That's because the earth is going to catch up to the paper (FE) not the paper catching up to the earth (RE).
RE: The paper is falling toward the earth, the only obstical is the air, that is where the parachute effect comes in.
FE: The earth is rising toward the paper, there is no obstical from the earth to paper. That is from what I read, everything is moving along with the earth, including the air.
Note: I had to rush for I have dinner waiting