Winner 2013 Webby Awards for Best Political Website
Top Banner, Site wide
Apr 16, 2014

 Choose a size
Text Size

Top Leaderboard, Site wide

Climate Costs ‘May Prove Much Higher’




Paul Robeson: A Life


Truthdig Bazaar

The Fall: A Novel

By Ryan Quinn
$14.99

more items

 
Ear to the Ground

Mountain of Corporate Cash Sits Idle (Video)

Email this item Email    Print this item Print    Share this item... Share

Posted on Jul 20, 2012
aresauburn™ (CC BY-SA 2.0)

Figures from the Internal Revenue Service suggest that nonfinance companies based in the United States are holding more than $5 trillion in cash, triple what the Federal Reserve reports—idle money that Reuters columnist David Cay Johnston suggests would be better spent creating jobs, paying dividends and sharing the burden of taxes.

Much of that money sits in overseas accounts where it can accumulate untaxed. It’s a double-whammy for American workers and taxpayers, as Johnston makes clear.

—Posted by Alexander Reed Kelly.

David Cay Johnston at Reuters:

For workers, idle cash means idle hands and minds. With one in five Americans unemployed or underemployed, and real median wages in 2010 back down to the level of 1999, this is no time for capital to go on an extended holiday.

For taxpayers, untaxed profits subtly reduce corporate tax burdens and increase the tax burden on individuals. Because taxes owed on offshore profits are not adjusted for inflation, they depreciate at the rate of inflation. That means a double whammy for taxpayers as government pays interest on money it borrows while its accounts receivable from multinational corporations lose value.

Read more

More Below the Ad

Advertisement

Square, Site wide

New and Improved Comments

If you have trouble leaving a comment, review this help page. Still having problems? Let us know. If you find yourself moderated, take a moment to review our comment policy.

Newsletter

sign up to get updates


 
 
Right 1, Site wide - BlogAds Premium
 
Right 2, Site wide - Blogads
 
Join the Liberal Blog Advertising Network
 
 
 
Right Skyscraper, Site Wide
 
Join the Liberal Blog Advertising Network
 

A Progressive Journal of News and Opinion   Publisher, Zuade Kaufman   Editor, Robert Scheer
© 2014 Truthdig, LLC. All rights reserved.