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Automotive News & Views United Automobile Workers of America (UAW)
16706 messages, Last post on Nov 30, 2009 at 12:18 PM
You are in the Automotive News & Views Forum. Your Hosts are steve_ & claires
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Replying to: gagrice (Dec 28, 2008 4:21 pm) maybe you should visit some time. you will find out it has a lot to offer, besides the UAW.
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Replying to: 62vetteefp (Dec 28, 2008 11:21 am) Yeah one would be crazy to exercise the stock options. However, you have to know more about the Golden Parachute. They have deferred compensations as to reduce taxes. So therefore, he will be getting a steady stream of income for years to come. Many highly compensated folks in Hollywood and sports superstars do this. More or less a untaxable trust fund, with many more implications. An irrevocable grantor trust but subjects the trust assets to claims by the employer’s creditors; a taxable trust, which is protected from the employer’s creditors but taxes are paid on the income a the time the deferred contributions are made; and, bonds which allow the employer to coordinate the retirement with the maturity dates of the bonds. Then some might opt for some type of whole life with a present cash value. Or even all of the above. Arod is a good example, the Texas Rangers are still paying him. Years after going to New York. |
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Replying to: dallasdude1 (Dec 26, 2008 6:54 am) Thank you! This puts things in a better perspective. Kip |
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Replying to: jimbres (Dec 28, 2008 10:24 am) The Big 3 do produce many attractive vehicles that the American public was buying in huge numbers, GM didn't stay the biggest seller for so long by accident. No one that I have heard of predicted gasoline to jump almost two dollars in one year. Some people don't understand the reason the Big 3, as well as the imports were making the large SUVs and pickup trucks, is, that is what the American public was buying and they were very profitable. It would have been irresponsible not to offer them. The Big 3 also has many smaller, very fuel efficient vehicles that are highly rated, some higher than their comparable import counterparts and priced less or equal. Sadly, the American public doesn't seem to want to support American companies, even though they often say they wish they could buy more American products. Our economy seems to be based on Micky Ds, health care and paper. One has to wonder, where the money is going to come from, when the rest of our jobs, that produce an actual product are gone? If tariffs don't work, why did we institute tariffs on incoming steel a few years back to try and save our domestic steel industry? Instead of lowering our standard of living, perhaps we should hope to raise everyone's standard to a higher level?
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Replying to: dallasdude1 (Dec 28, 2008 10:48 pm) My wife gets opportunities for deferred comp about every 4 years and it's incredible the benefits she gets out of it. I think many don't understand how it works, but basically all deferred compensation does is allow the employee to defer and invest compensation for a later date. Probably really nice for a CEO that will be making millions to defer some of that to a date were he will no longer be CEO and possibly pay less tax on that money if he/she has a lower tax bracket when deferred comp is returned. With my wife's plan, I don't really see it saving us on tax liability. She gets to elect an amount of her salary to defer every 4 years. Sure, we don't pay tax on the deferred salary the year it's deferred, but it will be taxable when the deferred salary is returned. Her plan has an 8 year deferment and provides 15 years of annuity payments based on amount deferred and guaranteed ROR beginning at age 65. Next month she gets a check from her first deferment from 8 years ago. That will be taxable income for '09 unless I put it in a different tax deferment vehicle. The beauty of that deferment is the funds deferred have a 13% guaranteed ROR.
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Replying to: 04cad (Dec 29, 2008 5:40 am) Yes, it's that simple. Before it was only a guy in Ohio or Michigan that could piece together a decent car frame and not to mention that it would take a fortune to transport so many of those cars back to America, where they were sold. Today high schools in Asia or East Europe teach better than those in Ohio and transportation got also cheap - not to mention those were also local markets for the products. So, a guy in Manilla or Budapest can do it as well as guy in Ohio for less. Those jobs were doomed long before you could write your protest manifesto. What stays? Jobs that no one else can do, like highly specialized manufacturing at competitive price.
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Replying to: explorerx4 (Dec 28, 2008 8:59 pm) I have several times. My step father's family are in the Midland area, and mostly retired from Dow Chemical. My folks lived in Gaylord for a time and I visited them. It has some pretty areas. That is why I said it would make a nice National Park. As far as industry, it will die a slow agonizing death. Partly as a result of the working class feeling they are entitled to a given wage no matter if the company makes money or not. Add to that the enviro whacko groups that are trying their best to destroy any and ALL industry. You tried to get a permit to build a factory lately? Many states it is just about impossible. The UAW has fought against high tech solutions to auto making. That is the main reason Ford built their state of the art factory in Brazil instead of the USA. For those that want to stay in Michigan. My advice get into health care or get a license to drive a tour bus. Not sure how many Indian Casinos are in Michigan. Dealing black jack is also a good paying job. My sis makes about $90k per year plus benefits working at an Indian casino. No Unions. And no protection if you don't get along with management. Sovereign nation, they don't tolerate whiners. |
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Replying to: 04cad (Dec 29, 2008 5:40 am) If tariffs don't work, why did we institute tariffs on incoming steel a few years back to try and save our domestic steel industry? Instead of lowering our standard of living, perhaps we should hope to raise everyone's standard to a higher level? America doesn't allow cartels, dumping of product (steel), and other price support measures. However, they can be used as tools/weapons at times when other nations don't abide by the no government interference abstract. One could argue that Japan by its nature (an island with few natural resources) has to get some kind of market advantage. Our economy seems to be based on Micky Ds, health care and paper. The case in point that special interest have gone to Washington with millions to protect/better their industry/profession is self evident with the health care. Do they as an industry really care about the nations well being? Or are they wanting to get special treatment? Outsourcing our good paying jobs so we can spend a few dollars less on things imported has depleted our purchasing power across the board. If we were to add equal tariffs to items coming into our country like other countries charge, it would level the playing field a bit. It would still be hard for us to compete with prison or child labor. The weak dollar as oppose to other currencies should make American made goods more attractive/appealing overseas. Hence, exports should fuel more manufacturing jobs here. This is the only good news in this downturn, we can look forward to. We know that the nations losing these jobs will be thinking along the "keep those jobs lines". Steel (historically) was an excellent example of dumping, and China is protecting it steel industry in this day and age. OPEC is trying to control supply and therefore price of oil. The AMA and others are keeping medical cost high. They should not cheat the consumer. They behave like spoiled little brats. So why aren't these issues being dealt with by our govt? Could it be that they are the ones being courted by special interest? |
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Replying to: dino001 (Dec 29, 2008 6:09 am) Great post. I could not have said it any better. We have had a good run and now we have to compete with people that are as good if not better than we are. The engineers coming out of India are beating the socks off of our engineers. Too many of our young people feel that same entitlement that the UAW workers cling to. They go to college and party instead of get all they can get. We saw first hand what happens when gas went to $4.50 per gallon. The country started to unravel. Well the EU has paid twice that for decades. They also pay a lot more for a car. They get taxed more and do not have the luxuries we have gotten used to. The UAW and GM made promises they cannot keep and compete. Choices will have to be made. Do we feed the retirees to the lions or cut our wages in half to take care of the past workers. $25 per hour needs to be eliminated from the UAW contracts with GM and its UAW suppliers. Who is going to give up something? Or would the UAW rather go down in flames than give anything up? |
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Replying to: 04cad (Dec 29, 2008 5:40 am) So you think that by forcing me to pay more for an imported car, you can "persuade" me to buy a domestic. You hope to use tariffs to change my behavior. The trouble with this is that the change that you get probably won't be the change that you want. I might respond by (1) deciding to keep my old car for another couple of years to give Congress a chance to repeal the tariff, (2) buying a used car or (3) paying the higher price to get the import I really want. None of these responses will help domestic auto makers. If tariffs don't work, why did we institute tariffs on incoming steel a few years back to try and save our domestic steel industry? The steel tariffs were imposed early in the 1st Bush administration for purely political reasons - to reward conservative Democrats in states like West Virginia who had voted Republican in 2000. As I recall, they were rescinded after a few months, partly because GM & other domestic car makers complained that pricier steel would drive up the cost of American-made vehicles. Also, American appliance manufacturers, hurt by higher steel prices, threatened to move their production offshore if the tariffs weren't removed. That shows you why tariffs really don't work. They help one group of workers by punishing consumers & other groups of workers.
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