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2018-01-10 11:28 by Karl Denninger
in Flash , 241 references Ignore this thread
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Oh cry me a ****ing river.

Newman's Own, the popular purveyor of philanthropic pasta sauce, will be forced to put itself up for sale or pay crushing fines this year due to an obscure provision in the tax code.

The household brand is facing a tax bill of up to 200 percent on the majority of its business — a penalty so steep company executives say it would effectively put them out of business. The only alternative, they say, is for the private foundation established by the late Hollywood legend Paul Newman to relinquish control of the company that bears his name.

The brand is facing said fine because it cheated the tax laws on a knowing and intentional basis and, knowing this and spending its time on lobbying to try to get what it was doing made retroactively legal (it had 5 years) it is now running out of time.

The people who run this outrageous scam should all be in prison for running this crap.

Oh, and their scam has spawned imitators -- all of whom should join these people in prison.

**** you Newman's; may you be destroyed for this outrageous and intentional scheme.

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Mmmtang
Posts: 7
Incept: 2014-11-26

United States
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They didn't have 5 years, they had 10! 5 years after his death they got another 5 year waiver. 10 years to figure this out. I wonder how much they all pocketed in that time?
Rollformer
Posts: 191
Incept: 2013-02-13

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Anti-ikea rule? For those of you who dont know what I am talking about, google it. It beggars belief.
Themortgagedude
Posts: 10479
Incept: 2007-12-17

saint louis
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This seems rather simple on how to solve the problem. Split the foundation into 6 pieces that all own less than 20% of the for profit business. Each foundation then supports a different cause that would align itself with the wishes of the late actor. But then I'm not a tax accountant.

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I think its time we ask ourselves if we still know the freedoms that our founding fathers intended for us. Ronald Reagan 1964
Darcane
Posts: 65
Incept: 2008-12-16

Washington
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So, because they give their profit to charities they feel they can avoid paying taxes? And after a decade, they haven't taken any measures to unravel this properly?

F 'em. Let 'em burn.

Too bad too, they had several low-carb dressings that I liked.
Aquapura
Posts: 685
Incept: 2012-04-19

South of Canada
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So they think they're a "charity."

Quote:
Anti-ikea rule?


Quote:
It Is Technically A Charity. If Nazism wasnt bad enough, IKEA is also has one of the most elaborate tax evasion schemes of any company that still manages to operate within the law. IKEA is owned by INGKA Holding B.V., a Dutch corporation that is controlled by a non-profit Dutch foundation known as the Stichting Ingka Foundation, which was founded by Kamprad in 1982. This Foundation is headed by a five-person committee that includes Kamprad, his wife, and his attorney. IKEAs intellectual property is owned by Inter IKEA Systems, which is owned, indirectly, by the Inerogo Foundation, which is also controlled by Kamprad and his family. IKEA has to pay 3% of its profits to the foundation to license its own trademarks. Because IKEA is owned by charities, none of its profits are taxed, making the Ingka Foundation the largest charity in the world, with a net worth of $36 billion. Of course, the charity isnt nearly as generous as most (being as how its mostly just a tax evasion strategy), so it only gave away $65 million in 2010. To put that in perspective, the Bill and Melinda Gates Foundation has a net worth of $33 billion and they give away around $1.5 billion per year.


Now I'm sure the sheeple think that's probably great. Just like how in my residence state they made it so health insurers have to be non-profit. The simpletons say that's great because it means they aren't ripping them off. Meanwhile the C-level of that non-profit walks always with million dollar bonuses and graft just like the rest of the scam that is healthcare.

Most eye opening business experience I had was renting office space a non-profit charity that was sub-letting. The absolute most inefficient workers I've ever encountered....and I have been a card carrying Teamster in my past...at least we worked when not on strike.
Themortgagedude
Posts: 10479
Incept: 2007-12-17

saint louis
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The problem isn't that they can't set this up differently. It's that if they set it up differently they won't be able to treat it as a non profit and skim all the profits off the top to the executives.

Just my best guess but then I am a skeptical ****er.

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I think its time we ask ourselves if we still know the freedoms that our founding fathers intended for us. Ronald Reagan 1964
Tickerguy
Posts: 151190
Incept: 2007-06-26
A True American Patriot!
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TMD is exactly correct.

**** these people -- and IKEA -- with SIX rusty chainsaws.

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Winding it down.

Chicago11
Posts: 2
Incept: 2017-06-05

Chicago, Illinois, USA
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Disappointing. Newman's Own Caesar Salad Dressing is a very tasty low-carb way to enjoy a mixed-green salad. I usually enjoy a salad with lunch and dinner using this dressing.
Quik49
Posts: 4260
Incept: 2007-12-11

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Anyone that has to buy sauce or salad dressing out of ****ing jar is either a lazy ass or dumb ass.... I can make enough spaghetti sauce to last a month just for the cost of that ****ty ketchup Newman rips peeps off for...and its my familys 100-150 year old recipe that kicks ass.... People buys this tomato soup thinking they are helping the children somehow...**** them and the horse they rode on and Newmans.....though I like a little Coolhand, Hud and Hombre once in a while

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Long Vaseline....

Tsherry
Posts: 1013
Incept: 2008-12-09

Spokane WA
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Oh, look. Another ****ing lie with pretty wrapping.

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Omne mendacium est.
Quik49
Posts: 4260
Incept: 2007-12-11

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...TMD had been knocking them out of the park lately.

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Long Vaseline....

Themortgagedude
Posts: 10479
Incept: 2007-12-17

saint louis
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Quik - I think it's because I have a new design on my tinfoil hat that I make every morning. It doesn't "squeeze me brain" quite as much.

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I think its time we ask ourselves if we still know the freedoms that our founding fathers intended for us. Ronald Reagan 1964
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