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Post by cpdad on Mar 14, 2009 12:46:20 GMT -5
ZUG, Switzerland, March 12 (Reuters) - The tidy towns and mountain vistas of Switzerland are an unlikely setting for an oil boom.
Yet a wave of energy companies has in the last few months announced plans to move to Switzerland -- mainly for its appeal as a low-tax corporate domicile that looks relatively likely to stay out of reach of Barack Obama's tax-seeking administration.
In a country with scant crude oil production of its own, the virtual energy boom has changed the canton or state of Zug, about 30 minutes' drive from Zurich, beyond all recognition. Its economy was based on farming until it slashed tax rates to attract commerce after World War Two.
It still has a chocolate-box old town with views over a lake to the high Alps, but is now surrounded by gleaming corporate offices -- including commodity trader Glencore and oil refiner Petroplus -- shopping malls and housing developments.
Local authorities say about 13 percent of full-time jobs in Zug canton are in the raw materials sector.
Over the past six months companies including offshore drilling contractors Noble Corp and Transocean, energy-focused engineering group Foster Wheeler and oilfield services company Weatherfield International have all announced plans to shift domicile to Switzerland.
"Switzerland has a stable and developed tax regime and a network of tax treaties with most countries where we operate," Transocean Chief Executive Bob Long said in a statement in October, when it announced its move. "As a result, the redomestication will improve our ability to maintain a competitive worldwide effective corporate tax rate."
Guido Jud, head of Zug's tax office, said about 1,200 companies had set up shop there in 2008 -- in line with the long-term average, though it is difficult to assess how many of those are foreign companies until they file tax returns.
Swiss cantons are free to set their own tax rates. For example in Zug, corporate tax is about 16 percent but can fall as low as 9.5 percent for companies that do most of their business outside Switzerland. That compares with an average global corporate tax rate of 25.9 percent, according to consultancy KPMG.
"One trend that we see is that particularly Bermuda-based companies are now moving to Switzerland," said Martin Frey, a partner at law company Baker & McKenzie. "That may only partly be obviously for tax reasons, but also for security reasons and the fact that the Obama administration may go after them."
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well it kinda seems like a lot of people arent waiting to even see what happens with the taxes...they are moving now just on the thought of the taxes.
when all of these texas based companies move switzerland....how many people lose business?...a friend explained to me what was gonna happen if taxes on big business was raised....and it is now playing out just like he explained it to me....i was leaning toward raising taxes on them....untill our conversation.
when all of these headquarters are finally moved its gonna be hard to find new tennants for these buildings in this economy...i believe.
the janitors are gonna lose out...the landscaper...the window washers,,,,the gas stations....where they bought lunch....and so own....whos gonna replace these headquarters?....probably no one....what big business is gonna want to move to texas and pay the taxes....when they can move to switzerland.....kev.
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Sabre52
Cave Dweller
Me and my gal, Rosie
Member since August 2005
Posts: 20,466
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Post by Sabre52 on Mar 14, 2009 13:24:49 GMT -5
Yep Kev, You're dead right. The trickle down effects are monstrous. A huge number of manufacturing businesses are talking about relocating to places like Indonesia too. Tax rates and wages are much more reasonable in lots of other countries. Raise taxes on business, say goodbye to tons of jobs. Socialists don't care about profit and loss. They're just about wealth redistribution through government intervention so that their positions of power can be solidified. They really don't give a tinker's damn about the working class and they hold the power so they "are" the wealthy upper class. Seen any poor politicians lately?....Mel
PS; Don Imus said a funny one the other day, if it wasn't so true. He said, " Of course democrats don't mind raising taxes. None of them pay their taxes!" *L* This seems to be true of a lot of the current bag O politicos in office Ie: Rangel, Geitner Daschell et all. I am sure though, that more than a few republicans fall in this group too. Middle class suckers pay their taxes not rich politicians.
PPS: Wait and see, Obama's next step will be to switch to the UK method of calculating unemployment to make his administration look good. UK, last year I think it was, said they had only 1.65 million working age folks out of work but it was actually 9+ million as another 7.5 million folks were classified "economically inactive". I'm waiting for Obama to redefine all the welfare freeloaders as "economically inactive" so he doesn't have to count them as unemployed.
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Post by Bejewelme on Mar 14, 2009 18:50:02 GMT -5
Snowdog- Don't tax golf balls, that's my other favorite hobby!!! Of course no more smoking cigars on the golf courses ~~~~not allowed anymore!!! Rogue- yes $10.50 for 20 cigs in NYC. Mel- The electric deregulation in PA is occurring at the end of this year!!! Our neighbors in New Jersey saw a 52% increase in their electric bills, and DC a 72% increase in 2008. For my work it is good, since I am selling a lot of energy efficient lighting fixtures, occupancy sensors, etc, but those are big increases for the average Joe just paying their monthly electric bill. Not to mention the US manufacturers who cannot afford the increases. Something has to be down nationally to control the energy costs. That is why I am taking a good look at wind and solar companies to invest what little is left of my 401K. We have 2 local solar panel companies near me and they have a 3 year backlog in production they are so busy and more and more homeowners are seeking alternates. I am in the process of getting LEED certified at work. I will leave the political banter to you guys Amber
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Sabre52
Cave Dweller
Me and my gal, Rosie
Member since August 2005
Posts: 20,466
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Post by Sabre52 on Mar 14, 2009 19:28:10 GMT -5
Amber: Our electric has jumped up pretty good here too and we're in a co-op. *sigh* Deregulation + more taxes, just exactly what we need! I was interested to read how so much of the green energy production is located in other countries. Neat you have some there locally. We have solar gates and pool heating. I've been thinking of a retrofit for the house but despite energy credits, you still have to come up with a whopping initial investment. Probably cheaper in the long run to stay as we are and go to more energy efficient appliances etc.....Mel
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UtahRockHound
spending too much on rocks
Sometimes your the Windshield, sometimes your the Rock.
Member since May 2008
Posts: 301
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Post by UtahRockHound on Mar 15, 2009 0:59:52 GMT -5
Years ago, marijuana was legal. When it was made illegal in 1937, the price increased 10 fold. Now it is the nations biggest money maker crop/drug. Hidden fields, smuggling, and such are the common now. The only reason the goverment is against it is because they can not tax it.
Does anyone see the connection to tobacco. This will be the latest get rich scheme.
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Post by cpdad on Mar 15, 2009 18:26:39 GMT -5
when natural gas was deregulated here in georgia....my bill went up 400 percent during the winter...i couldnt pay it...it was cut off....i learned to live without it....i was lucky enough to have a small townhome....i went and bought 3 electric heaters...it has kept my small home nice and cozy....i still boil water on the stove 7 days a week to bath us in....i refuse to have it cut back on.
if our taxes go up at our machine shop.....someone probably 2 folks is going to lose there job.....we are barely breaking even now in this economy...and this has been going on since november of last year.....taxes on us results in lost jobs....thats a fact....kev.
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earthdog
Cave Dweller
Don't eat yellow snow
Member since June 2006
Posts: 2,731
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Post by earthdog on Mar 15, 2009 20:28:49 GMT -5
I just got two cartons of Winston 100's and it cost me $108! Marni is bitching up a storm that I need to quit. I told her I'll buy a can and start rolling my own. I always was pretty good at rolling a fatty.
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agatemaggot
Cave Dweller
Member since August 2006
Posts: 2,195
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Post by agatemaggot on Mar 15, 2009 22:18:57 GMT -5
Most name brands here in Iowa are pushing $50.00 a carton. An old buddy and I drive 45 miles one way to an Indian res. south of here once a month to buy smokes. Made in Canada Indian brands are $17.00 per carton. When I asked the trading Post Mgr. when they were going to raise prices he said they didn't plan on it. Seem's as the reservations operate as independant nations and the state and federal B.S. on most things don't apply ;D . Last raise the Gov. placed on smokes was $6.00 and it wasn't stuck on in there. 90 miles round trip for smokes is not as expensive as a person may think because we mix our gas with Acetone and the result is a 30 % increase in mileage.
If anyone is interested in that Witches Brew the ratio is 6 oz. per 10 Gal. of gas. Around 30% increase in my wifes gas eatin S.U.V. but most passenger cars will do a little better. Next step is a Hydrogen generater set up , there are a lot of different set-ups on line for the build-it your selfers for under $100.00
Harley
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Post by docone31 on Mar 16, 2009 7:35:56 GMT -5
I am glad to see someone else is useing my acetone trick!! I been doing it since the '70s. Remember the Carter years? Tax and spend. Our Suburban, a stroked 503, 650hp, gets 25mpg around town. I built the engine, and it runs also on acetone. Emissions are lower also, both by the build, and acetone.
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kjohn0102
freely admits to licking rocks
Member since April 2006
Posts: 774
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Post by kjohn0102 on Mar 17, 2009 11:46:48 GMT -5
WoooHooo-snow, you started a good one here! Plain and simple-the big O is a socialist and has aspirations to rip apart the very fabric that has made this country great. Every Dem (including the big O) voted for EVERY spending bill that has put us in this situation, Fanny and Freddy to say the least! There is NO INCOME TAX cut for the middle class-the additional $13.00-$15.00 per pay check we will supposedly see next month will be the result of a TAX CREDIT that will show as earned income for this tax year.
Don't get too mad at each other here!
Love you all! KJ
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snowdog
fully equipped rock polisher
RIP David Fildes, aka: snowdog
Member since January 2005
Posts: 1,527
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Post by snowdog on Mar 17, 2009 12:13:25 GMT -5
Saw on the news yesterday that in cook county ( chicago) starting june 1st you have to be fingerprinted to sell your own house??!!!?? -- is that to check against the "bodies" you have buried in the back yard? ;D this was passed last fall by the state at the same time scrolling across the bottom it said that Illinois state taxes are going up at least 50% this year ( just used up that big "tax" rebate from the paycheck )-- of course I don't get a paycheck to start with so didn't think I would receive the "rebate" anyway had a couple other questions, too ---all the news right now is on the AIG bonus's---- shouldn't Obama be looking in a mirror and speaking to congress at the same time -- aren't they the "CEO's" of the whole country ?? AIG only gave a few million (1,000,000)in bonus's -- congress is spending " trillions"(1,000,000,000,000-- lets see this is a million millions) --- and won't the goverment get some of the bonus back from some of the CEO's paying taxes on them ( prob a 1/3 or more ) -- will we get anything back from the "trillions" ? ( like a 1/3 ??)
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Post by docone31 on Mar 17, 2009 13:53:06 GMT -5
What they omitted is, that is part of a permit/approval process. This applies to the seller, not buyer. We have that here in some places. Your sale can be refused if the "right" people say so. It just gets better, and better.
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Sabre52
Cave Dweller
Me and my gal, Rosie
Member since August 2005
Posts: 20,466
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Post by Sabre52 on Mar 17, 2009 16:24:45 GMT -5
snowdog: *L* Even worse, US Senator Chris Dodd (D) Mass. Wrote specific legislation which lets CEO's keep any bonuses contracted for before sometime in February. I think that's the name and date I heard. That means the AIG guys get to keep their money. All the politicos are giving lip service to how they're gonna get it back from the receivers but that's not supposed to be legal! Very interesting he just happened to write that into legislation! Think a little ole lobbyest may have taken him on some kind of junket or something? *L*....Mel
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Post by cpdad on Mar 17, 2009 17:15:29 GMT -5
its wrong...totally wrong that these folks get a bonus.
but if the gov goes in and tears up legally binding contracts....wouldnt that socialism at its best?....the gov is just mouthing off....they cant legally take these bonuses back....i dont think.
did yaw see where the lady browner....not sure what she is the czar of.....but an obama pick to head something.....said in the near future they will be able to restrict the flow of electricity into your home.
if you turn up your ac....they will be able to restrict your energy to counter act you turning it up.......she was a member of a socialist community....but once elected by obama the folks removed her from there website....removed her picture and all lectures by her....kev.
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agatemaggot
Cave Dweller
Member since August 2006
Posts: 2,195
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Post by agatemaggot on Mar 17, 2009 17:22:26 GMT -5
If you look on the crossbars of the traffic lights in a lot of towns already, you will see small silver boxes with a black circular area on one side. I believe these are pickups for a sensor system that is currently being used by our armed forces in Iraq and other places / areas of conflict. This system will triangulate the sound / concussion of a gunshot, to within ( one ) meter. That is 39 & 1/3 inches if you are not into metric ! I was told a year ago that this system was being installed in Waterloo Iowa ( here ) , and would be functional within a years period of time. These small inconspicuous little boxes are the only thing new I have noticed the last year, so I am guessing that is what they are. Has anyone else spotted this business as yet ? Please try not to take me as an old paranoid fart because I did receive the info. from a damn good reliable source ! I have also noticed that there are / is a growing interest by the government and law enforcement agencies in non lethal weaponry. Future weapons documentary films are full of the new technologies. Looks to me like somebody is getting ready for some serious crowd control ! Why for how come do you suppose Harley
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Post by llana2go on Mar 17, 2009 19:26:35 GMT -5
Top Recipients of AIG campaign contributions Dodd, Chris (D-Conn) $280,238 Bush, George W (R-Texas) $200,560 Schumer, Charles E (D-NY) $111,875 Obama, Barack (D-Ill) $107,332 McCain, John (R-Ariz) $99,249 www.opensecrets.org/orgs/recips.php?id=D000000123&type=P&state=&sort=A&cycle=ANo wonder they are more than happy to steal taxpayer money to bailout AIG. Lyin', theiving, hypocritical morons. llana
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jerryde
starting to spend too much on rocks
Member since November 2005
Posts: 246
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Post by jerryde on Mar 17, 2009 23:25:40 GMT -5
It's time to get serious about term limits again... they have been on the range to long...round them up and head them out...
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