Lies about “repatriation” from the media and elites. Most of the targeted cash is already in U.S. banks.
Stagnant wages. Windfalls for the politically connected. A new tax plan primarily for the rich.
Just 13 years have passed since the 2004 tax repatriation holiday, which created nearly no new jobs for American workers, but was instead used almost entirely by multinationals for stock dividends and buybacks. Many corporate execs and shareholders became instantly rich from this tax holiday, while workers’ wages were stagnant.
The GOP’s new plan is more of the same for one simple reason:
That $2.6 trillion, which every politician and media pundit loves to cite as a boon to America, cannot come back to the United states, because the vast majority of the money is already here.
This cash is invested in U.S. Treasury notes, U.S. agency securities, U.S. mortgage backed securities, or U.S. dollar-denominated corporate notes and bonds. And no corporate income tax has been levied on these trillions of dollars. Continue reading →
Warren Buffett is the best known man in Omaha, Nebraska – a hometown boy, fourth richest person in the world, and admirer of Hillary Clinton. That friendship, her speaking style and his popularity – combined – couldn’t fill the Omaha North High School auditorium, even after some of the stands were packed with too-young-to-vote schoolchildren.
There are times, such as yesterday in Nebraska, when even the wealthiest skinflint in the world must feel defeated.
Meanwhile, Donald Trump is turning away thousands at some rallies, attracting record audiences for a Republican candidate, throngs comparable to the crowds produced for Bernie Sanders, who was also running against Hillary.
What is going on here? How can a woman, who has earned millions of dollars in speeches authorized by CEOs of major corporations, not attract a crowd? You would think that anyone. who was paid $300,000 or more for a speech, must be a great speaker, and gee whiz, here’s a chance to hear her – no charge. Continue reading →