Greeting to all and welcome new friends to the EastWing.
As the Shades of Autumn draw close around the ever shorting days of December, the world as we know it is preparing to freeze into the winter time.
As winter approaches, conversations always turn toward discussions of weather. Two questions tend to bubble up in these talks. When is it going to snow? Is on everybody’s mind. But the other one also most asked is Will we have a White Christmas?
With the new Weather Station just outside the south EastWing Glass providing weather data updates every 5 seconds I do have a good handle on short term weather. The farther you want to go into the future, the less accurate any weather prognosticating becomes. Although I like to think my skills along those lines are above average, whenever I miss on a prediction of things to come, I just say stuff like “it was due to a slow moving front”. Or sometimes I’ll say, “I’m right, just 150 miles off site”.
I’m going out on a limb here and thinking this is the day for the first snow that will not stick on the grass, and anything else it touches for very long. It’s just a little too warm for any snow to hang around the EastWing this day. More snow to come as the week goes on. We will also see a turn to the cold side. Much more so than the last month. Although winter will not officially kick in until Wednesday, December 21st 2016 at 2:45 AM. By the end of this week we’ll know it’s time.
Now that the first question is addressed, what about the second “Will there be a White Christmas?” Damn Bing Crosby. Before the song came along no one cared if it did or didn’t snow for a White Christmas. And then came the movie, and from there on it had to be a White Christmas. Bing Crosby’s recording of White Christmas was his biggest recording success ever.
Actually Bing Crosby sang White Christmas in three movies. Holiday Inn (1942) Blue Skies (1946) and of course White Christmas (1954) Here at the EastWing we’ve been watching Holiday Inn and White Christmas every year for a long long time. Guess we’ll be watching again soon. It’s that time of the year.
Oh I almost forgot,,, Will there be a White Christmas? YES! And like I said up above, if that doesn’t work out, it’s a slow moving front. Or maybe I’m right, but 150 miles too far north.
The other day I had a conversation with a disgruntled electorate still licking her wounds and trying to convince me how Donald Trump had cost both the State of Indiana and the Federal Government many millions of tax dollars by caving into Carrier demands to keep 1,100 jobs in Indianapolis IN. So I sat out to enlighten her with a set of facts by the numbers.
With me being in the income tax filing business and in the process of installing the 2016 Tax Filing Software as this conversation started, I constructed a hypothetical tax return on an employee of the Carrier Corp. based on public information on average pay along with the information on the tax credits offered. All my information was gleaned from the public records.
The results are rather striking. And the results speak for themsel.v
|Tax credit is $7,000,000.00 over 10 years to save 1,100 jobs in Indiana|
|$700,000.00||per year tax credit for Carrier|
|$636.36||Annual tax credit per job saved|
|$62,400.00||average salary of Carrier Worker Salary|
|TAXES PAID PER JOB SAVED||This calculation is assuming the tax filing|
|$9,609.60||Social Security & Medicare Tax||is married with two kids for a total of 4|
|$58,400.00||FIT Taxable Income||dependents on the tax filing of|
|$1,985.60||Indiana Tax Paid||married filing joint.|
|$7,200.00||Federal Tax Paid||Any taxpayer with less dependents than the|
|example will pay more tax than illustrated here|
|Tax per Job||Total Net Taxes Paid In Per Year|
|state net||$1,384.65||per job||state total net||$1,523,115.|
|fed net||$7,200.00||per job||fed total||$7,920,000.|
An important aspect of this deal is a tax break vs. a federal loan guarantee. This agreement provides for a lower tax bill in the future. The federal loan guarantee provided that the government would repay the loan if the company did not or could not repay.