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Re: $27 million in tax breaks to UBS Financial Services to save jobs in Jersey City and Weehawken
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Home away from home
 
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I have two requests. First, you mentioned "rich". But the taxes are not on the wealth, they are on income. I.e., it is not a "tax on the rich", it is the "tax on those who earn more". So, my first request it, - let's call it properly. Like people who want to discuss something, not just demagogue it. Second, you used the verb "give". Normally, it means that one person shares his possessions with another. When one person hands something back - the verb "return" is more appropriate. So, with these two corrections, you should put it thusly: "the Rethuglicans that return the overpayment made in taxes by the most productive members of society" See? Now, mind telling me, - why do you find this bad?
Posted on: 2011/7/24 3:47
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Re: $27 million in tax breaks to UBS Financial Services to save jobs in Jersey City and Weehawken
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Home away from home
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Jersey City really had no choice. UBS is already moving most of its operations out of Connecticut and back to New York after their favorable tax deal ended and the governor played hardball regarding a new deal, and this just took place about a month ago. JC would be crazy to allow UBS to leave at a time like this. Unfortunately, UBS had all the leverage in this case
Posted on: 2011/7/23 16:29
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Re: $27 million in tax breaks to UBS Financial Services to save jobs in Jersey City and Weehawken
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Just can't stay away
 
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Geez.......
.......and if you listen to corporate media, it's only the Rethuglicans that give tax breaks to the rich, turns out the Democraps are just as bad.......
Posted on: 2011/7/23 15:47
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Re: $27 million in tax breaks to UBS Financial Services to save jobs in Jersey City and Weehawken
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1. Being able to tell "facts" from "guesses" doesn't mean being "pedantic", it means being a realist. As in "not living in fantasy world". 2. I act in full accordance with what I preach, - if you actually read the text you quoted, you will notice that I said "I imagine..." - explicitly qualifying my assumptions as guesses, not facts. Moreover, I used a "if ... than ..." construct, - to emphasize that I was not sure if my guess was correct. 2a. This means that the contradiction you saw was imaginary, not factual. Finally, does this mean that you decided to stick to the ad hominem?
Posted on: 2011/7/22 23:52
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Re: $27 million in tax breaks to UBS Financial Services to save jobs in Jersey City and Weehawken
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Home away from home
Joined:
2008/10/19 1:18 Last Login : 2020/9/25 20:40 From somewhere else
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How weird - you pile one assumption on top of another to paint me(?) as someone who is "often proud of how intellectual and scientific" I am, yet you seem to derive a pedantic joy from telling people they are wrong and what the "facts" are.
Posted on: 2011/7/22 18:04
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Re: $27 million in tax breaks to UBS Financial Services to save jobs in Jersey City and Weehawken
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Newbie
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My say ? why not give the tax break to the companies that are going to keep the jobs here?
Business who choose to outsource should be doubly taxed. ...... As an FYI, Goldman Sachs is one of the biggest offenders in all of this is bringing 40 people a month from India to their JC office. They are paying for their lodging and such, training them and sending them back. Good bye American jobs! Your welcome for the bailout, G.S. Way to perpetuate the mess you started!!
Posted on: 2011/7/22 14:25
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Re: $27 million in tax breaks to UBS Financial Services to save jobs in Jersey City and Weehawken
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Home away from home
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Look, if you doubt their facts, you can check them yourself, right? They do tell where the numbers come from, do they not? Then, if you have an alternative explanation to the numbers on the graph, - you may certainly share it with the class. For example, I do not see what Heritage sees. I do not see one tipping point, - but more like parabolic slowdown. As if everything Obama does creates a strong permanent job-slowdown force that acts like gravity, creating a constant negative acceleration. Anyways, what is your interpretation of the observed facts? I imagine, you position yourself politically on the left, and people with this kind of views are often proud of how intellectual and scientific they are. If you are one of them, surely you are not going to just launch an ad hominem attack and be done with it, no?
Posted on: 2011/7/22 11:51
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Re: $27 million in tax breaks to UBS Financial Services to save jobs in Jersey City and Weehawken
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Home away from home
Joined:
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Ah yes, the Heritage Foundation. I'm sure they have an objective view of the Obama's health care legislation. No real funding started at the passage of the act - your neat graph proves nothing other than people, corporations, markets, et al, are lemmings. Job creation ground to a halt in one day because of future fears? Not even FOX news could coordinate such a mass panic.
Posted on: 2011/7/22 11:34
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Re: $27 million in tax breaks to UBS Financial Services to save jobs in Jersey City and Weehawken
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How does it follow? The taxes are going up, - with all the new regulations done recently by Congress. The President keeps threatening even more of them. WHY would you expect the "highest job rate"? Beside, taxes are not the only job killer. Weakness of the dollar, uncertainty of the future, there is tons of things that this administration does in this direction. In any case, here is a good thing to ponder: imagine that you are running a business. And the government does something that increases the cost of labor for you, at the same time lowering the potential profits. What is your best guess will happen with your business? Will it expand at the same rate as before?  link
Posted on: 2011/7/22 3:34
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Re: $27 million in tax breaks to UBS Financial Services to save jobs in Jersey City and Weehawken
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When a real tax cut was passed in 2003 (2001 was tiny to the point of being inconsequential) federal revenues (which were in decline since 2000) went up after the tax cut took effect (even after adjusting for inflation). IMO the most important part of the tax package was reducing the top rate on dividends and capital gains to 15%. An example of the benefits of such a reduction: A number of new business development corps (BDC) came about starting in 2004. BDC's make high risk loans and/or investments in smaller (often non-publicly traded) firms. BDC's step in where much more conservative banks fear to tread. Before the tax cut, BDC's were out of favor because the effective tax rate was in the 40% range. BDC's have to distribute almost all of their earning to their shareholders. They can't shelter money like a traditional C corp via retained earnings. At 40%, the rates of return needed to make a high risk investment worthwhile was simply too high. A number of BDC's focused on the energy sector (I invest in this area.. so I follow fairly close). Money poured into non-conventional energy sources (big players ignored these areas). Over the past six years, the payoff has been huge for this country. As a result, domestically produced oil and gas is rising for the first time since the 1980's. Your gas bill went from the $1.40 range per therm a few years ago to just over a $1.00. For anyone struggling to keep the heat on the winter, such a reduction in energy costs is huge. So why have things gone South? Well.. for one, the current powers that be are destroying the value of the dollar. The govt. has to borrow about 40% of what it spendw. Federal spending is approaching (as % of GDP) levels not seen since WWII. That spending and borrowing is acting as a giant boat anchor on the economy. With the debt being 'monetized' (not enough buyers of treasuries.. so the Fed prints money and buys them instead), dollars are flooding the world. Holders of dollars, unsure of their worth, have exchanged dollars for real assets: Pork bellies, silver, gold, oil, wheat, etc. West Texas Intermediate oil is now approaching $100 a barrel again. That's not from demand (USA consumption has been going down since 2006), that is entirely due to dollars being dumped in exchange for the oil. Often that oil is being kept off the market in tank farms and investors try to protect their capital (this is what happened in '08 when the price nearly hit $125). Been grocery shopping recently? Using the old method of measuring inflation (when food was part of the equation) inflation is in the 9% range. Inflating the dollar is taxation (more like theft) by other means. It destroys the value of dollars held by everyone from a senior with a small bank account to a corporate exec with $100k in CD's. The premiums we now have to pay on imported goods (again, oil) acts as a tax. How much more purchasing power would the public have if the gas pump price was down in the $2.00 range? Now add on fear and uncertainty. How much will Obama care cost? The Senate is planning massive tax increases, how will that affect the business climate? Congress is ignoring the $100 trillion in unfunded liabilities (the Senate hasn't even submitted a budget in 2 years), what happens when those bills come due? What do you do when afraid? You play defense. Businesses are not hiring, C-corps are holding on to retained earnings, and banks are not lending. The result? Economic growth has come to a near halt. You want out of this mess? Then look to what worked in the past (yes, we have been here before). 1870's, 1921, and 1981, the first and foremost was defending the value of the dollar. The second was making the economy grow. Paul Volcker raised interest rates to the moon to help tame inflation, but that was only part of the equation. The excess dollars were also soaked up by getting the economy to grow again (hit 8% GDP growth at one point). Confidence in the USA means lots of foreign money, commodities (gold), etc. getting exchanged for dollars as investments flows into this country. Demand for dollars = low / no inflation. Get rid of the uncertainty, pass real entitlement reform, cut taxes again orientated to encourage businesses to expand and people to save more, and you will see a big improvement.
Posted on: 2011/7/20 14:11
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Re: $27 million in tax breaks to UBS Financial Services to save jobs in Jersey City and Weehawken
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Posted on: 2011/7/20 12:42
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Re: $27 million in tax breaks to UBS Financial Services to save jobs in Jersey City and Weehawken
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YEAH! The problem was not in the Government, FNMA and HUD demanding that banks would lend money to people who can't return the debt! It was greedy bankers, who out of greed wanted to give money to the people who would not be able to repay! This is perfectly logical, it is how greed works, - you give the money to everyone, without asking how they pay you back. Typical Scroogeing. And, yes, let's bankrupt the finance! It's also logical, - if you have a heart attack - let's amputate the offending organ! As for me, I would go further, - and bankrupt all employers. Who needs them?
Posted on: 2011/7/20 11:55
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Re: $27 million in tax breaks to UBS Financial Services to save jobs in Jersey City and Weehawken
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First, federal corporate tax rates are not the lowest. There was no changes since the Tax Reform Act of 1986. Second, how is that an objection? Even if it were true - how does "it is lowest" denies that it is a job killer? As for "holding hostage", - it is total BS. "Hostage" implies force. Businesses do not use force. If someone offers them better conditions, - they take the best offer. If it is better for them in North Carolina, or Hong Kong, - they move there. You can't possibly demand that they stayed here, - if you are not going to offer them equally good deal. And I am sure that you personally - do the same. If you are offered a better deal - cheaper price on good, higher salary, - you take it. It is just that nobody demagogues your desire to get a better deal as "holding grocery hostage".
Posted on: 2011/7/20 11:50
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Re: $27 million in tax breaks to UBS Financial Services to save jobs in Jersey City and Weehawken
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Home away from home
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It was these financial services and their employee's that screw'd us in the first place. I say let them go bankrupt.
Posted on: 2011/7/20 9:37
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My humor is for the silent blue collar majority - If my posts offend, slander or you deem inappropriate and seek deletion, contact the webmaster for jurisdiction.
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Re: $27 million in tax breaks to UBS Financial Services to save jobs in Jersey City and Weehawken
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Home away from home
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It's not about federal nor state income tax. The employees will pay the same as everyone else. Its all about corporation taxes.
Posted on: 2011/7/20 2:30
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Re: $27 million in tax breaks to UBS Financial Services to save jobs in Jersey City and Weehawken
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You forgot to add in credits, deductions, and grants (ie. earned income tax credit) that lower income earners receive. In tax year 2009, 47% of households paid no income tax. If you fall in the bottom 50% of tax earners, you probably don't pay a single $1 in income taxes (after refund). The burden fall mostly on the top 10% which pays over 70% of the personal federal income tax burden.
Posted on: 2011/7/19 12:12
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Re: $27 million in tax breaks to UBS Financial Services to save jobs in Jersey City and Weehawken
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Home away from home
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http://ntu.org/tax-basics/history-of-federal-individual-1.html
with the exception of a brief period from 88-92, the top tax bracket is lower now by a range of 4.6% - 40% from previous levels going all the way back to 1930. Most years it was up at 70% - 90% and currently it's only 35%. The bottom bracket is a bit lower now, or equal to rates since 1930. It would be nice though, to see that bottom bracket go back to older levels, and have the rich share more of the burden again. But that won't happen so long as there are Republicans around, I suppose.
Posted on: 2011/7/19 3:10
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Re: $27 million in tax breaks to UBS Financial Services to save jobs in Jersey City and Weehawken
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And this doesn't so much seem a case of high taxes being job killers as it is a case of companies holding municipal governments hostage, as pointed out by the previous poster.
Posted on: 2011/7/19 3:04
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Re: $27 million in tax breaks to UBS Financial Services to save jobs in Jersey City and Weehawken
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Home away from home
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lol. companies holding local gov'ts hostage with this nonsense. all this so the top execs can continue to make 8figures + while threatening a bunch of 50k/year jobs with cuts. gotta love
Posted on: 2011/7/19 2:52
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Re: $27 million in tax breaks to UBS Financial Services to save jobs in Jersey City and Weehawken
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Home away from home
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Interesting... so, it seems that everybody understands that high taxes are jobs killers.
Now, can someone explain to me why the taxes are cut for just two companies? Do we not need jobs? Why not cut all of them? Next, should we not also cut federal taxes?
Posted on: 2011/7/19 2:44
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$27 million in tax breaks to UBS Financial Services to save jobs in Jersey City and Weehawken
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$27 million in tax breaks to UBS Financial Services to save jobs in Jersey City and Weehawken
Published: Monday, July 18, 2011, 3:00 AM By Julius Zeitlinger/The Jersey Journal New Jersey awarded a $27 million tax break to UBS Financial Services Inc. last week to prevent the company from moving some 2,000 employees in Jersey City and Weehawken out of the state. The mayors of both municipalities are breathing a sigh of relief. ?This is terrific news,? said Jersey City Mayor Jerramiah T. Healy. ?Any type of assistance that can be granted by the state to keep jobs in Jersey City is welcome news.? The state?s Economic Development Authority (EDA) approved the grant after UBS said it was considering moving some employees to Tennessee and consolidating the rest of the staff at offices in New York and Connecticut. ?It?s absolutely wonderful what the EDA has done,? Weehawken Mayor Richard Turner said. ?Jobs are the main issue and any program that keeps jobs in the state is great.? Under the Business Retention and Relocation Assistance Grant (BRRAG), the EDA awarded UBS a six-year grant in which the company will receive a $4.5 million tax break each year. The BRRAG program grants tax breaks of $2,250-per-job for businesses that are considering leaving the state. UBS is required to remain an additional five years in the state after the six-year year grant is complete. ?If those UBS buildings were empty, it would have cost the township millions annually in property tax dollars,? Turner said. ?I just want to thank the EDA, Gov. Chris Christie, Lt. Gov. Kim Guadagno, and state Sen. Brian Stack.?
Posted on: 2011/7/18 11:39
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