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Google ‘Hides’ Billions in World Taxes

Via Bloomberg:
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. . .

No wonder Google's chairman denied he was interested in an Obama cabinet position so quickly. That confirmation hearing would have been one for the ages. - Greg Pollowitz


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