Deferred taxes

Google Double Dutch

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Sounds like a sex act, doesn't it? In a way, it is. Business Week has a HOWTO on not paying U.S. corporate taxes, courtesy of Google. shell game

Next time you hear about how we need to lower taxes to make America more competitive, think of this story. International tax law must be a lucrative career. Grand Puppeteer of global money flows, all to play nation states and their corresponding corporate tax codes against each other. The game is to not pay taxes anywhere.

To reduce its overseas tax bill, Google uses a complicated legal structure that has saved it $3.1 billion since 2007 and boosted last year's overall earnings by 26 percent. While many multinationals use similar structures, Google has managed to lower its overseas tax rate more than its peers in the technology sector. Its rate since 2007 has been 2.4 percent.

All perfectly legal, Business Week explains how Google profits end up in Bermuda, and shows how multinational corporations pit national tax codes against each other.

Full Spectrum Inequality

The Plunder, Pillage and Destruction of the American Tax Base

We don’t pay taxes; only the little people pay taxes. – Leona Helmsley

PREAMBLE:
This brief blog is an attempt at a synthesis of the excellent and exemplary research of superior individuals who have sought out the ways and manner of tax evasion and tax avoidance.

When such avoidance and evasion becomes institutionalized, the impact on any society can be quite severe. Seldom do people understand the connection between massive and institutionalized tax loss and deficit (debt) spending and the existence of debt-financed billionaires (that is, debt-financed wealth).

These activities are extremely antithetical to all forms of progress, as I endeavor to illustrate here.

In the virtual economy, tax shelter design and securitized financial instrument creation rules the day. From the information presented below, one would not be remiss to believe that those with American citizenship who work to evade taxation are truly only citizens of transnationals and multinationals, not citizens of any country.


1913

The sense of responsibility in the financial community for the community is not small. It is nil. – John Kenneth Galbraith, The Great Crash

The year 1913 was fraught with momentous change. That was the year America saw the establishment of the oil depletion allowance, the Federal Reserve System, the federal income tax and the Rockefeller Foundation.

The federal income tax as we know it today was, not unexpectedly, introduced in Congress by a Republican, to be adopted as the Sixteenth Amendment to the Constitution.