My man David Cay Johnston is on the case:
The Fed's latest Flow of Funds report showed that U.S. nonfinancial companies held $1.7 trillion in liquid assets at the end of March. But newly released IRS figures show that in 2009 these companies held $4.8 trillion in liquid assets, which equals $5.1 trillion in today's dollars, triple the Fed figure.
Yeah, it's all because of uncertainty over Obamacare. Yeah, that's the ticket. We still need to cut the corporate tax rate!
Seriously though, we need to close overseas tax loopholes.
By David Cay Johnston
July 16, 2012 | Reuters
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