Simple question for you.
What entity in the USA has a double taxation principle?
Another simple question.
Do you think the filthy rich spend all their money on goods and services OR
do you think they spend part of it and then buried the rest of their cash in their backyard OR
hide it under their mattresses OR
is it possible that they INVEST it?
I use to do computing work for a yacht manufacturer who sold to wealthy people yachts.
How many of the yacht workers despised wealthy people, but rather liked the idea the wealthy wasted their wealth on the yachts the workers were paid to build?
Were you aware of this FACT?
U.S. companies have repatriated $1 trillion since tax overhaul
The affect on tax revenue that would have never been paid on the nearly $1 trillion that came back
due to the tax cut...
Investment banks and think tanks have estimated that U.S. corporations held $1.5 trillion to $2.5 trillion in offshore cash at the time the law was enacted. Before the overhaul, companies had an incentive to keep profits overseas because they owed a 35% tax when bringing it back and could defer payment by keeping funds offshore.
The law set a one-time 15.5% tax rate on cash and 8% on non-cash or illiquid assets.
That's still short of the $4 trillion in overseas profits that President Trump would return as a result of the 2017 tax law.
www.latimes.com
The below chart shows how much future tax revenue coming from the $1 trillion that was repatriated.