Boycott Stanley Tools

[flatfloor]

Stanley Tools announced today they are relocating their company to Bermuda for the express purpose of avoiding $30,000,000 in US taxes.

Another NAFTA benefit.

[Sponsored Links]

[John Bridge]

That's not NAFTA, is it? Thought NAFTA so far was only the U.S., Canada and Mexico.

Anyway, Jim, it's the wave of the future. Wait 'til Cement Pro hits the N.Y. Exchange. Hell, you'll probably already be in the Caymans. :D

[JC]

I would rather boycott Nafta and WTO myself. Meet me on the white house lawn.

[Bud Cline]

Beat me to it Jim.

Wave of the future my ass, those outfits don't pay their fair share of taxes as it is. Before you know it, all us workin' slobs will be in the 95% tax bracket.

[Ron]

Bermuda?You sure?

That island is about 20 miles long and 1 1/2 miles wide.Didn't think there was room for industry there.

I was there a few years ago quoting on a big,fancy marble job.How can they keep their tools at a competitive price level if they move there?Everything is way too costly.I was having lunch where the locals dine and a plain old hamburger and fries cost me $13 U.S.After a while I was buying canned sardines for $2 a can.Pricey!

And then the increased shipping and relocating costs.Would that still even out with the taxes they'll be saving?

[Bri]

It's Bermuda, Ontario Ron....their other plant is in Barbados, Saskatchewan.;)

[Rob Z]

Ron

The corporate HQ'ers will be there, no manufacturing at all. That will continue to be here in the US.

[flatfloor]

Just a desk and a telephone. You can do the same thing here in the US set up a presence in states like Delaware and Nevada to avoid state taxes. I know how to do it but I won't, we even thought about the Cayman thing. It's not like your doing business with some Mickey Mouse bank. All the major banks have branches there.

[Sonnie Layne]

Bermuda???

That's UK crap. You may know that they discount their hotel stays by 10% if the temp falls below 72 F. Perhaps they'd do the same with the Stanley tools????

Hey, I ain't lyin'. I got a huge break when I was there last and the gulf stream couldn't keep up with the arctic chill...

So, I'd say we could all qualify for the discount given the day's weather forecast on the day we decided to buy a Stanley tool, right? Sounds about Brit to me... :)

[Harry]

The thing is that big multi national companies have the ability to "barter" with the gov in just about any country. In the cases of US and Can companies they can actually be subsidised with tax dollars and still get millions of dollars in tax breaks. They can also make their profits within our borders and claim it at a different office in some other 3rd world nation where taxes aren't an issue.

There are 2 kinds of tax paying citizens in North America .... the poor smucks like us that have no clout when tax time rolls around and the corporate (multi national) citizens who swindle us through behind closed door negotiations with lying asshole politicians. :mad:

Harry

[Ron]

I was about to start a rant but good ol' Harry beat me to it.Exactly!

I did not know that you could just plop a laptop,phone and printer on a foreign beach and call it "corporate headquarters" while the manufacturing remained in the original location,and reap the benefits of tax breaks.How fat are the wallets of the lawyer/politicians who came up with this devious shortcut,I wonder.

[Terry O'Neill]

flatfloor,
I caught that interview on CNBC also. Do you suppose that politician was actually enraged or just engorged. I think they all drink at the same trough (oink).
By the way, they said there are over 12,000 corporations, including Ingersoll Rand and Tyco that have made the move (did I get that right, Jim?).
And while we're at it why do we have to pay both ends of Social Security (self-employment), while government employes opt out altogether?:mad:

[Edited by Terry O'Neill on 05-10-2002 at 07:27 PM]

[John Bridge]

Okay, now that this thing seems to have really gotten serious, I gotta tell ya, Jimmy, I was just kidding about the Caymans [Patti, get our Mt. Houston fund outa there Monday morning, okay? Move it to Bermuda.]

I would just like to point out that the people who work for these corporations and continue to reside in North America, continue to be subjected to personal income tax. I would also remind you that inventory taxes are applicable to any company that manufactures anything in North America.

Tax is a game, folks. "People" have always paid the taxes. Companies never have. Never. I advocate doing away with corporate tax altogether. Then, by God, we could really see who's footing the bill. :)

[flatfloor]

Forbes was laughed at when he advocated a flat 10% across the board tax. I wonder who generated the PR campaign to generate the ridicule.

[John Bridge]

I feel so strongly about this I'm going to start a new post. Just wish CX had a better set-up right now. I know he'd be in the middle of it. :)