Bloomberg is reporting that Google, the company that had as a motto Do No Evil, is screwing the United States big time.
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.
2.4%. Working people are paying 20%, 28%.
When will the American people wake up? You're getting fucked bigtime by corporate power. You pay the taxes; they reap the gains. And then Republicans cut any government programs that help people. The deficit, the deficit. Well, Google paying its fair share of taxes would cut it.
I see lots of racist Tea Party anger, but nothing from working Americans about corporate power in this society. Blaming minorities is exactly what the bosses want.
Working people, which is most of us, need to stand up and fight the corporate powers.
"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."
The U.S. corporate income-tax rate is 35 percent. In the U.K., Google’s second-biggest market by revenue, it’s 28 percent.
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The earnings wind up in island havens that levy no corporate income taxes at all. Companies that use the Double Irish arrangement avoid taxes at home and abroad as the U.S. government struggles to close a projected $1.4 trillion budget gap and European Union countries face a collective projected deficit of 868 billion euros.
Fuck you, Google. Economic traitors to America.
There is a way to fight back. First, vote Democrat in two weeks. Then, primary any one of those who sell out. And let Google know that you don't appreciate their tax games.