Google Tax-Evasion Scheme Costs U.S. BILLIONS

[TampaYankee]

Google 2.4% Rate Shows How $60 Billion Lost to Tax Loopholes

By Jesse Drucker - Oct 21, 2010 6:00 AM ET

Google Inc. cut its taxes by $3.1 billion in the last three years using a technique that moves most of its foreign profits through Ireland and the Netherlands to Bermuda.

Google’s income shifting -- involving strategies known to lawyers as the “Double Irish” and the “Dutch Sandwich” -- helped reduce its overseas tax rate to 2.4 percent, the lowest of the top five U.S. technology companies by market capitalization, according to regulatory filings in six countries.

“It’s remarkable that Google’s effective rate is that low,” said Martin A. Sullivan, a tax economist who formerly worked for the U.S. Treasury Department. “We know this company operates throughout the world mostly in high-tax countries where the average corporate rate is well over 20 percent.”

See full horror story here:

http://www.maleescortreview.com/forum/index.php?/topic/5510-google-tax-evasion-scheme-costs-us-billions/

[RA1]

If what Google did is/was legal, I believe it is called tax avoidance. Tax evasion is illegal. That does not mean I either condone or agree with these kinds of activities by any company to include Google. The US needs the money but that also does not mean I am for higher taxes. Restraint by all should be the watchword.

Best regards,

RA1

[caeron]

Good for Google.

We need to get over our 'soak it to the corporations' attitude. All it does is drive businesses away.

[BiBottomBoy]

Google knows exactly what weird porn sites every single member of congress has searched for.

I'm shocked they have to pay tax at all.