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12-12-2012, 09:51 AM   #1
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Google in Bermuda

Capitalism and tax law arbitrage at work...
Google Revenues Sheltered in No-Tax Bermuda Soar to $10 Billion - Bloomberg

QuoteQuote:
Google Inc. (GOOG) avoided about $2 billion in worldwide income taxes in 2011 by shifting $9.8 billion in revenues into a Bermuda shell company, almost double the total from three years before, filings show.

By legally funneling profits from overseas subsidiaries into Bermuda, which doesn’t have a corporate income tax, Google cut its overall tax rate almost in half. The amount moved to Bermuda is equivalent to about 80 percent of Google’s total pretax profit in 2011.

The increase in Google’s revenues routed to Bermuda, disclosed in a Nov. 21 filing by a subsidiary in the Netherlands, could fuel the outrage spreading across Europe and in the U.S. over corporate tax dodging. Governments in France, the U.K., Italy and Australia are probing Google’s tax avoidance as they seek to boost revenue during economic doldrums.

Last week, the European Union’s executive body, the European Commission, advised member states to create blacklists of tax havens and adopt anti-abuse rules. Tax evasion and avoidance, which cost the EU 1 trillion euros ($1.3 trillion) a year, are “scandalous” and “an attack on the fundamental principle of fairness,” Algirdas Semeta, the EC’s commissioner for taxation, said at a press conference in Brussels.



12-12-2012, 05:24 PM   #2
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Yes, but if we agree to give up our Social Security and Medicare, the Republicans have pledged to stop some of that.
12-12-2012, 06:39 PM   #3
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Quick! Deregulate more and bill the poor! That'll help.... This time.... Somehow!

Yeah, let's do more of this! Let's make corporations people and LGBTs and non-Christians *not* people! By law! For 'Small gummint,' sanctity and 'freedom!' Then blame the liberals when it never ever works... Again!'


That's right, you too can blame gay people for not listening to reason when you finally feel the freak storm you refused to prepare for.. Again.. And again. And again. (Seriously, folks, tidegates like London and Antwerp have had for years would have been cheaper than all you've spent on denial and blame. Same wen for New Orleans. For the price of just Katrina and Sandy, we could have *done real things* and also have had time money and efort to have *accomplished* things for.... *koff* Twenty years. Bon appetit. )

Meanwhile, Bush spent more national wealth bollixing up the invasion of Iraq than it would have cost to *buy* the place and provide social services in perpetuity. Postdated the check so the righ wing could scream about anything but why they *really* can' stand Obama, whose actual policies are slightly more fiscally-conservative than *Reagan's.*


Speaking of what Dubya wanted: if he *had* privatized Social Security, it would be tanked *now.* As it *is,* social security is fine until 2037, unless someone puts 2 percent more uncorrected dollars in it before like 2030. In which case it's *fine* for the century assuming corporate health care doesn't get too much *more* greedy than projected. Some claim it needs to be gutted immediately to prevent a 'cliff.' (While filibustering against their own bills then blaming 'Big Gummint.' ) Hem, big picture anyone?


(The cuts may render me homeless, by the way, despite the fact that previous cuts mean I haven't been able to get to the doctor for over a year, and that means it wouldn't in fact save any *money* since by the time I needed it... (and when you need it you need it badly) ....they cut the program to help me get to the doctor. Or the pharmacy, for that matter. I've been shorting myself on physical medications just because I couldn't get there, especially since I couldn't afford to get the car towed until I could fix the small problem, or even diagnose it, without money I couldn't spend in my local economy, etc etc. Cons complain like I'm living high on the hog, when really it's month to month with zero climate control and a chronic illness... Call it 'incentive' when it's the opposite.

I can't get bood from a stone. Just can't. Only a few bills behind, but I can't make something out of less than nothing, even cash on the barrelhead. Just can't. And if all you people really think 'The private sector can take over.' I got charged more late fees cause someone cut the post office back so far the bills were weeks late. That adds up in six months into a whole other bill I can't get out from under. I'lll even say it. Help!


Dammit. Spent the whole year being nickle-and dimed past zero balance over and over. It's rich people thinking to think somehow it 'incentivizes' enterpreneurialism when I can't even spare a few bucks for a bag of fixer when I can't get out front of the bills cause of one emergency that didn't need to even *happen* if I could be with my, yes, same-sex partner. And, yeah, I'm trying to do *exactly* the things that the cons claim I should. While screaming bloody murder that the top rate they dodge anyway might drop two percent.... of what they mostly don't pay anyway.

Last edited by Ratmagiclady; 12-12-2012 at 07:20 PM.
12-13-2012, 07:06 AM   #4
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The Laffer curve for big business: if (sum(federal, state, local) tax <= sum(cost of moving profit to Bermuda)),"revenue increase","tax haven, here we come"


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