The corrupt Harry Reid has demanded that foreign entities must report on whatever any American does offshore. He has been supporting the hunting of small business and individuals while the multinational public corps remain outside his reach of FACTA. A wire of just $3,000 between individuals must be reported or confiscated.
Multinational companies have accumulated $1.95 trillion outside the U.S., up almost 12% over last year. Multinationals are able to keep their cash offshore to avoid paying as much as 35% on repatriated profits. Reid goes after the individual, but not his big donators.
For example, the Connecticut-based General Electric is considering using part of its $57 billion in overseas cash to fund its 12.4 billion-euro ($17 billion) offer for the energy business Alstom SA. The pharmaceutical company Pfizer Inc.,who is looking to buy AstraZeneca Plc of the U.K., also has almost $70 billion in cash overseas.
Reid has no problem with the big corporate multinationals while at the same time he is hunting any individual or small business to ensure they never compete. This is the real American Oligarchy.