General Motors humiliates Joe Biden
- Thread starter Butler1000
- Start date
That's Indiana state taxes, not federal.
GM receives tax incentives to support potential $3.5 billion Indiana battery plant
An Indiana county council on Tuesday evening approved tax incentives for a new $3.5 battery plant investment by GM and battery partner Samsung.www.detroitnews.com
That's Michigan state taxes, not federal.Detroit Free Press - Home
www.freep.com
Yes, state tax breaks to corporations are a known issue and very common.
I didn't realize Biden was in charge of individual state's tax policy.
And as for "in bed with them", have you gone minarchist now?
Your argument here is that Biden saying he won't penalize them for using Chinese batteries in their cars - they would still get the tax breaks - caused them to not make those cars and therefore get those tax breaks?
no
capital cost allowance encourages business to re-invest capital into growth projects, productivity improvements, and upgrades for equipment / software etc
this promotes economic growth and improves companies ability to compete
invest more >>> save more on the corporate tax bill ie the corp. writes a smaller cheque to CRA
the decision to invest lies solely with the company
I am against corporate welfare, / where the govt writes the cheque to a company as a bribe to locate a plant in a country / province/ state
that requires govt to pick and choose winners and avoid losers
they are not good at choosing winners
its also a slippery slope , which govts have already headed down and a slippery slope Canada can not afford
if Ohio offers $1 b to help offset the plant construction , Ontario will need to offer $2.0 B to be competitive.
Then the other companies see there are big bucks on the table if you auction off your new plant location
it has and will continue to escalate
govts responsibility is not to allocate the dispersal of taxpayer dollars into the economy as grants
govts responsibility is create an really attractive economic environment where business' can make a good return on their capital
ie highly educated workforce, infrastructure, limited regulation (regulation is extremely expensive for companies, it can be crushing for small operators and start ups, ) and non punitive tax policies, etc, etc, etc
the deals on the EV factory , its what a $15 B handout& they are going to hire foreign workers ?
that's a failure for sooo many reasons
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They still get the state tax breaks. I know you don't want to admit it, but corruption can take place via collusion at multiple jurisdiction level.
Those state tax breaks aren't controlled by Biden.
Or are you just asserting that Biden controls Indiana state tax policy now?
Im staing that both parties happily cater to donors and work together via lobbyists. They tell the legislators what to do. Or not to do.
not really
Opposition parties demand Liberals release EV and battery production contracts
The push comes amid revelations that some of the companies would be bringing in hundreds of foreign workers to help build the new plants.
nationalpost.com
it will still be a colossal failure
and do not forget the govt is running deficits , so this incremental bribe will be with incremental borrowed money @ high interests rates
there will not be a balloon repayment at the end of the plants life cycle
this is just one of five such handouts, so what the total? $20 billion ???
how many incremental jobs?
even an extremely optimistic est. of 20,000 jobs for all 5 and their economic spinoffs, that a subsidy of $1 Million per job >>> That is insane
do you know many blue collar employees who pay a cumulative million dollars in taxes over a 20-30 year career?
all based on the ideologically driven pipedream premise of a complete worldwide switchover from ICE to EV
that is not going to happen
auto companies are already scaling back EV programs due to next to no demand, & high costs
what are the odds one or two of these corporate welfare recipients, pivots and closes the plant or scales back due to economic reality?
The corrupt liberals are filibustering to block the release of EV battery contracts.
That's a huge red flag
if you did a good deal , no need to hide anything.
this will be a disaster
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When you post what came out of the horse's mouth.......i.e. The CEO herself from GM, and yet someone like butler refuses to accept those facts and instead goes with the political spin from the Krystal / Saagar News media indoctrination!!
It makes one shake their head and laugh because you can't make this shit up. LOL
@JohnLarue.
With respect to CAPITAL cost allowance.
Why can’t people understand tax breaks, to quote Don Drummond a tax competitive regime….is what draws or keeps companies, encourages them to invest in this that or the other. Is what creates jobs, retains jobs. Jobs in turn put $$ in peoples pockets, and the companies, and grow gdp, is what generates tax revenues in what ever form, is what builds public service, and pays for programs.
And when companies, investors think there’s greener pastures elsewhere…..
CAPITAL bleed.
Or that there are reasons the “stock markets” as Johnny Q. Layman calls them are actually the “CAPITAL” markets…
And unless a person is a raging communists, and wants to handcuff, use balls and chains.
“deal with it.”
Nor understand, the relationships between stagnant wages ( relative to inflation) and increased taxation either.
With respect to CAPITAL cost allowance.
Why can’t people understand tax breaks, to quote Don Drummond a tax competitive regime….is what draws or keeps companies, encourages them to invest in this that or the other. Is what creates jobs, retains jobs. Jobs in turn put $$ in peoples pockets, and the companies, and grow gdp, is what generates tax revenues in what ever form, is what builds public service, and pays for programs.
And when companies, investors think there’s greener pastures elsewhere…..
CAPITAL bleed.
Or that there are reasons the “stock markets” as Johnny Q. Layman calls them are actually the “CAPITAL” markets…
And unless a person is a raging communists, and wants to handcuff, use balls and chains.
“deal with it.”
Nor understand, the relationships between stagnant wages ( relative to inflation) and increased taxation either.
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Consider yourselves lucky. If Trump gets back in he would respond to an insult from GM with tanks and helicopter gun ships...
The core problem is the numerical illiteracy of a lot of people, not exclusively, but a lot on the left of the political spectrum. Many people either are incapable of ignoring the signalling and doing the math or are just made uncomfortable about it and do everything to ignore it.
not really
Opposition parties demand Liberals release EV and battery production contracts
The push comes amid revelations that some of the companies would be bringing in hundreds of foreign workers to help build the new plants.
it will still be a colossal failure
and do not forget the govt is running deficits , so this incremental bribe will be with incremental borrowed money @ high interests rates
there will not be a balloon repayment at the end of the plants life cycle
this is just one of five such handouts, so what the total? $20 billion ???
how many incremental jobs?
even an extremely optimistic est. of 20,000 jobs for all 5 and their economic spinoffs, that a subsidy of $1 Million per job >>> That is insane
do you know many blue collar employees who pay a cumulative million dollars in taxes over a 20-30 year career?
all based on the ideologically driven pipedream premise of a complete worldwide switchover from ICE to EV
that is not going to happen
auto companies are already scaling back EV programs due to next to no demand, & high costs
what are the odds one or two of these corporate welfare recipients, pivots and closes the plant or scales back due to economic reality?
The corrupt liberals are filibustering to block the release of EV battery contracts.
That's a huge red flag
if you did a good deal , no need to hide anything.
this will be a disaster
Ah fell in to a burnin' ring of fire...And the big shot wheels that come ovr to ride herd on these "ferners" are the, Ahem, Training wheels
...why do people think mentioning Donald Trump somehow mitigates the incompetence and stupidity of Justin Trudeau or some how mitigates the damage Trudeau has done to our country?
A decade from now when you are grumbling about how much your taxes have increased or stressed out about the deterioration of our health care system ask if you still consider yourself lucky
Why do people think mentioning Justin Trudeau in a thread about Joe Biden make more sense than mentioning Joe's possible opponent in 2024?
yep CAPITAL cost allowance is designed to incentivize CAPITAL investment in the companies infrastructure.
it is available to all Canadian business's and promotes Canadian economic growth
meanwhile the loonie left call this a subsidy for the oil and gas industry , demanding and end to such subsidies
Jagmeet Singh has repeated called to phase out subsidies to the oil and gas industry
what subsides ? , name the government departments handing out this money?
he is a lawyer and a member of parliament, yet he does not understand the difference between a subsidy ( the government writes a cheque) and an investment deduction Capital Cost Allowance. (the company writes a smaller cheque to govt).
As a member of parliament Jagmeet Singh has the responsibility to understand the fundamentals of our tax code
As a member of parliament Jagmeet Singh has the responsibility to understand the oil and gas deliver mega billions to government in royalties / income taxes
As a lawyer he should have the intelligence to understands the flow of cash is from the oil and gas industry to government, not the other way around
Ah, so this is secretly Biden's fault because... reasons.
I'm not arguing that the state tax breaks aren't corrupt, Butler.
There is a very good chance they are.
Lobbyists have access and power and there are lots of fucked up things due to corporate money.
But "GM humiliates Biden" is the specific narrative you're selling here, with a side order of "Biden was in on it all along".
So you need to do better to make that case.
