another incredibly stupid statement by norris which is 1 of many
that shouldn't be over looked. This is not the writing of a peron with reason.
"This is how American corps came to have nearly $2 trillion on their balance sheets as Obama/Progressive safety shelters."
Now they have this money sheltered to make money and pay less taxes on it. As well this money is sheltered so if there is a law suit the others can't get to it. Just like Mitt did with his sheltering. But norris blames this on Obama. You are really a loonie bird with No sence at all on how off shore accounts work. I had to remark about this idiotic statement. You call yourself a wise wealthy person. Later
The $1 trillion in America is not tax sheltered. In fact it is earning interest far below the true rate of inflation. So in actuality due to the Fed printing of money and debasing our currency's value a hidden tax is being paid through inflation.
This happened once before under FDR - Constitutional Criminal and racist. While the rest of the world recovered from what they called the Depression our economy thanks to FDR remained mired in what we call the GREAT Recession.
It did not end until we elected a real Democrat like Truman beginning years of 7% economic growth and less then 1% inflation. But Progressives have nothing in core principals with Progressives and no Progressive has ever produced an acceptable economic performance.
About $1 trillion on balance sheets in America
About $1 trillion on balance sheets out side of America.
About $2 trillion in total.
The only element which is consistent is our national mistake of electing Obama and scaring our corporations to build safety cash balances. The other side is a great Democrat supporting Costco borrowing billions to pay out a dividend before Obama hikes dividend tax rates. Costco management decided paying out rather than investing in the business was the best use of their balance sheet.
While you are not very educated and do not much care about your condition there is a reason you generally play the absolute fool.
It is simply because you play with your own fire and burn yourself. Just like this instance.
America will be very fortunate if we escape an Obama recession rather than record low economic growth. That reality puts oil prices at risk and provides no hope for getting our natural gas into our economy where regular Americans can benefit.
If he in fact did say that (which I have no reason to think you are distorting his rants), then you are correct in that no sane person would make such a statement.
This is the fault of the Reagan Congress, not Obama's. Since the income tax system began, Congress has authorized a tax on excessive accumulated earnings to limit damage to the Treasury -- and the economy -- when companies hold far more cash than their operations require. Without the accumulated earnings tax, corporations can become bloated tax shelters instead of engines of growth.
A business holding more cash than its operations reasonably require can be hit with a 15 percent levy under Section 531 of the Internal Revenue Code, on top of the 35 percent corporate income tax. The Tax Court even devised a mechanical test in 1965 for how much is too much.
Historically the IRS has levied only privately owned firms or publicly traded companies with few shareholders. But Internal Revenue Code Section 531 applies to all corporations. President Ronald Reagan signed Section 532 (c), which made that explicit, but he signed an exception for untaxed offshore profits.
These accounts have been building for years, nut just the past four.
He is a real beauty. Now he is trying to explain his way out of that stupid statement. Of course changing the heading as he usually does. Not a word can be believed by this big dummy, becuase of his thinking and his hellll bent way against the US and Obama. His boy Mitt lost and still has his money sheltered against the demise of our country as norris see's it. he makes things sound smart but comes up short of making sence and having any common sence.
Guess it is over being angry at his Opinions. Had some choice words not long ago! Guess this is kiss and make up time.
Again - off shore is only 1/2 the balance sheet cash. Further the interest earned is less than the rate of inflation. Why would a corporation keep a wasting asset on the balance sheet not earning a return?
Only safety from insane Progressive 'economics'. Just as happened in FDR's Great Depression.
I just love the imaginary Progressive history. It is all some Republicans fault.
The rational question is why is this all we hear from Progressives through out time? Simply because the historical record is clear. What they demand does not work.