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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsGoogle on 'Immoral' Tax Evasion: 'It's Called Capitalism'
http://www.commondreams.org/headline/2012/12/13-4Google 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: Its called capitalism. We are proudly capitalistic. Im 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.
peacebird
(14,195 posts)marmar
(77,090 posts)...... We'll f**k over whomever we have to to boost profits, not matter the collateral damage.
peacebird
(14,195 posts)unblock
(52,317 posts)bighart
(1,565 posts)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)Let's hope that is nothing more than gossip.
PETRUS
(3,678 posts)Ramifications, anybody?
Odin2005
(53,521 posts)gollygee
(22,336 posts)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.