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By Nick Baumann and Brett Brownell
After calling the Cayman Islands "the place where you hide your money," Ryan said we should make the United States more like that notorious tax haven.
In 2010, Rep. Paul Ryan (R-Wis.), now Mitt Romney's running mate, called the Cayman Islands "the place you hide your money," arguing that the United States needs to slash tax rates below those of other countries in order to make this country "a haven for capital formation." But in previously unreported comments, from an interview with American Business Magazine in August 2011, Ryan went even further on the same topic, saying, "let's make this country a tax shelter for other countries instead of having other countries be a tax shelter for America."
Romney has been criticized for his use of controversial tax techniques and overseas investment vehicles, including some in the Caymans—where he has at least $30 million in assets—and other well known tax havens. Here's how one expert described tax haven countries to our colleague Stephanie Mencimer:
James Henry, a former chief economist at McKinsey & Co., describes offshore tax havens like the "bar scene in Star Wars." He explains, "Dictators and kleptocrats used them to conceal stolen loot. Arms dealers and drug dealers use them to launder their deals. Google and Apple and Pfizer use them to park their intellectual property and pay themselves tax-free royalties. Banks use them to park lousy loans and stash the offshore accounts and assets under management of their wealthy individual clients, many of which are paying zero taxes back home…And so on."
Here's the transcript of the full Ryan interview; the "tax shelter" line, which was pointed out to Mother Jones by a tipster, begins at 18:22 in the full video, which you can see here. You can also jump down to the full Q&A.
As you can see in the charts below, the United States already raises significantly less money (as a percentage of GDP) from corporate taxes than most other first-world nations, and although corporate tax rates are high here, corporations' effective tax rates—what they actually pay—are lower than those in most other first-world economies.
And who wants this clown to be Vice President of the United States - a heartbeat away from the presidency?
And who wants this clown to be Vice President of the United States - a heartbeat away from the presidency?
He wants to attract capital...and thats a problem for you?
But you're happy about...
Interesting idea. Let's allow all the drug king pins and other organized crime and tax cheats to save some car fare, and put all their money here. Is Ryan really this fucking stupid?
And who wants this clown to be Vice President of the United States - a heartbeat away from the presidency?
He wants to attract capital...and thats a problem for you?
But you're happy about...
You really are one stupid fuck. We already attract capital. Overseas investors who put money in US banks don't pay US tax now. How the fuck do you remember how to breath?
poor Lakhota such a sheep who doesn't even understand haft the shit he spams this board with
Ryan is a tool, folks.
He's more than ready to sell out the American people for thirty pieces of silver and a shot at the White House in 2016.
A man of Irish decent whose family escaped the famines in Ireland. The very famine that was the brainchild of the BRITISH LIBERTARIANS of the 19th century as they attempted to starve the Irish race to death
Ryan has become the exactly the same kind of self serving Libertarian monster that tried to kill his own family and his own race 150 years ago.
I guess that this is his idea of the American dream...to become the sort of monster that his family had to escape from.
Shameful.
wow, you would think foreign investors in this country is SOME NEW thing
only now it's called, selling us out
and you call others stupid?You really are one stupid fuck. We already attract capital. Overseas investors who put money in US banks don't pay US tax now. How the fuck do you remember how to breath?
