General Discussion

xchrom

(108,903 posts) Fri Dec 14, 2012, 07:26 AM Dec 2012

Google on 'Immoral' Tax Evasion: 'It's Called Capitalism'

http://www.commondreams.org/headline/2012/12/13-4

Google Executive Chairman Eric Schmidt

Google Executive Chairman Eric Schmidt has defended his company's 'immoral' tax policies, saying of the internet giant's evasions to get out of paying billions of dollars: "It's called capitalism."

News reports this week revealed that Google avoided paying at least $2 billion in taxes in 2011 by siphoning off $10 billion in profits to a Bermuda shell company. The figure is almost double the amount the company was hiding offshore three years ago, official company documents show.

When asked about Google's tax evasions by Bloomberg News last night, Schmidt said: ‘It’s called capitalism. We are proudly capitalistic. I’m not confused about this.’

The company reportedly uses complex tax schemes called the 'Double Irish' and 'Dutch Sandwich', which take large royalty payments from international subsidiaries and set up a shell corporation in countries with no corporate taxes, like Bermuda.

10 replies

= new reply since forum marked as read

Highlight:

Google on 'Immoral' Tax Evasion: 'It's Called Capitalism' (Original Post) xchrom Dec 2012 OP

Schemes like this need to be made illegal. Companies need to actually PAY taxes on monies earned. peacebird Dec 2012 #1

In other words, we have no loyalty or responsibility to any nation-state..... marmar Dec 2012 #2

+1 xchrom Dec 2012 #4

Isn't Googles motto "don't be evil"...? peacebird Dec 2012 #3

a brilliant marketing strategy, that! unblock Dec 2012 #5

And then there is this: bighart Dec 2012 #6

Yes, because putting another wolf into the hen house is a good idea. Selatius Dec 2012 #7

"It's called capitalism." PETRUS Dec 2012 #8

Want anymore proof that Capitalism is innately sociopathic? Odin2005 Dec 2012 #9

OK so here's what they tell themselves gollygee Dec 2012 #10

peacebird

(14,195 posts)

1. Schemes like this need to be made illegal. Companies need to actually PAY taxes on monies earned.

Reply to xchrom (Original post)

Fri Dec 14, 2012, 07:30 AM

Dec 2012

marmar

(77,091 posts)

2. In other words, we have no loyalty or responsibility to any nation-state.....

Reply to xchrom (Original post)

Fri Dec 14, 2012, 07:30 AM

Dec 2012

...... We'll f**k over whomever we have to to boost profits, not matter the collateral damage.

xchrom

(108,903 posts)

4. +1

Reply to marmar (Reply #2)

Fri Dec 14, 2012, 07:36 AM

Dec 2012

peacebird

(14,195 posts)

3. Isn't Googles motto "don't be evil"...?

Reply to xchrom (Original post)

Fri Dec 14, 2012, 07:33 AM

Dec 2012

http://en.wikipedia.org/wiki/Don't_be_evil

unblock

(52,322 posts)

5. a brilliant marketing strategy, that!

Reply to peacebird (Reply #3)

Fri Dec 14, 2012, 07:40 AM

Dec 2012

bighart

(1,565 posts)

6. And then there is this:

Reply to xchrom (Original post)

Fri Dec 14, 2012, 08:32 AM

Dec 2012

According to the Washington Examiner: "Already a winner on the business front for his support and guidance to President Obama and his reelection campaign, there is growing speculation that Google Chairman Eric Schmidt is in line for an even bigger payoff: secretary of either Treasury or Commerce or a new secretary of business slot."

Selatius

(20,441 posts)

7. Yes, because putting another wolf into the hen house is a good idea.

Reply to bighart (Reply #6)

Fri Dec 14, 2012, 08:39 AM

Dec 2012

Let's hope that is nothing more than gossip.

PETRUS

(3,678 posts)

8. "It's called capitalism."

Reply to xchrom (Original post)

Fri Dec 14, 2012, 09:56 AM

Dec 2012

Ramifications, anybody?

Odin2005

(53,521 posts)

9. Want anymore proof that Capitalism is innately sociopathic?

Reply to xchrom (Original post)

Fri Dec 14, 2012, 10:05 AM

Dec 2012

gollygee

(22,336 posts)

10. OK so here's what they tell themselves

Reply to xchrom (Original post)

Fri Dec 14, 2012, 10:11 AM

Dec 2012

and you'll remember Mitt saying this too, but he didn't make it up. It comes out of this radical free range school of economics, which they all follow.

"If it is at all legal, it is ethical. There's no such thing as doing something unethical but legal. And if they didn't do everything they possibly could do, they wouldn't be good capitalists."

But it's interesting that they only apply this theory of "ethics" to financial matters. Give them a few examples of things that are legal but not ethical and related to poor people (especially if related to food stamps or something) and they will all of a sudden remember what the word "ethics" really means.

The real problem is that they have no morals at all. At least not when it comes to money. (Edit: at least when it comes to RICH PEOPLE and THEIR money.) They think morality doesn't apply to money.

Reply to this discussion