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Thursday, October 21, 2010


 

Don't be evil?


"Don't be evil?" That's supposedly Google's corporate motto, but what exactly is the result of depriving taxpayers of multiple countries of billions of dollars of revenue, by employing (seemingly perfectly legal) "tax strategies" to reduce their overseas tax rate to just 2.4%? Just ask the people of those countries whose social services are being shredded about the harm that Google (and hundreds of other companies) are doing.

As reported not by some leftist outlet, but by Bloomberg, such "tax strategies" cost U.S. taxpayers (and hence, those whose services are being slashed because of the lack of tax revenues to pay for them) a whopping $60 billion a year. And, lest you forget who is responsible for the laws which make this possible:

In 2009, the Treasury Department proposed levying taxes on certain payments between U.S. companies’ foreign subsidiaries.

Treasury officials, who estimated the policy change would raise $86.5 billion in new revenue over the next decade, dropped it after Congress and Treasury were lobbied by companies, including manufacturing and media conglomerate General Electric Co., health-product maker Johnson & Johnson and coffee giant Starbucks Corp., according to federal disclosures compiled by the non-profit Center for Responsive Politics.
The article may single out a handful of large companies, but rest assured that the entire corporate world, and the Democrats and Republicans who are beholden to them, get the "credit." While the rest of us get the shaft.


Why stop here? There's more...

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