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Stanley Tools Moving to Bermuda
Fox News TV
| 5/9/02
Posted on 05/09/2002 2:42:57 PM PDT by pabianice
Fox News reports that Stanley Tools is moving its headquarters from Connecticut to Bermuda to escape US and CT taxes. The Dems are having a fit and are threatening legislation to prohibit such moves. Labor Unions are cheering the Dems on.
Developing.
TOPICS: Business/Economy; Culture/Society
KEYWORDS: taxreform
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"Unions. Proudly putting their members out of work."
1
posted on
05/09/2002 2:42:57 PM PDT
by
pabianice
To: pabianice
Sounds like a great start at never having a new business in this country again.
2
posted on
05/09/2002 2:46:09 PM PDT
by
El Sordo
To: pabianice
From a purely management perspective, this would seem like a very foolish move. They are talking about saving $30 million a year, according to news reports. I should think that a lot of negative publicity would cost them far more than that.
To: Jolly Green
Perhaps Stanley corporate management is more concerned about their personal tax obligations rather than savings for the company.
To: Jolly Green
I should think that a lot of negative publicity would cost them far more than that. Most of their competitors are offshore.
It's either move or continue to lose market share.
What "negative publicity?" Do people really care where the headquarters of a company is located? Most of the plants are still here.
5
posted on
05/09/2002 2:51:52 PM PDT
by
sinkspur
To: pabianice
Atlas shrugs
6
posted on
05/09/2002 2:51:55 PM PDT
by
Noumenon
To: pabianice
You can always spot a developing tyranny.....it will begin to restrict escape... remember that the Berlin wall was erected to keep people and their skills (and money) from escaping.
Smart people (and their companies) will flee a socialist tyranny... a free man will vote with his feet.
7
posted on
05/09/2002 2:52:29 PM PDT
by
Bobalu
To: pabianice
The late Ayn Rand stated: "No Comment."
8
posted on
05/09/2002 2:53:27 PM PDT
by
RobFromGa
To: pabianice
But they really don't need to go all the way to Bermuda just to thwart the labor union thugs, do they? Why not just relocate to a lower-tax, right-to-work state in the South?
I would assume that ANY Southern state has less confiscatory taxation than Connecticut. Of course, the idea for Stanley might be to avoid the confiscatory federal taxes and regulations as well. More power to you, Stan!
DWG
To: Bobalu
And Jim Jeffords readies the "Anti Dog-Eat-Dog" Act.
To: Willie Green
You know, college grads are being told no one owes them a job when they get out. Why are those union thugs any different? No one owes them anything.
To: pabianice
Fox News reports that Stanley Tools is moving its headquarters from Connecticut to Bermuda to escape US and CT taxes. The Dems are having a fit and are threatening legislation to prohibit such moves.How the eff do you write legislation preventing this?!?!?
"You vill continue to manuvacture products in zee Fatherland. If you do not, zings vill get very... complicated."
To: Jolly Green
From a purely management perspective, this would seem like a very foolish move. They are talking about saving $30 million a year, according to news reports. I should think that a lot of negative publicity would cost them far more than that.Not on my part. I need a whole house full of tools, and anyone who spurns unions and leaves a socialist northeastern state actually gets GREATER consideration by me than otherwise.
To: Noumenon
I heard about this today on Paul Harvy, that is what I thought.
To: DownWithGreenspan
But what about tarriffs? Stanley Tools is going to feel pretty stupid if all of their products have a tarriff placed on them after they set up shop in Bermuda. Why not just move to Florida or Texas where they can avoid state income taxes and deal with less regulations?
15
posted on
05/09/2002 2:58:18 PM PDT
by
caa26
To: Jolly Green
$30 mil is 37% of what they pay in the dividend.
To: Willie Green;maui_hawaii
,,, Stanley had product lines made in China, didn't it? I understand Hutchinson Whampoa is developing a large port facility in Bermuda too.
To: pabianice
Let 'em move. I sure won't buy another screwdriver from 'em. Jerks.
18
posted on
05/09/2002 3:01:12 PM PDT
by
ArcLight
To: caa26
But what about tarriffs? Stanley Tools is going to feel pretty stupid if all of their products have a tarriff placed on them after they set up shop in Bermuda. The headquarters office is going to Bermuda. The factories stay here. No tariffs on good made in the USA, regardless of where the CEO has his office
To: caa26
Tariffs only apply to stuff imported, if they leave the factories here no tariffs (same trick all the Japanese companies use), but taxation is based on where the headquarters are. Overall a pretty sharp decision, move the cheapest part of the organization, leave the rest, very few costs go up (phone calls to the factories and some mail) and your tax footprint shrink. They can even still use the Made in the USA stickers since it will be.
20
posted on
05/09/2002 3:04:54 PM PDT
by
discostu
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