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

[Hoplite]

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.

 

[rathi]

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.

 

[Deuce]

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.

 

[Whovian]

I'm more annoyed personally at Democrats who avoid paying the same taxes they tell me I should be patriotic and pay...

Democrats are hypocrites when it comes to paying taxes - latimes.com
More Rich Democrats Who Don't Pay Their Taxes. | Benzinga.com
Geithner Nomination Hits a Snag - Washington Wire - WSJ
Why tax problems have plagued Team Obama | Washington Examiner
Bumps in the Road: Obama's HHS Secretary Nominee Faces Tax Questions Over Car and Driver - Political Punch
Another Tax Problem for Obama Nominee - Political Punch

 

[Diogenes]

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.

 

[apdst]

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!

 

[j-mac]

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?


j-mac

 

[Diogenes]

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.

 

[Whovian]

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... :ninja:

 

[Deuce]

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!

 

[DarkWizard12]

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.
ThinkProgress » ExxonMobil paid no federal income tax in 2009. (Updated)

Then what in the HELL is this?

Yea, I wouldn't be using thinkprogress, who's sources they cite are the Huffpo.
edit2: GE was also on that list, actually.

 

[Deuce]

Then what in the HELL is this?

Yea, I wouldn't be using thinkprogress, who's sources they cite are the Huffpo.
edit2: GE was also on that list, actually.

I can't read any of that text.

 

[DarkWizard12]

I can't read any of that text.

>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.

 

[Erod]

Google is fine. HUGE supports of the Democratic party, so they have nothing to worry about.

 

[apdst]

Aww, stop, Duece! You're one of the ones that complains the loudest about the, "evil corporations".

Not to mention, you don't even comprehend what I'm saying

 

[Whovian]

>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.

A figment of your imagination?

 

[DarkWizard12]

Aww, stop, Duece! You're one of the ones that complains the loudest about the, "evil corporations".

Not to mention, you don't even comprehend what I'm saying

hehe, he hasn't even replied to my post, proving exxon paid their taxes, in direct conflict to his blog source.

 

[DarkWizard12]

A figment of your imagination?

???? uhh. no...cold hard facts.

 

[Whovian]

???? uhh. no...cold hard facts.

i was being sarcastic

 

[Johnny DooWop]

I'm conducting a study, I'm going around threads to see if every topic eventually melts down into a conservative/republican vs liberal/democrat debate instead of staying on the topic. This one is on the verge, if not already there.

 

[Deuce]

>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.

 

[zip98053]

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.

 

[apdst]

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.

 

[DrunkenAsparagus]

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.

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?

 

[zip98053]

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.