By Wyatt Earp | October 21, 2010
Personally, I despise Google for their refusal to recognize Memorial Day, D-Day, and America in general. The fact that they are using loopholes to get out of paying $60 billion in taxes .
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.”
This should probably annoy you. If it does, there’s a pretty good search engine out there that actually likes America – and doesn’t spend its day flipping it the bird.
Topics: WTF? |