U.S. corporations are sitting on $2 trillion in cash
Published on Friday, March 11, 2011 by The Capital Times (Wisconsin)
The Crisis is Our Unwillingness to Make Rich Pay Their Share
by John Hallinan
U.S. corporations are sitting on $2 trillion in cash – trillion, not billion. The same people who shipped millions of jobs overseas, caused the financial crisis, and pay themselves multimillion-dollar bonuses every year are now sitting on a mountain of cash. Yet both state and local governments feel the need to give them more tax cuts. To what end? So they can create more profits and sit on bigger piles of cash, so they can play monopoly as they buy each other out, or so they can give themselves even bigger bonuses? There is no indication that they are interested in doing anything to spur the economy.
In December we heard the Republicans tell us that people making over $250,000 per year couldn’t afford a 4 percent tax increase, and it would be terrible for the economy to increase their taxes. Thirty years ago they were paying 70 percent in taxes. Now they pay half that, but a 4 percent increase is just too much to bear.
Now we are told that state workers making $40,000 to $60,000 per year are stealing the state blind. The same