Posted on 10/21/2010 10:42:00 AM PDT by Nachum
President Obama is all for demonizing large American corporations that avoid taxes through income shifting…except when those large American corporations are dumping money in his campaign coffers.
Bloomberg is running a big story on Google’s lucrative use of the very loopholes Team Obama wants to eliminate:
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.”
(Excerpt) Read more at michellemalkin.com ...
The list, ping
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If you're having problems getting excited about it, Katie Couric, just pretend Google actually drills for oil.
Wow that was fast! I’m the one who tipped Michelle off via her tip line with that article from the Stanford paper. The hypocrisy is delicious. The day the story breaks about Google, Obama is hosting a 30k per person fundraiser at the home of a Google VP. I might have to head over to Moffett Field in Mountain View around 3 to see if I can watch Air Force One land. It’s an awesome plane!
They wrote the rules now they can live with them.
‘Hat tip’ to you on your lead.
Ive felt for a long time that corporations take preemptive action by donating to liberals and just wink off the criticisms . . otherwise it would make no sense to support those who speak of divide and conquer
“use of the very loopholes Team Obama wants to eliminate:”
She’s still so naive. Just because he says he wants to, does not mean he really wants to.
This is why rich liberals like higher taxes. They can avoid paying while working people pay for their agenda.
BTTT.
I see Chuckie Schumer's name on there. Amiong others....
...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."Hey, does Martin Sullivan have a great sense of humor, or what?!? :') Thanks Nachum.
Thanks! Byron York has now picked up the story as well. Maybe if more people learn about this, Obama will stop demonizing corporations and tanking the economy. This is why he is accused of Facism—they want to decide the economic winners and losers. Google is a favored company. Had BP been a US company, I have no doubt the White House would’ve driven them into bankruptcy.
Bump! Thank you for keeping at it on the pings.
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