Posted on 12/01/2016 9:46:13 AM PST by jaydubya2
Indiana officials agreed to give United Technologies Corp. $7 million worth of tax breaks over 10 years to encourage the company’s Carrier Corp. unit to keep about 1,000 jobs in the state, according to people familiar with the matter.
The heating and air conditioning company will invest about $16 million to keep its operations in the state, including a furnace plant in Indianapolis that it had previously planned to close and shift...
(Excerpt) Read more at wsj.com ...
I’m wondering how all this UTC stuff is going to shake out.
Congress just cut funding for F-35s [P&W/UTC company makes the engines for the F-35] and also cut were the Black Hawks [made by UTC/Sikorsky]
The Machinists union at UTC is about to vote on their new contract; rumblings of a strike.
Life is complicated.
'Cronyism' would be if Carrier donated to Trump's campaign for a tax break. What is it with the obsession of taxation to fund the mighty government 'god'.
I read yesterday that the average payroll was 50,000 but your 35,000 still shows the incredibly positive side of this “investment in the future.”
You have to have the mentality all money belongs to the state to be upset. The only thing wrong is not all companies are able to get the same break.
Pray America woke
What's interesting here is that Carrier seems to have cut a deal for state and local tax breaks to keep it from moving this operation from Indiana to Mexico. Most state tax incentive programs are aimed at keeping companies from moving to other states.
So Carrier is owned by United Technologies. UTX last reported $56.5 bil in net sales, $6.3 per common stock...And Carrier is screwing taxpayers out of 7 mil?! Now I’m REALLY pi$$ed.
Oh, you should have heard the bitching and moaning with the state of Alabama granted similar breaks to Mercedes-Benz when they built their first assembly plant outside of Germany near Tuscaloosa, Al.
Some 20 or so years ago *NO* cars were built in Alabama. Zilch! Notta!
They’re now the 5th producer of cars in the US - Mercedes to Honda to Hyundai and maybe others.
Those original tax breaks were seeds that produced great rewards.
To my mind we have the SAME problems to deal with. And screwind taxpayers out of 7 mil bucks is NOT going to fix them.
No. Cronyism is quid pro quo. Said quo doesn’t have to be campaign donations, it could be leaving less than half of your workers in place so that the one giving the quid can tout the jobs “saved” while studiously ignoring the ones leaving.
I don’t want more taxes. I want truth. And the truth is Carrier is still moving 1100 jobs, and for that they are being bribed.
EXACTLY
IF the Democrats ever learn how money is taxed /spend in this country, maybe they can get the economy going again.
Takes a real business person to understand all the pieces of the puzzle.
For years my brother—who had his own company with about 65 employees said—NOT one in 1000 are worthy of signing the FRONT of a paycheck.
It’s a wonderful thing.
So he went from a negotiating position of placing a tariff on imported AC units to retain 2,000 jobs in Indiana, to retaining 1,000 jobs and providing Carrier with $7,000,000. Looks like the management at Carrier knows the Art of the Deal.
It’ll be interesting to see which of the jobs are the ones that stay, that’ll tell us which union they’re trying to bribe.
Dear “True Conservatives”
I know you are still nursing your Curz defeat wounds but please stop being this stupid.
Crony Capitalism is when the Government writes checks to businesses or provides certain businesses with regulatory favors.
Letting a business, or a person, KEEP THEIR OWN MONEY INSTEAD OF TAXING IT AWAY is at the HEART OF BEING A CONSERVATIVE.
Apparently we are going to have to do a LOT of yelling in the near future to penetrate the fog of impenetrable idiocy the #Never Trumpers have chose to cloak themselves in.
I caught a snippet of “Outnumbered” and one of the talking heads mentioned only 800 jobs were saved but 1300 were still heading to Mee-He-Co.
Anyone with more definitive info on the entire job situation at Carrier?
You’re right. The negative impact of losing jobs and all the related business coupled with 35% tariffs would be a much better “libertarian” proposition < /sarcasm >
so they arresting other companies do the same. Great timing.
I’m so stupid I think losing 1100 jobs is not a win. I’m so stupid I thought he’d tell carrier they will have a 35% tariff on their imported products after saying that’s what he would do for 15 months.
I wish I was smart like you.
The 35% is not my idea. It is his. He said he’d do it for 15 months.
You’re barking up the wrong tree.
Taxes are the leading cause of corporate flight. Fact is, the founding fathers knew that income taxes are ruinous to a country.
How could the federal government run without income taxes. Yes the fed is bloated, but you still need military, post office which are mandatory per constitution. Then you have flooding and other disasters......how gets that bill?
Well the Trump team is talking “the most sweeping tax change since Reagan”. Let us hope ALL companies get such breaks. Trump did not create the system that currently exists.
Also, if the State of IN gives a break to Carrier, that is the business of the voters IN THE STATE to decide if it is a good idea or not.
Sick of the selective “Federalism” of the “True Conservatives”
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