The EOCs distain for anyone over 40 is simply due to the fact that the majority of us are not good sheep. Today in the cafe at my location they were running a 30% off sale on BNY merch and there was literally a line. Why would anyone in their right mind spend money to have the logo for the company that will do anything to lay you off and send your job overseas to be made a mess of? They were all young kids and H1-Bs in line. Disgusts me.
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@qr As I suspect you know (or AI knows, based on the formatting of your response), you are conflating F1/J1 student and trainee rules with H1B rules. Article 21 can help some Indian students and apprentices with limited, temporary tax treatment, but it is not an H1B benefit (the focus of this thread) or a five-year tax holiday.
As I said before, H1Bs who are US tax resident pay federal income tax just like US citizens and generally pay SS and Medicare too. The FICA exemption applies only to qualifying F1 student employment, not H1Bs.
F1/J1s are not a backdoor into H1B. F1 is time-limited and job-specific, J1 intern/trainee programs are limited to 12-18 months. An H1B still requires BNY sponsorship and generally the annual cap lottery.
Like I say, I’m in favor of hiring locally and not importing cheaper labor. BNY has a lot of contracts with India consultants (TCS, Wipro etc) when it could be hiring local US citizens. But any H1Bs that BNY hires is going be paying US taxes like you and me, and they are now stuck with working for BNY with no way to move to another company.
How much of a candy ar.ssed limp wrist do you need to be to weat one of those ridiculous BNY vests? This place hires people who wear rubber helmets.
A very common pipeline for engineers and technicians from India is to arrive on a J-1 Trainee or F-1 Student visa first, enjoy 2 to 5 years of these tax exemptions, and then have their company sponsor them to transition onto an H-1B visa.
Under Article 21(2) of the U.S.-India Tax treaty, Indian nationals who come to the U.S. as "apprentices or business trainees" are granted a significant, unique tax advantage that standard U.S. workers do not get.
Unlike almost all other international workers who are taxed on their very first dollar of U.S. income, Indian trainees and students are legally allowed to claim the full U.S. standard deduction. This instantly shields the first $15,000+ of their earnings from federal income tax.
Because they enter on exchange or trainee visas rather than standard dual-intent employment visas, they are completely exempt from Social Security and Medicare taxes for their first two calendar years.
Under Article 21(1), any payments they receive from abroad for their maintenance, education, or training are completely tax-free in the United States.
I support a reduction in H1Bs especially in the current climate where US citizens are struggling. But some of the statements here are complete nonsense.
“They don’t pay any tax for the first five years.” Everyone who is tax-resident in the US pays the same taxes, regardless of whether they are a citizen, green card holder (permanent resident), or on a visa. https://www.irs.gov/individuals/taxation-of-alien-individuals-by-immigration-status-h-1b
“They make as much or more than Americans.” They have to be paid comparatively, because the US government doesn’t want cheap immigrants bringing down wages. But they are unlikely to be paid more than the average for obvious economic reasons (BNY doesn’t have to).
“They have total job security.” They can’t work for any company other than their sponsor, which means they have essentially zero leverage for pay rises or bonuses, and can and are let go (fired, let go, whatever). And when they’re fired, they have 30 days to move back to their home country - and pull their kids out of school, ship all their stuff, potentially owe break fees on leases (house, car, etc). I’ve seen this several times and it is brutal.
They don’t pay any tax for the first five years.
They make as much or more than Americans. It’s a farce that they are paid less.
They are never held accountable for their lack of work or mistakes.
They have total job security.
What’s not to love if you’re an Indian H1B.
It was Pittsburgh. All this “INshoring” is very noticeable now. What is frightening is how much joy is shown in the faces of all these H1Bs—-they love this place. They are taking over.
Sounds like Pittsburgh.
Need to pick me up some quarter zips for me wardrobe.
Can someone explain why a similar earlier post was removed?
BNY will most likely not be in business in a few more years. With that in mind, maybe those young people are on to something. That merchandise might actually be worth something someday!
Think of all those people who have merchandise bearing the logos of Lehman Brothers, Bear Stearns, Drexel Burnham Lambert, Loeb Rhoades & Co., Arthur Andersen, Enron, WorldCom, and others.
With all the arrogant incompetence at the top of our house, you can certainly expect BNY to be part of this list very soon!
No lemmings. It’s schizophrenics and untreatable autism leading to fee-cal smearing.
Any Behavioral Dr will tell this sort of bodily smearing with solid waste is common place in mental institutions.
Logo items enable +10 defense against layoffs so 30% off that plot armor might be just enough to get to the next level
Perfect to wear when hanging out with Dermie.