Fred's Boys Let Him Down

[MrFedEx]

It's pretty ironic that the Republicans that Fred flies all over the world on our corporate jets have just launched a torpedo that has reversed itself and threatens to destroy the sub itself. McConnell, Boehner, and the loony Eric Cantor have effectively screwed Fred and all of his Wall Street buddies by tanking the market.

Do you think that a lot of companies are going to think twice before shipping that $124.50 box (plus hefty fuel surcharge) from LA to New York? You bet they are. If there isn't some solution for our derated credit status, Express volumes are going to drop even further. Even as the extremely conservative Chamber of Commerce and top corporate execs were pleading with the above 3 morons to "do the right thing", they continued to play politics...until it was too late. Maybe those trips to the summer house in Vail will have to be with some other jet fleet.

This is going to further accelerate the push over to Ground.

 

[vantexan]

I'm amazed that people don't get that the party is over. You can't run up over $16,000,000,000,000 in debt, with many, many trillions more in unfunded entitlement liabilities, and not have it all come crashing down at some point. The idea that we can spend our way out of it, or print our way out of it, is foolish, and that's as nice as I can put it. The markets reacted because the compromise that was reached did very little to help the debt crisis. Standard and Poor dropped our rating not because they didn't give the administration more money, but because they showed they weren't serious about reducing our deficit or debt. They've made it clear for sometime that they would reduce our rating if we didn't and did just that. To date, the President has presented no plan and the ones presented by the Democrats pushed spending cuts way down the road while proposing trillions in new spending now. It has to stop somewhere, the sooner the better.

 

[59 Dano]

I'm amazed that people don't get that the party is over. You can't run up over $16,000,000,000,000 in debt, with many, many trillions more in unfunded entitlement liabilities, and not have it all come crashing down at some point. The idea that we can spend our way out of it, or print our way out of it, is foolish, and that's as nice as I can put it. The markets reacted because the compromise that was reached did very little to help the debt crisis. Standard and Poor dropped our rating not because they didn't give the administration more money, but because they showed they weren't serious about reducing our deficit or debt. They've made it clear for sometime that they would reduce our rating if we didn't and did just that. To date, the President has presented no plan and the ones presented by the Democrats pushed spending cuts way down the road while proposing trillions in new spending now. It has to stop somewhere, the sooner the better.

Very well said, but you failed to work any shots at Fred into your post. -2 points.

 

[Cactus]

It's pretty ironic that the Republicans that Fred flies all over the world on our corporate jets have just launched a torpedo that has reversed itself and threatens to destroy the sub itself. McConnell, Boehner, and the loony Eric Cantor have effectively screwed Fred and all of his Wall Street buddies by tanking the market.

Do you think that a lot of companies are going to think twice before shipping that $124.50 box (plus hefty fuel surcharge) from LA to New York? You bet they are. If there isn't some solution for our derated credit status, Express volumes are going to drop even further. Even as the extremely conservative Chamber of Commerce and top corporate execs were pleading with the above 3 morons to "do the right thing", they continued to play politics...until it was too late. Maybe those trips to the summer house in Vail will have to be with some other jet fleet.

This is going to further accelerate the push over to Ground.

Hey Fred, how's it feel to get thrown under the bus?

 

[vantexan]

Very well said, but you failed to work any shots at Fred into your post. -2 points.

Well then you'll love this. If the corporations would all chip in for a number of years and contribute half their profits towards retiring the national debt just think ultimately how much better a country we'd be in the long run. Everything is set up to benefit them, often at the working man's expense. If they are patriotic their goal would be to make America strong again. But they aren't really patriots, are they? Many of them aren't, that's for sure.

 

[bbsam]

Yes. The party is over. Forget raises and benefits and forget union membership. The party is over and the train is heading out of the station with you, without you, or over you.

 

[59 Dano]

Well then you'll love this. If the corporations would all chip in for a number of years and contribute half their profits towards retiring the national debt just think ultimately how much better a country we'd be in the long run. Everything is set up to benefit them, often at the working man's expense. If they are patriotic their goal would be to make America strong again. But they aren't really patriots, are they? Many of them aren't, that's for sure.

If it's a dumb idea to ask *you* to chip in half of your profit (anything above and beyond your living expenses) for a number of years to solve this problem, then it's a dumb idea to ask a business to do the same and for the same reasons.

 

[Cactus]

Yes. The party is over. Forget raises and benefits and forget union membership. The party is over and the train is heading out of the station with you, without you, or over you.

And you too.

Think you're invunerable to a crappy economy dontcha'?

 

[bbsam]

Invulnerable, no, but better equipped to handle it.

 

[jmeti000]

If it's a dumb idea to ask *you* to chip in half of your profit (anything above and beyond your living expenses) for a number of years to solve this problem, then it's a dumb idea to ask a business to do the same and for the same reasons.

While I dont chip in 1/2 of what I make, between state tax, federal tax, and FICA (which most likely wont even be around by the time I get old enough to use it) I do loose 1/3rd of what I make even before my living expenses are taken out. If corporations could do the same, Id be more than happy with that. But when you make billions in profit and pay little to no tax...you cant tell me there isnt something wrong going on.

 

[59 Dano]

While I dont chip in 1/2 of what I make, between state tax, federal tax, and FICA (which most likely wont even be around by the time I get old enough to use it) I do loose 1/3rd of what I make even before my living expenses are taken out. If corporations could do the same, Id be more than happy with that. But when you make billions in profit and pay little to no tax...you cant tell me there isnt something wrong going on.

Why should a corporation pay taxes to the IRS on money that is earned and spent abroad? That's 99% of that so-called "injustice."

It goes back to the idea I mentioned earlier. You would balk if you went on work assignment to Spain for a few months and then got hit for a tax bill from the IRS for money that you earned, spent, and paid taxes on in Spain. So would [insert name of coporation]. We don't do it in this country.

 

[The Mayor]

Why should a corporation pay taxes to the IRS on money that is earned and spent abroad? That's 99% of that so-called "injustice."

It goes back to the idea I mentioned earlier. You would balk if you went on work assignment to Spain for a few months and then got hit for a tax bill from the IRS for money that you earned, spent, and paid taxes on in Spain. So would [insert name of coporation]. We don't do it in this country.

Dano, with all due respect....This is possibly the most ignorant comment I have ever read on here. Do you honestly mean to tell me that you favor a person or company NOT paying taxes just because they do business abroad? That is effing ridiculous! Each and every company in business today, depending on national origin, pays taxes for operating in their own country, as well as abroad (even if it is practically nothing because of the Bush tax incentives here in the U.S.) but that's beside the point.
I will give you a personal example so you can see my point. When we (Express) began operations in Korea, I, along with several other people volunteered to go back there and help show the Korean nationals how to do the job. I was chosen (asked to go) because I and a few others had previously been in the military before joining the company and been to Korea previously. Anyways, bottom line was that while we were over there, we were getting paid in AMERICAN funds, with AMERICAN taxes being taken out, not Korean Won. Even though I was there for two months, I still had to pay taxes on the money I earned there and filed my tax return with the earnings I earned while overseas. It was not exempt.

Another point that I believe you fail to see is that if a business decides to move abroad to another nation, they must not only conform to the applicable laws of the governing nation, but must also compromise on tax codes for the cost of doing business there as well. Everybody wants their money. The government wants to make some for allowing the business to operate there, and the company obviously wants to make money because it believes it can make a profit there from the service they provide. Some nations even have businesses put up a large down payment for licensing fees, and the ability just to do business there.

 

[MrFedEx]

Dano, with all due respect....This is possibly the most ignorant comment I have ever read on here. Do you honestly mean to tell me that you favor a person or company NOT paying taxes just because they do business abroad? That is effing ridiculous! Each and every company in business today, depending on national origin, pays taxes for operating in their own country, as well as abroad (even if it is practically nothing because of the Bush tax incentives here in the U.S.) but that's beside the point.
I will give you a personal example so you can see my point. When we (Express) began operations in Korea, I, along with several other people volunteered to go back there and help show the Korean nationals how to do the job. I was chosen (asked to go) because I and a few others had previously been in the military before joining the company and been to Korea previously. Anyways, bottom line was that while we were over there, we were getting paid in AMERICAN funds, with AMERICAN taxes being taken out, not Korean Won. Even though I was there for two months, I still had to pay taxes on the money I earned there and filed my tax return with the earnings I earned while overseas. It was not exempt.

Another point that I believe you fail to see is that if a business decides to move abroad to another nation, they must not only conform to the applicable laws of the governing nation, but must also compromise on tax codes for the cost of doing business there as well. Everybody wants their money. The government wants to make some for allowing the business to operate there, and the company obviously wants to make money because it believes it can make a profit there from the service they provide. Some nations even have businesses put up a large down payment for licensing fees, and the ability just to do business there.

Dano is an IDS (Ignorance Dispersal Specialist) in MEM. It pays $80,000 per year and you get a corner cubicle with your name on it.

 

[jmeti000]

Why should a corporation pay taxes to the IRS on money that is earned and spent abroad? That's 99% of that so-called "injustice."

For the same reason I hafta pay Oregon state tax even though Im a Washington state resident (which has no state tax just fyi). How did that phrase go again...oh ya, embrace the suck.

 

[vantexan]

If it's a dumb idea to ask *you* to chip in half of your profit (anything above and beyond your living expenses) for a number of years to solve this problem, then it's a dumb idea to ask a business to do the same and for the same reasons.

Apples and oranges. And I'm talking about corporations stepping up, help the country that makes it possible for their fat bottom line. Not talking about forcing anyone. Take GE, over 5 billion in profit in 2010 if I remember right, 0.0 in federal taxes. Not a dime. Look at the oil companies. Mega billions in profit thanks to the average America getting reamed at the pump. Step up, save the country. They were part of the problem, be part of the solution.

 

[vantexan]

If it's a dumb idea to ask *you* to chip in half of your profit (anything above and beyond your living expenses) for a number of years to solve this problem, then it's a dumb idea to ask a business to do the same and for the same reasons.

Apples and oranges. And I'm talking about corporations stepping up, help the country that makes it possible for their fat bottom line. Not talking about forcing anyone. Take GE, over 5 billion in profit in 2010 if I remember right, 0.0 in federal taxes. Not a dime. Look at the oil companies. Mega billions in profit thanks to the average American getting reamed at the pump. Step up, save the country. They were part of the problem, be part of the solution.

 

[vantexan]

Why should a corporation pay taxes to the IRS on money that is earned and spent abroad? That's 99% of that so-called "injustice."It goes back to the idea I mentioned earlier. You would balk if you went on work assignment to Spain for a few months and then got hit for a tax bill from the IRS for money that you earned, spent, and paid taxes on in Spain. So would [insert name of coporation]. We don't do it in this country.

Except the first $90k or so an American citizen earns annually overseas is exempt from American taxes. We're one of only 2 countries that requires it's citizens to pay income tax while living outside the country. Thus if a pro tennis player moves to London, makes a million in prize money, is outside of the U.S. for 330 days, he's on the hook to the IRS for taxes on over $900k. If he's out of the U.S. for 329 days it's all taxable.But I digress. Step up corporate America. The people you exploit need you.

 

[59 Dano]

Do you honestly mean to tell me that you favor a person or company NOT paying taxes just because they do business abroad?

I never said such a thing. Re-read the post. Money that is earned outside of the US isn't taxed by the US until it's brought back to the US (typically in the form of a dividend payout or domestic investments). If it's not brought back to the US, it isn't taxed by the US.

As for your story, it's my fault for using assignment. That was a poor choice of terms. "Transfer" (with an eventual move back) would have the appropriate term because that's the concept I had in mind.

 

[vantexan]

I never said such a thing. Re-read the post. Money that is earned outside of the US isn't taxed by the US until it's brought back to the US (typically in the form of a dividend payout or domestic investments). If it's not brought back to the US, it isn't taxed by the US.

You mean corporate taxes, not individual taxes, right? How about all the corporations, and this includes most of them, who set up sham offices overseas for the express purpose of beating the IRS? Let's close loopholes, vote in a balanced budget amendment, spend within our means, institute the Fair Tax, and stop using our taxes to grant favors and stop setting one group against another. Oh no, I sound like a Tea Partier!

 

[59 Dano]

I never said such a thing. Re-read the post. Money that is earned outside of the US isn't taxed by the US until it's brought back to the US (typically in the form of a dividend payout or domestic investments). If it's not brought back to the US, it isn't taxed by the US.

As for your story, it's my fault for using assignment. That was a poor choice of terms. "Transfer" (with an eventual move back) would have the appropriate term because that's the concept I had in mind.

Ugh. Failed to edit properly. I *did* suggest such a thing, which I pointed out right before I hit the 'post' button. Poor choice of words on my part; failure to figure out the edit option....