Google avoids paying about 2 billion in income taxes

[qh4dotcom]

http://www.bloomberg.com/news/2012-12-10/google-revenues-sheltered-in-no-tax-bermuda-soar-to-10-billion.html



Google Inc. (GOOG) avoided about $2 billion in worldwide income taxes in 2011 by shifting $9.8 billion in revenues into a Bermuda shell company, almost double the total from three years before, filings show.

I guess the Google CEO Eric Schmidt wanted to keep Obama from getting his hands on some of that revenue even though


Schmidt stood with Obama during his first 2008 post-election press conference. When Obama started to push for a new round of stimulus spending 2011, Schmidt was a cheerleader. Google's political action committee delivered $1.6 million to the Democrats in 2008, and over $700,000 to Obama in the last election."

http://technorati.com/politics/article/googles-eric-schmidt-to-join-the/

[FrancisMarion]

Filings show?! What filings? IRS Filings? I want to see!!!!

[Matt Collins]

Good for them.

[qh4dotcom]

Good for them.

You failed to see the hypocrisy...if you don't want to pay high taxes then you shouldn't be cheerleading for the candidate who will tax you the most.

[FrancisMarion]

Case in point. Tax revenue is not inelastic. You raise them too much, and those with profits will spend the money to bypass the tax.

Of course, I don't have those resources. So they might as well kiss me, cause they sure are $%!*ing me.

[ghengis86]

Filings show?! What filings? IRS Filings? I want to see!!!!

Calm down, Francis. A google sudsidiary in the Netherlands made a filing of something to someone. That's all we need to know.

I wonder if this is like a double-Dutch sandwich with an Irish on the side?

[presence]

1 bill = 1 gram

$2B = 20,000,000 x $100 bills

20,000,000 grams of $100 bills

20,000 kilograms of $100 bills



Google avoided 20 metric tons of $100 bills in taxes.

[angelatc]

1 bill = 1 gram

$2B = 20,000,000 x $100 bills

20,000,000 grams of $100 bills

20,000 kilograms of $100 bills



Google avoided 20 metric tons of $100 bills in taxes.

I hope Bermuda doesn't tip over.

[MoneyWhereMyMouthIs2]

Case in point. Tax revenue is not inelastic.



You raise them too much, and those with profits will spend the money to bypass the tax.

Of course, I don't have those resources.


Taxes are much more elastic for the rich. Like you said. I think it's easier to talk about tax rates than tax revenue. (unless you are talking about revenue on a per filer basis.) Tax rates are inelastic for everyone but the very rich.

Tax revenue will fluctuate with economic conditions, which is why I say it (elasticity) is easier to talk about in other terms.

[FrancisMarion]

Taxes are much more elastic for the rich. Like you said. I think it's easier to talk about tax rates than tax revenue. (unless you are talking about revenue on a per filer basis.) Tax rates are inelastic for everyone but the very rich.

Tax revenue will fluctuate with economic conditions, which is why I say it (elasticity) is easier to talk about in other terms.


Point taken. And since we agree about the rich, what kind of policy is it to increase the taxes on the rich when they are the ones with the previously stated means?

Isnt' their goal to create more revenue?

[MoneyWhereMyMouthIs2]

Point taken. And since we agree about the rich, what kind of policy is it to increase the taxes on the rich when they are the ones with the previously stated means?

Isnt' their goal to create more revenue?


Sure, but their power is also financed by the rich. That's the same reason the rich are able to avoid taxes. So yeah, their goal is to increase revenue for themselves. Pretending to increase taxes on the rich makes the average person feel better about the amount they are paying. In a word, such a policy is trickery because it's not even real.

[tttppp]

You failed to see the hypocrisy...if you don't want to pay high taxes then you shouldn't be cheerleading for the candidate who will tax you the most.

Big companies don't care because they can easily shift money and resourses from one place to another. Its not like the average person who is stuck with his taxes.

[erowe1]

Good for them.

+1

[erowe1]

Good for them.

So criticize them for the politicians they support and praise them for not giving the government more money.