  • fishingcomicfishingcomic Senior Member Posts: 23,584 Senior Member
    But if they are not paying taxes here in the first place, even on their US sales, your argument is useless. They are not moving because they pay too much in taxes.
    'I've spoken of the Shining City all my political life. …In my mind it was a tall, proud city built on rocks stronger than oceans, windswept, God-blessed, and teeming with people of all kinds living in harmony and peace; a city with free ports that hummed with commerce and creativity. And if there had to be city walls, the walls had doors and the doors were open to anyone with the will and the heart to get here. That's how I saw it, and see it still.'" Ronald Reagan

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