How many people does Donald Trump have to screw over financially before we all stop believing him? If he were selling a couch on Craiglist I’d bring a Taser and a bomb-sniffing dog with me. So why would anyone trust him when he says shit like this?
“We expect to have in excess of $4 trillion brought back very shortly. Over $4 [trillion], but close to $5 trillion, will be brought back into our country. This is money that would never, ever be seen again by the workers and the people of our country.”
Hey, guess what? He fucking lied! I know, right?
The Wall Street Journal has published an analysis estimating the amount of corporate cash that’s been repatriated as a result of the GOP tax scam, and so far Trump is only off by $3.86 trillion, give or take:
The Wall Street Journal reviewed securities filings from 108 publicly traded companies accounting for the vast majority of an estimated $2.7 trillion in profits parked abroad, and asked each company what it was doing with the funds. In their filings and responses, they said they have repatriated about $143 billion so far this year. About two-thirds came from just two companies— Cisco Systems Inc. and Gilead Sciences Inc. Beyond that, companies have announced plans to repatriate another $37 billion. Some with the largest stockpiles, including Apple Inc., have made general promises to repatriate, without saying when or how much.
More than a dozen large companies, including General Electric Co. and Boston Scientific Corp. , have said they don’t need past foreign earnings in the U.S. or have no immediate plans to bring cash home. Far more are waiting or simply won’t say. When asked, many provided no information beyond vague public filings. That includes Microsoft Corp. , Alphabet Inc. and other companies that held some of the largest foreign cash piles before the tax law.
And what are they doing with that money? They’re rebuilding communities, rewarding their employees’ hard work, boosting long-term investment, and … bwahaha! No. They’re making the rich richer, of course:
Much of the money being repatriated is being used to buy back corporate shares. A study by Federal Reserve economists of 15 companies with the most foreign cash found an uptick in buybacks and little evidence of an investment boom.
Yeah, that wasn’t predictable or anything.
Can I get my Trump University diploma now? I feel like I’ve earned it.
Yo! Dear F*cking Lunatic: 101 Obscenely Rude Letters to Donald Trump by Aldous J. Pennyfarthing is now available at Amazon! Buy there (or at one of the other fine online retailers carrying it), or be square.
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