Absolutely....it's a huge puzzle. I can fully understand finding fault with the Democrats, but how does that translate into supporting the Republicans, who support the rich unequivocally? They say it's unAmerican to take from the rich and give it to the poor, but it's perfectly fine for the rich to take from the middle class and give it to themselves.
I expect we'll hear more tax stories as April 15 approaches and corps are not the only group not paying their fair share...This morning NPR reported on a story in Zurick newspapers today - Swiss newspapers are reporting the U.S. Justice Department is requesting statistical data on US clients of Swiss banks with interests in companies or foundations in Lichenstein. According to NPR, the US has a treaty with Canada regarding US depositors using Canadian banks but the treaty it's very limited - US inquiries must be very specific and give details/reasons for the inquiry - guess it was originally designed to go after mob money.
At least Mitt Romney is smart enough to hide his money in a sunny climate!
How Firms Tap Overseas Cash By Kate Linebaugh | The Wall Street Journal – 15 hours ago.
U.S. companies say much of their cash is trapped overseas. But that doesn't mean they can't put it to use at home.
With some careful structuring, companies including Hewlett-Packard Co. and General Electric Co. have set up ways to borrow money from their foreign subsidiaries. In some cases, the firms use the funds for daily operations or to buy back stock.
The loans have to be short term. Yet when the borrowing is carefully set up to comply with Internal Revenue Service rules and U.S. auditing standards, the funds can be used over and over without incurring taxes.
Companies are not required to disclose these moves, which makes it difficult to assess how many use them. In interviews, corporate treasurers, chief financial officers and tax attorneys say the practice is common as more cash piles in overseas accounts. [entire article.....] http://finance.yahoo.com/news/firms-tap-overseas-cash-025500478.html
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