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 →
Trump financials detail his vast business holdings; reducing value of studying individual tax returns
While the study of tax returns may have meaning for individuals, it has far little information than the assets and liabilities of a business. I learned this in the process of buying and selling newspaper companies in the 80s and 90s.
Donald Trump’s holdings are vast, and they are so diversified that any analysis of how each of hundreds of corporations makes a profit, would take yards of paper and millions of entries.
But Trump’s required election bid financial disclosure form shows how his empire works and could provide many hours of conjecture. Continue reading →