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Started By
Message
No bailout money for cruise lines
Posted on 3/26/20 at 10:55 pm
Posted on 3/26/20 at 10:55 pm
LINK
quote:
The major cruise ship lines are shut out of the $2T coronavirus stimulus package headed for a vote tomorrow in the U.S. House, despite Pres. Trump's desire to help them. The package limits aid to U.S.-incorporated companies with a majority of workers based in the U.S., two criteria that effectively exclude the major cruise ship operators such as Carnival (NYSE:CCL), Norwegian (NYSE:NCLH) and Royal Caribbean (NYSE:RCL).
10
Posted on 3/26/20 at 11:02 pm to ColoradoAg03
Aren’t they all Bahamian ships? See if their government will help them.
Posted on 3/26/20 at 11:23 pm to ColoradoAg03
Good
They aren't essential and don't fly under the US flag to avoid taxes. frick em
They aren't essential and don't fly under the US flag to avoid taxes. frick em
Posted on 3/26/20 at 11:41 pm to TigerTatorTots
Exactly. They treat their employees like dirt as well.
Posted on 3/27/20 at 8:00 am to EarlyCuyler3
quote:
Exactly. They treat their employees like dirt as well.
A lot of their employees are foreign as well.
Posted on 3/27/20 at 8:04 am to JOJO Hammer
quote:
A lot of their employees are foreign as well.
I'd bet you couldn't find an American that would be willing to take a below the deck job with them.
Posted on 3/27/20 at 8:14 am to ColoradoAg03
So is the consensus against cruise lines now?
Posted on 3/27/20 at 8:17 am to sonoma8
Not surprisingly cruise lines are down big premarket.
I was up a nice chunk of change on rcl and nclh. Should have cashed out on Wednesday.
I was up a nice chunk of change on rcl and nclh. Should have cashed out on Wednesday.
Posted on 3/27/20 at 8:21 am to ColoradoAg03
They make all their money from American passengers but officially do business in other countries for tax haven purposes.
That's their choice I guess, but it also means Uncle Sam doesn't owe them dick.
That's their choice I guess, but it also means Uncle Sam doesn't owe them dick.
Posted on 3/27/20 at 8:23 am to PEPE
Cruising is a huge industry, is there any way one of the big names goes under? Or do they just reorganize and the stock holders get screwed?
Posted on 3/27/20 at 8:25 am to ColoradoAg03
I would love for them to all go away. Unnecessary way of travel that is terrible for the oceans.
Posted on 3/27/20 at 8:36 am to Eric Nies Grind Time
quote:
Cruising is a huge industry,
Port workers, onshore travel agents/brokers, food suppliers, etc
Posted on 3/27/20 at 9:20 am to Eric Nies Grind Time
quote:
Unnecessary way of travel
Airlines are for traveling, cruising is vacationing.
Posted on 3/27/20 at 9:25 am to Jimmy2shoes
quote:
Port workers, onshore travel agents/brokers, food suppliers, etc
If I’m not mistaken, cruise lines are still paying taxes and fees at the American ports.
Posted on 3/27/20 at 9:30 am to ColoradoAg03
Thousands of American jobs are dependent upon the cruise line industry. Estimated last year that the cruise line industry was responsible for more than $50 billion worth of industry for United States companies..... which included jobs
Posted on 3/27/20 at 9:34 am to ColoradoAg03
The vast majority of a cruise ship's time is spent outside of the US. They aren't registered outside of the US to avoid US income taxation. They are registered outside of the US to avoid US regulation on their ships, and considering 99 percent or more of their ship employees aren't US citizens, to avoid having to deal with payroll taxes on them.
They do pay payroll taxes on their US employees (headquarters). They also are an economic engine for a number of US port cities, and also, do provide jobs for a number of port employees.
I promise you there will be plenty of "US" companies that get bailout money that don't pay a lick of federal tax, either, because on paper, they lose money.
They do pay payroll taxes on their US employees (headquarters). They also are an economic engine for a number of US port cities, and also, do provide jobs for a number of port employees.
I promise you there will be plenty of "US" companies that get bailout money that don't pay a lick of federal tax, either, because on paper, they lose money.
Posted on 3/27/20 at 9:51 am to Disgeaux Bob
I read something that there could be a second stimulus package which they are included in.
Posted on 3/27/20 at 9:56 am to Disgeaux Bob
Most cruise workers aren’t Americans
Posted on 3/27/20 at 10:05 am to Upperdecker
quote:
Most cruise workers aren’t Americans
I didn’t say that cruise line industries employed United States citizens. Every time a cruise line comes into a port it is restocked and reloaded. Millions of dollars goes in every time they set off on a cruise. The majority of that comes from United States companies that employ United States citizens. If cruise lines are left alone to fail the trickle down effect will cost Thousands of Americans their jobs. I don’t like the fact that they do not pay US taxes but their industry supports too many US businesses and jobs to ignore them.
Posted on 3/27/20 at 10:10 am to Disgeaux Bob
quote:
I don’t like the fact that they do not pay US taxes but their industry supports too many US businesses and jobs to ignore them.
Considering that they spend a majority of their time in international waters and foreign ports, I don’t really have a problem with how they do business (from an economic perspective; the treatment of their on board employees is a different topic).
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