I certainly hope our Senate members do not pass a stimulus bill that bails out cruise lines. Below is an excerpt from “the Verge”. I do not know of this publication, I just google to find out how many cruise companies are American companies.
They’re not really US companies. Carnival Corporation is incorporated in Panama. Royal Caribbean is incorporated in Liberia. Norwegian Cruise Line is incorporated in Bermuda. These three cruise companies combine to make up around 70 percent or more of the global cruise ship market, depending on how you measure it. And while they operate offices in Miami, Florida, they are all incorporated in countries with very different labor, tax, and other laws than those of the US. Their ships fly flags of these countries, too. What’s more, a large number of cruise ship employees are from Europe, the Caribbean islands, and the Philippines. These companies are not big job creators for US citizens in the way that other bailout targets like Boeing or airlines like Delta, United, and American are.
They pay basically zero federal income tax. With all of that in mind, it shouldn’t surprise many people that these big cruise companies essentially pay no federal income tax in the US. True, each company is actually a conglomeration of a bunch of smaller companies, and there are some cases where their subsidiaries might be subject to federal (and state) income tax laws.
Here is link to entire article:
https://www.theverge.com/2020/3/23/...ilout-trump-coronavirus-us-companies-taxI just heard McConnell talk about all the people that need help such as hospitals, unemployment insurance, essential industries to keep their workers working. Hopefully they put together a bill to help Americans that need help.
