Ryan calls Cayman Islands where running mate Romney has accounts 'the place to hide money' (Video)
- Created Sep 24, 2012
Seems like Republican Vice Presidential nominee Paul Ryan had a moment of clarity in 2010 when talking about offshore accounts and tax havens.
Speaking to the Chamber of Commerce, the Congressman from Wisconsin said that places like Switzerland, Bermuda and the Cayman Islands, the go-to-places for the rich to "outsource" their mllions "was a place to hide their money" and that if kept here in America, the needed revenue could help turn America around.
Well, I was paraphrasing but here is what Ryan really said, "Let's make sure that when businesses invest in growth here in America, that's the smart business thing to do. We don't want to have a situation where we're penalizing businesses for keeping their money, their capital, their headquarters plus their manufacturing facilities here in America so rather than having Ireland and the Cayman Islands be the haven for capital formation--the place you hide your money, why don't we make it America?"
Click on the video above to hear the rest of the passionate speech.
That was Ryan then, making a plea for America to be the place the rich "hide" their money instead of in foreign banks in the sunny Caribbean or cold Swiss vaults.
Fast forward to today and his running mate reportedly has millions of dollars stashed in those very "hiding places." I wonder what Ryan's take on "outsourced wealth" is now?
Currently the world's wealthy has a reported $21-$32 trillion stashed away in tax havens across the globe. That's enough to feed every hungry child, woman and man on earth for several lifetimes.