New Castle News

November 12, 2013

Lots of American firms keep profits overseas

By Staff
New Castle News

NEW CASTLE — Editor, The News:

So they still picket Bottom Dollar on Wilmington Road.

It seems to me all the construction material, employee wages, food inventory, local taxes, utilities, etc., were and are all paid here to local people.

But wait, any profits will be sent to Belgium where their headquarters are. Wow, that’s a bummer.

Not really. Maybe the unions ought to work at getting the American companies overseas to send their profits back home to America and become good citizens like Bottom Dollar.

In the tech sector alone, Microsoft is sitting on $76.4 billion, IBM has $44.4 billion and Apple has $40.4 just to name a few. The total of all company profits sitting in off-shore accounts and banks is $2.4 trillion.

And guess what? Not much if any was spent on wages or material here in the states. There are scores of other companies also that refuse to pay taxes here.

I’m a big Giant Eagle fan myself because I don’t buy off-brand foods. I don’t carry a bag around to pack my stuff up and I like a great selection of fresh foods, a hot bar and large salad bar along with a deli.

A discount card in the mail along with fuel perks is great. And then there’s the pharmacy where people are truly concerned about getting you what you need in a timely manner. Most of the time they even know your name.

I’m sure Bottom Dollar is a decent enough place to shop for some, but I think they have paid their way in dollars here in our area.

And $2.4 trillion, now that’s a real bummer.

Gene Scala

Leasure Avenue

New Castle