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[I]f Reaganism worked, if Bush's tax cuts worked, America today would be swimming in jobs. That's what we were promised. It would lead to all this in… - David Cay Johnston
" "[I]f Reaganism worked, if Bush's tax cuts worked, America today would be swimming in jobs. That's what we were promised. It would lead to all this investment and all these jobs. Instead, it's led to this enormous concentration of wealth among people who could never consume that much wealth, and who now increasingly are putting it into financial products, rather than investing it in ways that will grow the economy. ...[W]e're socking it away ...American corporations, under a rule almost nobody knows about ...are limited in how much cash they can hold, unless they move it overseas. ...[O]nce you move if overseas they can have ...unlimited amounts of cash, and what have we seen happen? ...Corporations have almost 3 times as much cash overseas as they have at home, and they then take that cash and buy US treasuries. So we pay big corporations to not pay their taxes. ...The interest they will earn from the treasury will exceed the value of the tax, and we will collect 40 cents on the dollar or less of the actual tax. ...Literally it has become a profit center ...
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About David Cay Johnston
(born December 24, 1948) is an American investigative journalist and author specializing in economics and tax issues. He won the 2001 , and from 2009 to 2016 he was a Distinguished Visiting Lecturer at Syracuse University, Martin J. Whitman School of Management and College of Law, teaching tax, property, and regulatory law of the ancient world. From 2011 to 2012 he was a columnist for , writing, and producing video commentaries on worldwide issues of tax, accounting, economics, public finance and business. In recent years he has also written for and , and is the board president of , Inc. (IRE).
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Birth Name:
David Cay Boyle Johnston
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DC Report
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Additional quotes by David Cay Johnston
Donald Trump came into office and killed the . ...[T]hat partnership had serious flaws. It was written in secret, by corporate lobbyists and by lawyers involved in the trade business. It was so secretive that when my congresswoman, , having seen what I wrote, wanted to read what was in there... she said "Yea, it's all written... in language that doesn't mean anything to me," and Louise has a PhD in microbiology. ...It's written in the language of people in the trade, not to be understood by mere mortals.
This growing concentration of income at the top... resembles the distribution of income found in three other major countries: Brasil, Mexico, and Russia. ...They all have growing, and seemingly intractable, poverty at the bottom. ...These four countries are also societies in which adults have the right to vote, but real political power is wielded by a relatively narrow, and rich, segment of the population.
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