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Started By
Message
re: Jindal suckered once again by startup???
Posted on 7/8/14 at 10:14 pm to I B Freeman
Posted on 7/8/14 at 10:14 pm to I B Freeman
quote:
The obvious wrongdoing here is the State has committed to giving these guys millions and millions of dollars. The State is basically getting into the venture capital business with our money but gets no equity.
hmm 350 jobs *(64,000*0.06)= $1,344,000 in state income taxes every year (assumming the employees pay the 6% rate). Also 350 less ppl sucking off the state's entitlement system because now they have a job.
quote:
You and I can do it. Let's get some kid that flunked out of LSU and have him write a program to cut the lights out every two hours. We will pay you a million and me a million and the kid $5000. We would get $700,000 from the state. We could pay ourselves again every year. You know what else we could buy a huge office building in Baton Rouge get the 25% credit, close the business and liquidate and keep the left over. Let's look for at least a $10 million building. We would get $2.5 million in credits. Maybe we could fire sale the building for $9 million and keep $1.5 million. You see there are no laws against any of this.
Holy Crap!
You do realize there is an application and screening process don't you? What do you just think they are not going to check out the applicants?
3
Posted on 7/8/14 at 10:17 pm to WeeWee
quote:
You do realize there is an application and screening process don't you? What do you just think they are not going to check out the applicants?
You really trust the government.
You never answered. Do you consider yourself to be a fiscal conservative who believes in free markets?
Posted on 7/8/14 at 10:26 pm to Asgard Device
quote:
You really trust the government.
Fed gov no. State of Louisiana, depends on the situation, since the tax credits are bringing jobs and the state is ranked as one of the best place for business in the country, yes. I would prefer, a tax situation and regulation env like Tejas but since we don't have it and probably never will (too many dems) this is the next best thing.
quote:
Do you consider yourself to be a fiscal conservative
yes
quote:
who believes in free markets?
does not and will never exist. I believe in as little gov interference as possible, but since gov will always be involved to some degree, I am glad louisiana is actually trying to attract jobs unlike the pos state of mississippi.
Posted on 7/8/14 at 10:30 pm to WeeWee
quote:
Holy Crap!
You do realize there is an application and screening process don't you? What do you just think they are not going to check out the applicants?
Nothing I proposed in that paragraph is prohibited and cannot be stopped. The requirements are very, very loose. Hell they are giving them to a 4 month old company that can't even explain what they do on their website-- that didn't even explain how they pulled the 300 people number out of the air.
This post was edited on 7/8/14 at 10:34 pm
Posted on 7/8/14 at 10:31 pm to WeeWee
quote:
I believe in as little gov interference as possible
Yet you support government paying companies and think this is a sound way to "create" jobs.
quote:
I am glad louisiana is actually trying to attract jobs unlike the pos state of mississippi.
Over the last 15 years, Mississippi has spent around $400m on a single Nissan factory, alone. Tons of jerbs there.
Mississippi has done this for longer than Louisiana has. Mississippi's department of economic development touts creating 6,200 jobs and over $1b in investments in 2013.
Posted on 7/8/14 at 10:32 pm to WeeWee
quote:Yeah but we will giving them 35% of that $64000 with no limit. We may get $1.3 million for giving $6 million every year??
350 jobs *(64,000*0.06)= $1,344,000
Surely you can't be for that.
How the hell can a four month old company with no history be trusted to have 300 employees by 2017 as they say??? Doesn't matter 300 is nothing if other taxpayers are paying for them.
There should be no subsidies of these companies.
This post was edited on 7/8/14 at 10:36 pm
Posted on 7/8/14 at 10:44 pm to I B Freeman
quote:
Yeah but we will giving them 35% of that $64000 with no limit.
the company gets the credit on state payroll taxes, not the employees on their state income taxes.
Posted on 7/9/14 at 8:23 am to WeeWee
quote:
Yeah but we will giving them 35% of that $64000 with no limit.
the company gets the credit on state payroll taxes, not the employees on their state income taxes.
Wrong. The company gets 35% of the wages in a cash redeemable, fully transferrable tax credit. They do not have to generate a dollar in tax liability to use those credits.
State payroll taxes are next to nothing BTW. The employees pay 6% on their taxable income after deductions but the company gets 35% of their pay from you and me in the form of cash redeemable credits. They can present them to state and get a check.
Posted on 8/1/14 at 2:32 pm to I B Freeman
Jindal wasn't suckered, he has suckered us, over and over. This company was "started up" for this scam. 10 million in "tax credits".
"This is a penny balloon, a start up that has not started up. Chance of long term survival = 0. A way for Bobby to give 10 million in tax credits hoping some will come back to him."
"This is a penny balloon, a start up that has not started up. Chance of long term survival = 0. A way for Bobby to give 10 million in tax credits hoping some will come back to him."
Posted on 8/1/14 at 3:40 pm to I B Freeman
quote:
Those incentives are listed in the article---NONE of those incentives are redeemable for cash or transferrable to other taxpayers like this media credit or our film credits which are actually subsidies. So for Mercedes to use these tax incentives they must have tax liabilities. That is a HUGE difference between what Alabama did with Mercedes and what we do every year with no limits in the film business.
I don't understand why all of the "small government conservatives" who are so critical of you on this issue won't acknowledge this simple fact. The state back-stopping the "credits" at 85 cents effectively converts it into a subsidy. How can any responsible conservative be for such insanity?
Posted on 8/1/14 at 3:56 pm to Zach
quote:
I heard you moved to Lafayette, Moon.
How that guy got a radio show is beyond me. Probably has the worst voice for radio. His voice sounds like he is trying to talk with a lugey in his throat, while simultaneously scraping rusty metal across more rusty metal.
Posted on 8/1/14 at 3:57 pm to Big Scrub TX
quote:
How can any responsible conservative be for such insanity?
Because the private business gains and resulting taxes thereof, outweigh the subsidy...
Posted on 8/1/14 at 9:21 pm to sainttammany
quote:
"This is a penny balloon, a start up that has not started up. Chance of long term survival = 0. A way for Bobby to give 10 million in tax credits hoping some will come back to him.
Nothing illegal about it either. The deals are so lucrative they invite thieves. Of course the lobbyist that keep the wheels greased are making out pretty well too.
Was Gibson Dunn a consulting firm on this deal too??
Posted on 8/1/14 at 9:30 pm to I B Freeman
Louisiana voted in Bobby Jindal to governor twice. The majority supported his objectives and means. I'm sorry you don't agree but you are in the minority. Elections have consequences.
I hate what the federal government has become and this current administration is terrible but alas elections have consequences and I am in no position to leave this country. However you may be in one to leave this state if you don't agree.
You keep talking about the LA taxpayer and such, but again the LA taxpayer voted in the man in a majority, we are ok with his policies.
I hate what the federal government has become and this current administration is terrible but alas elections have consequences and I am in no position to leave this country. However you may be in one to leave this state if you don't agree.
You keep talking about the LA taxpayer and such, but again the LA taxpayer voted in the man in a majority, we are ok with his policies.
Posted on 8/1/14 at 9:54 pm to WalkingTurtles
quote:
You keep talking about the LA taxpayer and such, but again the LA taxpayer voted in the man in a majority, we are ok with his policies.
BS
quote:
PPP's newest Louisiana poll continues to find that Bobby Jindal is among the least popular Governors in the country, and that there is minimal support for him running for President even in his home state. Only 32% of voters approve of the job Jindal is doing to 56% who disapprove. Among Republicans his numbers are relatively tepid (57/33 approval). His numbers with independents pretty closely mirror his overall ones (32/57), and support from Democrats is virtually nonexistent (12/75).
Oh please tell me when in 2007 did he tell taxpaying voters he was going to give away $1.5 billion to film makers? and I sure never heard his brother went to work for Gibson Dunn when I voted for him did you?
This post was edited on 8/2/14 at 9:44 am
Posted on 8/1/14 at 10:03 pm to I B Freeman
I'm still trying to figure out how Stephen Moret is in charge of anything.
Posted on 8/1/14 at 10:10 pm to Taxing Authority
quote:
I'm still trying to figure out how Stephen Moret is in charge of anything.
And making over $500,000 a year on the state payroll.
Is there much difference between a community organizer and a chamber of commerce director???
Posted on 8/1/14 at 10:17 pm to I B Freeman
Well we have Jindal until 2016. And I think he is doing a Cracker Jack job. You can keep posting all this foolishness but he is the governor and you will be able to so nothing but rabble rabble film credits rabble rabble.
Just like I have to deal with Obozo.
Just like I have to deal with Obozo.
Posted on 8/1/14 at 10:18 pm to I B Freeman
Well we have Jindal until 2016. And I think he is doing a Cracker Jack job. You can keep posting all this foolishness but he is the governor and you will be able to do nothing but rabble rabble film credits rabble rabble.
Just like I have to deal with Obozo.
Just like I have to deal with Obozo.
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