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

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

    Google 2.4% Rate Shows How $60 Billion Lost to Tax Loopholes - Bloomberg
    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.
    This is why I have a very hard time taking cries that corporations are over-taxed very seriously.
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    Re: Google 2.4% Rate Shows How $60 Billion Lost to Tax Loopholes

    This article is a poster child for deceptive journalism. The title is designed to create the association that google only pays a 2.4% tax rate and that it dodged 60 billion in tax revenues. In reality, googled avoided 3.1 billion; the 60 billion comes from everyone in the world combined, and the 2.4% tax rate is only on their foreign holdings. That said, gioogle actions are pathetic. Regardless of one feels about the level of taxation, that doesn't excuse weaseling out of them with absurd loopholes.

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

    Quote Originally Posted by rathi View Post
    This article is a poster child for deceptive journalism. The title is designed to create the association that google only pays a 2.4% tax rate and that it dodged 60 billion in tax revenues. In reality, googled avoided 3.1 billion; the 60 billion comes from everyone in the world combined, and the 2.4% tax rate is only on their foreign holdings. That said, gioogle actions are pathetic. Regardless of one feels about the level of taxation, that doesn't excuse weaseling out of them with absurd loopholes.
    This isn't even that bad of a case, either. A year or two ago there was a company that had billions in profits yet paid $0 in income taxes in the US. I think it was like GE or something!

    edit: nope, ExxonMobil. $45 billion in profit, $0 in income taxes. Because their "headquarters" is a PO box on some island somewhere, basically.
    http://thinkprogress.org/2010/04/06/exxon-tax/

    edit2: GE was also on that list, actually.
    Last edited by Deuce; 10-26-10 at 12:29 PM.
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    Re: Google 2.4% Rate Shows How $60 Billion Lost to Tax Loopholes

    It is a "loophole" only if you don't like it. Otherwise it is a "targeted public investment in the future." All politicians pull that crap when they have been in office too long and the corruption gets to them, this administration is just several orders of magnitude more brazen about it than most.
    "We the people are the rightful masters of both Congress & the courts, not to overthrow the Constitution, but overthrow the men who pervert the Constitution."
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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.
    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!
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    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
    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!

    Didn't you know, that the moniker of Corporation is a designation of evil for anyone who does business?


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

    Quote Originally Posted by apdst View Post
    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.
    That's how politicians work, once they've been in office for a while: Complain about the "big corporations" (who are providing campaign contributions) and use the complaints as an excuse to institute policies that cripple the competition. Then the "big corporation" gets "too big to fail" and gets access to bailout money. Obama just happens to be the worst offender we've ever had in this regard.
    "We the people are the rightful masters of both Congress & the courts, not to overthrow the Constitution, but overthrow the men who pervert the Constitution."
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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!
    But... but... why don't you want to be neighborly and help out the folks? You know, give them some of what you earned, because they haven't? Working a little harder so someone else doesn't have to... it's your patriotic duty...

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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!
    Politicians give sweetheart deals to large corporations at the expense of the little guy? Well, I never!
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
    Quote Originally Posted by Lutherf View Post
    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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