The Briefing Room
General Category => Economy/Business => Topic started by: jmyrlefuller on February 17, 2019, 12:22:21 pm
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From Bezos's own paper.
https://www.washingtonpost.com/us-policy/2019/02/16/amazon-paid-no-federal-taxes-billion-profits-last-year/?noredirect=on (https://www.washingtonpost.com/us-policy/2019/02/16/amazon-paid-no-federal-taxes-billion-profits-last-year/?noredirect=on)
Amazon, the e-commerce giant helmed by the world’s richest man, paid no federal taxes on profit of $11.2 billion last year, according to an analysis of the company’s corporate filings by the Institute for Taxation and Economic Policy (ITEP), a progressive think tank.
Thanks to a variety of tax credits and a significant tax break available on pay handed out in the form of company stock, Amazon actually received a federal tax rebate of $129 million last year, giving it an effective federal tax rate of roughly -1 percent.
(excerpt)
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If corporations are people their profits should be taxed like people. Shit like this is part of why Joe Everyday still pays a ton of taxes when he can already barely afford to keep his family above water.
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Corporations are not in business to lose money. If they are charged tax by the federal government, they simply pass that cost on to the consumer. ...That would be you and me.
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If corporations are people, the people pay their income taxes on an individual basis. As mentioned before, corporations don't pay income taxes, the end customer does. "Cost of doing business".
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Corporations are not in business to lose money. If they are charged tax by the federal government, they simply pass that cost on to the consumer. ...That would be you and me.
If big corporations got taxed more and raised their prices that would create room for a less taxed small business to compete. They can't just raise their prices indefinitely. At some point they have to eat a loss unless they want to lose all of their business. I think small business owners should be subsidized with the taxes taken from big corporations. I want to give the little guy an edge because I think that would help end the monopolization of our economy.
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The whole tax code is screwed up.
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These articles are very deceptive and play on ignorance. In reality, Amazon paid almost a billion dollars in taxes last year- State, local, property, and the hundreds of other taxes assessed to businesses. Federal business income tax always comes last and is after all other taxes and expenses are deducted. Once all that was deducted, Amazon did not have a taxible profit.
They have a lot of revenue but not taxible profit on that, in no small part to all the other taxes they pay and they are rolling any pre-tax profit back into their business (expense).
There is absolutely nothing wrong with what they did and they aren't cheating anyone. At that, if they changed their filings to allow them to pay more taxes out of the goodness of their heart, that would be fiscally irresponsible and they would be sued by their shareholders.
They are playing by the rules. Knock off the greed game and learn to read a balance sheet. Taxation is still theft.
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If big corporations got taxed more and raised their prices that would create room for a less taxed small business to compete. They can't just raise their prices indefinitely. At some point they have to eat a loss unless they want to lose all of their business. I think small business owners should be subsidized with the taxes taken from big corporations. I want to give the little guy an edge because I think that would help end the monopolization of our economy.
I didn't know Bernie Sanders was a memeber here.
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Hard to believe his own damn newspaper published this.
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These articles are very deceptive and play on ignorance. In reality, Amazon paid almost a billion dollars in taxes last year- State, local, property, and the hundreds of other taxes assessed to businesses. Federal business income tax always comes last and is after all other taxes and expenses are deducted. Once all that was deducted, Amazon did not have a taxible profit.
They have a lot of revenue but not taxible profit on that, in no small part to all the other taxes they pay and they are rolling any pre-tax profit back into their business (expense).
There is absolutely nothing wrong with what they did and they aren't cheating anyone. At that, if they changed their filings to allow them to pay more taxes out of the goodness of their heart, that would be fiscally irresponsible and they would be sued by their shareholders.
They are playing by the rules. Knock off the greed game and learn to read a balance sheet. Taxation is still theft.
This needs to be repeated. I know Bezos is not liked right now, and stories that play on emotions sell papers, but this is a ridiculous story.
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If big corporations got taxed more and raised their prices that would create room for a less taxed small business to compete. They can't just raise their prices indefinitely. At some point they have to eat a loss unless they want to lose all of their business. I think small business owners should be subsidized with the taxes taken from big corporations. I want to give the little guy an edge because I think that would help end the monopolization of our economy.
We can count on lefties being unable to resist distorting the economy.
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These articles are very deceptive and play on ignorance. In reality, Amazon paid almost a billion dollars in taxes last year- State, local, property, and the hundreds of other taxes assessed to businesses. Federal business income tax always comes last and is after all other taxes and expenses are deducted. Once all that was deducted, Amazon did not have a taxible profit.
They have a lot of revenue but not taxible profit on that, in no small part to all the other taxes they pay and they are rolling any pre-tax profit back into their business (expense).
There is absolutely nothing wrong with what they did and they aren't cheating anyone. At that, if they changed their filings to allow them to pay more taxes out of the goodness of their heart, that would be fiscally irresponsible and they would be sued by their shareholders.
They are playing by the rules. Knock off the greed game and learn to read a balance sheet. Taxation is still theft.
@ABX
:amen:
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We can count on lefties being unable to resist distorting the economy.
Without any interference eventually one small group of business people would own everything in a capitalist society. Once somebody wins too much the competition that makes capitalism so great starts to no longer exist. Sometimes I think conservatives would sit back and watch kings be remade in the private sector.
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Without any interference eventually one small group of business people would own everything in a capitalist society. Once somebody wins too much the competition that makes capitalism so great starts to no longer exist. Sometimes I think conservatives would sit back and watch kings be remade in the private sector.
What I hope someday you will understand is Government is incapable of helping "the little guy" over the big guys. The big guy can always get exemptions written into the law for themselves, with the express purpose of wiping out their smaller competitors.
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Government is incapable of helping "the little guy" over the big guys.
Have you always been so optimistic? Humanity has put people on the moon. A less corrupt government that fights for everyday people is not impossible. In the end humanity leans toward good. We WILL do better than this.
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Without any interference eventually one small group of business people would own everything in a capitalist society. Once somebody wins too much the competition that makes capitalism so great starts to no longer exist. Sometimes I think conservatives would sit back and watch kings be remade in the private sector.
Without any interference eventually one small group of business government people would own everything in a capitalist socialist society.
Fixed it for you
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Have you always been so optimistic? Humanity has put people on the moon. A less corrupt government that fights for everyday people is not impossible. In the end humanity leans toward good. We WILL do better than this.
I am an optimist in most things, but when it comes to using government to "level the playing field" I am as pessimistic as can be. It's the 45 years of experience talking.
ETA: Your example of putting a man on the moon is a non-sequitor. There are some things it can do, but creating "economic equality" is definitely not one of them. Far from it. Government always ends up helping out the wealthy because they're the ones with the lobbyists and expensive law firms.
Every bad idea from leftists that start with "If we can put a man on the moon, then we can..." end up enriching the wealthy at the end of the day.
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Have you always been so optimistic? Humanity has put people on the moon. A less corrupt government that fights for everyday people is not impossible. In the end humanity leans toward good. We WILL do better than this.
Where are you going to find these enlightened people that have no human drives, goals, and desires or ambitions?
The framers were very wise. They understood human nature which is why they greatly limited the power of the government. But they also understood the passions of the general public at large. That’s why we’re not a democracy but a representative republic
The natural state of human nature is to seek self interest and self comfort.
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Where are you going to find these enlightened people that have no human drives, goals, and desires or ambitions?
Take a guess...Screen name starts with a "D."
:rolling:
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Where are you going to find these enlightened people that have no human drives, goals, and desires or ambitions?
We could minimize the corruption with good safeguards. We could make rules that restrict them more and hold them more accountable. We could force the government to be more transparent so corruption is a lot harder to hide.
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These articles are very deceptive and play on ignorance. In reality, Amazon paid almost a billion dollars in taxes last year- State, local, property, and the hundreds of other taxes assessed to businesses. Federal business income tax always comes last and is after all other taxes and expenses are deducted. Once all that was deducted, Amazon did not have a taxible profit.
They have a lot of revenue but not taxible profit on that, in no small part to all the other taxes they pay and they are rolling any pre-tax profit back into their business (expense).
There is absolutely nothing wrong with what they did and they aren't cheating anyone. At that, if they changed their filings to allow them to pay more taxes out of the goodness of their heart, that would be fiscally irresponsible and they would be sued by their shareholders.
They are playing by the rules. Knock off the greed game and learn to read a balance sheet. Taxation is still theft.
Bullcrap.
This is a decades-old trick known as Base Erosion and Profit Shifting. Amazon sets up foreign subsidiaries in Ireland and the Netherlands. When Amazon wants to evade taxes, it shifts around "intellectual properties" between those subsidiaries, or loans itself cash from those subsidiaries at obscenely high interest, to make it look like they're losing money. So, all those profits suddenly vanish and show up in countries where they're taxed at next to nothing. (It's not unique to Amazon but as Bezos's own paper proudly brags, they're one of the worst.)
Oh, and by the way, if anyone else wants to do it, Ireland no longer allows it... but the multinationals like Amazon have (surprise!) been grandfathered in.
It's fraud and it should be a criminal offense.
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We could minimize the corruption with good safeguards. We could make rules that restrict them more and hold them more accountable. We could force the government to be more transparent so corruption is a lot harder to hide.
Our US Constitution was designed to do exactly that. This is why most people here hold that above all else. Leftists should try it sometime. :smokin:
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Our US Constitution was designed to do exactly that.
It obviously wasn't enough to prevent corruption on a massive scale.
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The whole tax code is screwed up.
:amen: but louder! MUCH Louder!
The whole tax code is screwed up.
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:amen: but louder! MUCH Louder!
The whole tax code is screwed up.
888high58888
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It obviously wasn't enough to prevent corruption on a massive scale.
A couple of Amendments took us off the rails...the 16th and 17th. The 16th screwed up the tax system, and the 17th eliminated representation by the States.
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888high58888
And, it's because the federal bureaucracy is bureaucrats are in charge of it.
I changed it to "bureaucrats" because it always comes down to individual actions by individual people.
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And, it's because the federal bureaucracy is bureaucrats are in charge of it.
I changed it to "bureaucrats" because it always comes down to individual actions by individual people.
The worst of human nature clearly ensures that those "individual actions by individual people" would be inevitable.
Which is why this illegal abomination should never have been allowed to be forced upon this nation.
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The worst of human nature clearly ensures that those "individual actions by individual people" would be inevitable.
Which is why this illegal abomination should never have been allowed to be forced upon this nation.
And few have any idea that the progressive income tax we currently suffer is a Marxist wet dream but it is never - the - less.
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And few have any idea that the progressive income tax we currently suffer is a Marxist wet dream but it is never - the - less.
For sure, for sure.
Just look at the massive amount of social engineering accomplished via the tax code. Look at all of the wealth confiscation. Look at all of the privacy violations. Look at all of the stupendous overgrowth of fedgov financed by this theft. Look at all of the ...
Well, you understand!
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For sure, for sure.
Just look at the massive amount of social engineering accomplished via the tax code. Look at all of the wealth confiscation. Look at all of the privacy violations. Look at all of the stupendous overgrowth of fedgov financed by this theft. Look at all of the ...
Well, you understand!
Damned right I do! And anyone who doesn't needs only to read the paper at the link in my tagline.
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We could minimize the corruption with good safeguards. We could make rules that restrict them more and hold them more accountable. We could force the government to be more transparent so corruption is a lot harder to hide.
Well, you didn't answer my question. Not that I was really expecting one
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Well, you didn't answer my question. Not that I was really expecting one
Give him time. He's trying to find a way to tell us that 400 year old Constitution needs to be scrapped in favor of a shiny new one that lets the leftists turn the USA into a Soviet style "Socialism." 333cleo
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I am an optimist in most things, but when it comes to using government to "level the playing field" I am as pessimistic as can be. It's the 45 years of experience talking.
ETA: Your example of putting a man on the moon is a non-sequitor. There are some things it can do, but creating "economic equality" is definitely not one of them. Far from it. Government always ends up helping out the wealthy because they're the ones with the lobbyists and expensive law firms.
Every bad idea from leftists that start with "If we can put a man on the moon, then we can..." end up enriching the wealthy at the end of the day.
We put a man on the moon (before I was born), but we haven't paid for it yet. Actually, we owe several times the original cost due to interest. Imagine how much we'll end up owing if we pay for all the "then we can..." stuff based on a failed premise.
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A couple of Amendments took us off the rails...the 16th and 17th. The 16th screwed up the tax system, and the 17th eliminated representation by the States.
Let's not forget 18 and 19.
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IMHO there is nothing more immoral than spending the money of generations yet unborn!
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IMHO there is nothing more immoral than spending the money of generations yet unborn!
True dat.
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Let's not forget 18 and 19.
Considering what the courts have done with it, I'm not very happy with the 14th. The "Equal Protection" clause opened the door to all sorts of meddling with States Rights. It was the beginning of the end of the 10th.
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We put a man on the moon (before I was born), but we haven't paid for it yet. Actually, we owe several times the original cost due to interest. Imagine how much we'll end up owing if we pay for all the "then we can..." stuff based on a failed premise.
Yeah, but it feelz so smart! *****rollingeyes*****
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In 2016, 2017, and 2018, we recorded net tax provisions of $1.4 billion, $769 million, and $1.2 billion. We have tax benefits relating to excess stock-based compensation deductions and accelerated depreciation deductions that are being utilized to reduce our U.S. taxable income. Cash taxes paid, net of refunds, were $412 million, $957 million, and $1.2 billion for 2016, 2017, and 2018.
FORM 10-K, AMAZON.COM, INC.
https://www.sec.gov/Archives/edgar/data/1018724/000101872419000004/amzn-20181231x10k.htm#s3E4C8013ABC95E46A37AC9AF28873055 (https://www.sec.gov/Archives/edgar/data/1018724/000101872419000004/amzn-20181231x10k.htm#s3E4C8013ABC95E46A37AC9AF28873055)
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We could minimize the corruption with good safeguards. We could make rules that restrict them more and hold them more accountable. We could force the government to be more transparent so corruption is a lot harder to hide.
@Dexter that seems to be your answer for every thing. More laws, more rules, more government interference in our everyday life. Wake up and smell the coffee, move to Cuba, Venezuela, or any other workers paradise, but leave those of us that love freedom the HELL alone.
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Amazon paid no federal taxes on $11.2 billion in profits last year
How much did they pay tax lawyers and accountants to achieve that result? YOU pay for that also!
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IMHO there is nothing more immoral than spending the money of generations yet unborn!
QFT
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move to Cuba, Venezuela, or any other workers paradise
:boring:
You may be pleased to know that my fiance is a Swede and that we'll be buying a home in Sweden within a couple of years. I'll never stop voicing my opinions on these issues though, sorry.
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:boring:
You may be pleased to know that my fiance is a Swede and that we'll be buying a home in Sweden within a couple of years. I'll never stop voicing my opinions on these issues though, sorry.
And I will never stop giving it all the credit that it is due, which is to say ZERO.
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@Dexter that seems to be your answer for every thing. More laws, more rules, more government interference in our everyday life. Wake up and smell the coffee, move to Cuba, Venezuela, or any other workers paradise, but leave those of us that love freedom the HELL alone.
Meanwhile, the US Constitution, which had been providing the safeguards, has been whittled down quite a bit by clever lawyers boasting about the "Elastic Clause." What's the leftist solution? Article Five what remains so they can throw what little remains under the bus. This is why I decided I don't want an Article Five, despite the persuasive arguments. I don't trust them to not go rogue on us and erase little things, like the pesky 1st, 2nd and 4th amendments.
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:boring:
You may be pleased to know that my fiance is a Swede and that we'll be buying a home in Sweden within a couple of years. I'll never stop voicing my opinions on these issues though, sorry.
Hooray for you. Why do you give a crap about American institutions so much if you are ditching the US, anyway? Trying to bring her down so Swedish leftists will have a better go at things?
Since I know you're leaving, I can now ignore any demands you have to make us like Europe. Thanks for your honesty. Be sure and leave any guns you may have at the door, along with your freedom of speech (Ain't no 1st or 2nd Amendments in Europe, as we conservatives understand them. You probably have no use for those anyway.).
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:boring:
You may be pleased to know that my fiance is a Swede and that we'll be buying a home in Sweden within a couple of years. I'll never stop voicing my opinions on these issues though, sorry.
That is excellent news!
Be sure to let us now in say, 5 to 10 years, how wonderfully your modern utopia pans out.
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Why do you give a crap about American institutions so much if you are ditching the US, anyway?
I'll still be an American. My family and friends will still be here and my finances will still be connected to the U.S economy.
I can now ignore any demands you have to make us like Europe.
As if you didn't do that already...
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That is excellent news!
Be sure to let us now in say, 5 to 10 years, how wonderfully your modern utopia pans out.
Meanwhile, since he's ditching the US, he can leave us the bleep alone!
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Meanwhile, since he's ditching the US, he can leave us the bleep alone!
888high58888
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ditching the US
It wasn't an easy decision, but she's worth it. Don't think I do this lightly.
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I'll still be an American. My family and friends will still be here and my finances will still be connected to the U.S economy.
As if you didn't do that already...
If you ever produced an idea that wouldn't steer the US into the ditch, I missed it. And let your rels tend to the US, it's not going to be any of your bidness.
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It wasn't an easy decision, but she's worth it. Don't think I do this lightly.
Now, that is something I can quite easily agree with! Love is one of the most important things in life!
Congrats! (I mean that sincerely.)
:beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer:
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it's not going to be any of your bidness.
Sure it will. I'm pretty sure I'll still be able to vote too.
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Now, that is something I can quite easily agree with! Love is one of the most important things in life!
Congrats! (I mean that sincerely.)
:beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer: :beer:
Thanks. We may not see eye to eye but you'd be mistaken to believe that I love my country any less than anybody else. That's why it will still matter to me.
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Also you don't disagree with all of my politics, right? I'll still be doing my part to fight the globalists that are trying to bring the third world through our southern border.
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Thanks. We may not see eye to eye but you'd be mistaken to believe that I love my country any less than anybody else. That's why it will still matter to me.
I don't think you don't love the country, we just don't see eye-to-eye on what's good for her. First, love the Wife, then love the Country.
Also you don't disagree with all of my politics, right? I'll still be doing my part to fight the globalists that are trying to bring the third world through our southern border.
I can see that too...
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Also you don't disagree with all of my politics, right? I'll still be doing my part to fight the globalists that are trying to bring the third world through our southern border.
I do enjoy reading your posts @Dexter . I think they represent a great deal of the younger folk's ideas. Modified, but , representative. Do I agree? For the most part..no.
I'll be very interested to see how the actuality of living in Sweden is consistent with your idea of what it is like. Please report back. I'm just glad that your wife isn't Venazuelan. :) (I'm not being snarky)
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First, love the Wife, then love the Country.
You reminded me of this scene.
Error 404 (Not Found)!!1 (http://www.youtube.com/watch?v=OIp5t7eUcqo#)
Good movie.