Trump and Christie disappear $25M. Clinton hinted at giving away $600B. A looting of the treasury!

From Truthdig:

 Trump’s $30 million casino tax debt, something New Jersey officials fought endlessly to collect, was suddenly reduced … to $5 million after Christie took office

The article is worth a full read and Sarah Siverman even commented on the scandal:

This shit is nothing new & has to change. Those taxes could have upped the quality of public education in all of NJ https://t.co/XWW8Z2SKDm

Trump and Christie should be ashamed and the practice should be illegal.  However Hillary has proposed an even bigger tax giveaway to even bigger corporations.

From The Intercept article (very much worth a full read also): 

Hillary Clinton gave a big speech in Raleigh on her plans for the economy on June 22….

Here is what Clinton said:

Now, the heart of my plan will be the biggest investment in American infrastructure in decades, including establishing an infrastructure bank that will bring private sector dollars off the sidelines and put them to work here.

Under U.S. law, multinational corporations based here theoretically must pay taxes on their profits earned anywhere around the world at a rate of 35 percent. However, they don’t have to pay U.S. taxes on overseas profits until they repatriate the money back to the U.S.

Congress granted corporations a tax holiday in 2004 that let them bring back their profits at a tax rate of about 5 percent, or one-seventh of what the normal tax law required. Clinton, then a senator from New York, voted for it, as did Schumer.

Sorry for all the block quotes, they simplified it very well.  It is well worth the read.

The incentives haven’t changed since then, so profits held overseas by U.S. multinationals have accumulated again and have now reached an incredible $2.4 trillion. That’s about 65 percent of the 2015 federal budget and 13 percent of the entire U.S. economy. If U.S. multinationals had to pay the statutory tax rate on that, they’d owe the government about $695 billion.

To sum up, if those corporations were to bring their $2.4T back to the US they would pay $695B in taxes. (I’m not sure how 700M is 35% of $2.4T but they know more than I do about it).  If a new tax holiday or a bill were passed to make that tax rate 5% instead of 35% then those corporations would only pay about $100B in taxes leaving them an extra approximately $600B in profits.  Give or take a few billion here and there.  The multinationals get the money, donate some back to the political system, and we get left with budget cutting.

The prospective Ryan-Schumer deal doesn’t have many details. But it would change the law so that profits earned by U.S. multinationals overseas, including the $2.4 trillion overseas now, would be taxed whether or not they were brought back to the U.S. — while also radically reducing the tax rate on those overseas profits. This would essentially make the 2004 tax holiday permanent.

Where does Hillary come in you ask?  the bold is mine

According to her platform, she will pay for increased infrastructure spending via some unspecified “business tax reform.” Despite promises back in December that she “will have more to say on her vision” about business tax reform, she’s been curiously silent.

However, when she met with the New York Daily News editorial board in April, she explained that the source of the infrastructure money “may be repatriation.”

The direct quote from the New York Daily News transcript is:

Clinton: Well, that's a little bit different, because infrastructure investment, I'm still looking at how we fund the National Infrastructure Bank. It may be repatriation. That's one theory, or something else. It's about $100 billion a year.

Funny how she comes up with the same $100B that The Intercept estimates a 5% tax rate on repatriations would bring in.

This is how she will “get things done” as I have not so eloquently alluded to in the past:

That’s why Clinton can honestly predict that she will “break through the dysfunction in Washington” and “work with both parties.” Both parties want to deliver a massive tax cut to their huge corporate patrons.

This is why people don’t trust their government.  Even simple things like infrastructure spending become giveaways to large corporations.  Both parties are guilty of peeing in the pool.  More pee than water at this point.

edit: 1:49pm 8/19/2016- changed “hints” in title to “hinted”