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

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

    Quote Originally Posted by DarkWizard12 View Post
    >left click
    >>view image
    >>>right click when you see the cursor turn into a magnifying glass.

    But if that's too much, it says(in millions USD):

    Income Before Tax 12,706.00 12,068.00 10,206.00 9,204.00 7,517.00
    Income After Tax 7,746.00 6,575.00 6,139.00 4,871.00 3,946.00

    Basically, according to financial statements, they paid about 40% in taxes, each quarter.
    Not paying income taxes and not paying taxes are not the same thing. I'm not saying you're wrong, but I don't see this document as proof of much of anything because it doesn't specify what taxes are paid, and doesn't show me what year this happened in.
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    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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

    Quote Originally Posted by apdst View Post
    I have a coporation. I can't take advantage of these tax loopholes, yet--in your opinion--my taxes need to be raised, so as to punish the corporations that can?

    The end result will accomplish only one thing: it will only help the large, multi-national corporations. The little guys will get hurt, because they won't be able to handle the higher taxes + overhead.

    But, hey. Rock on!

    I think that the intent would be to close some of the loopholes that those multi-national corporations use for tax avoidance, not to just raise corporate taxes in general.

    Unfortunately, the SCOTUS has made it possible for those tax-avoiding companies to spend unlimited amounts of money buying elections so that they can keep these loopholes open -- and create more if they can.

    Clements said that "we have the best government money can buy" so this is nothing new. If it isn't the corporations and unions and other groups, its the robber barons (aka, Wall Street). Just get use to the fact that our representative democracy doesn't really represent the voters.

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

    Quote Originally Posted by zip98053 View Post
    I think that the intent would be to close some of the loopholes that those multi-national corporations use for tax avoidance, not to just raise corporate taxes in general.

    Unfortunately, the SCOTUS has made it possible for those tax-avoiding companies to spend unlimited amounts of money buying elections so that they can keep these loopholes open -- and create more if they can.

    Clements said that "we have the best government money can buy" so this is nothing new. If it isn't the corporations and unions and other groups, its the robber barons (aka, Wall Street). Just get use to the fact that our representative democracy doesn't really represent the voters.
    In a perfect world, that would be all fine and dandy, but the U.S. tax code consists of 44,000 pages. One has to wonder what unintended conciquences would come along with closing this loophole.
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    Re: Google 2.4% Rate Shows How $60 Billion Lost to Tax Loopholes

    Quote Originally Posted by rathi View Post
    Regardless of one feels about the level of taxation, that doesn't excuse weaseling out of them with absurd loopholes.
    I'm sure that you'll take any tax break that you can find for yourself. Google is in the business of making money; it would be stupid of them to not look for ways to pay less. I agree 110% that we absolutely must simplify the tax code, but you cannot really blame a business for doing cutting costs like this.

    Quote Originally Posted by apdst View Post
    In a perfect world, that would be all fine and dandy, but the U.S. tax code consists of 44,000 pages. One has to wonder what unintended conciquences would come along with closing this loophole.
    What about the unintended consequences of having them?
    Last edited by DrunkenAsparagus; 10-27-10 at 10:59 PM.
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    Re: Google 2.4% Rate Shows How $60 Billion Lost to Tax Loopholes

    Quote Originally Posted by apdst View Post
    In a perfect world, that would be all fine and dandy, but the U.S. tax code consists of 44,000 pages. One has to wonder what unintended conciquences would come along with closing this loophole.
    It seems to me that these companies paying such a low US tax rate is the unintended consequence of allowing this loophole.

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

    Quote Originally Posted by DrunkenAsparagus View Post
    I'm sure that you'll take any tax break that you can find for yourself. Google is in the business of making money; it would be stupid of them to not look for ways to pay less. I agree 110% that we absolutely must simplify the tax code, but you cannot really blame a business for doing cutting costs like this.



    What about the unintended consequences of having them?
    What concequences? People are able to keep more of their money intheir pockets? I'm not bothered by that, a whole lot.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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

    Quote Originally Posted by zip98053 View Post
    It seems to me that these companies paying such a low US tax rate is the unintended consequence of allowing this loophole.
    This loopholes doesn't have anything to do with tax rates. That was the point I was making in my original post.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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

    Quote Originally Posted by apdst View Post
    What concequences? People are able to keep more of their money intheir pockets? I'm not bothered by that, a whole lot.
    I'm also fine with people keeping more money in their pockets, but through a lower, simpler tax code over a higher, more complex one. With tax breaks, politicians decide who does and doesn't get to keep more of their money. It's government manipulation of the market just like any regulation.
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    Re: Google 2.4% Rate Shows How $60 Billion Lost to Tax Loopholes

    Quote Originally Posted by DrunkenAsparagus View Post
    I'm also fine with people keeping more money in their pockets, but through a lower, simpler tax code over a higher, more complex one. With tax breaks, politicians decide who does and doesn't get to keep more of their money. It's government manipulation of the market just like any regulation.
    I agree with a simpler tax code.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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

    Quote Originally Posted by Hoplite View Post
    Google 2.4% Rate Shows How $60 Billion Lost to Tax Loopholes - Bloomberg


    This is why I have a very hard time taking cries that corporations are over-taxed very seriously.
    A corporation sets up an extensive network of off-shore entities to avoid US taxes and you argue that that shows that corporate taxes in the US are not too high? Seems backward to me.
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