Author Topic: Google Moved $23 Billion To Bermuda Tax Haven In 2017  (Read 174 times)

Mackin USA

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Google Moved $23 Billion To Bermuda Tax Haven In 2017
« on: January 04, 2019, 01:07:55 PM »
The DIDS strategy, which is 100% legal, allows Google to avoid US income taxes and European withholding taxes.

https://www.zerohedge.com/news/2019-01-04/google-moved-23-billion-bermuda-tax-haven-2017

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"Do no evil"?  More like "Pay no taxes"
Mr. Mackin

rcjordan

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Re: Google Moved $23 Billion To Bermuda Tax Haven In 2017
« Reply #1 on: January 04, 2019, 01:35:55 PM »
I don't get it. Exactly when did it become evil to cut your tax bill, assuming it's done legally? Personally, I'm not one for donating my income to the government.

Rupert

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Re: Google Moved $23 Billion To Bermuda Tax Haven In 2017
« Reply #2 on: January 05, 2019, 08:25:02 AM »
Quote
Exactly when did it become evil to cut your tax bill,

For me its the difference of tax evasion and tax avoidance.  The latter is fine of course.

There is a moral duty to pay your share of taxes in some peoples view, and the big Guys are clearly not at present.

The problem to me with the corporates being bigger than some governments, is that they can run rings round governments and do things that are legal, but had they been thought about, would not be.
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buckworks

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Re: Google Moved $23 Billion To Bermuda Tax Haven In 2017
« Reply #3 on: January 05, 2019, 09:11:54 AM »
>> a moral duty to pay your share of taxes in some peoples view

I would agree with that if we could count on our taxes being spent in moral ways.

As things are, I have mixed feelings...

BoL

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Re: Google Moved $23 Billion To Bermuda Tax Haven In 2017
« Reply #4 on: January 05, 2019, 10:45:44 AM »
I'd just tax everything at the point of sale, get rid of income tax and corporation tax. These tax loopholes make a mockery of people who are taxed a large chunk of their income

Rupert

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Re: Google Moved $23 Billion To Bermuda Tax Haven In 2017
« Reply #5 on: January 05, 2019, 11:50:49 AM »
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I'd just tax everything at the point of sale
That taxes the poor more than the wealthy though....   not saying I have an answer...
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grnidone

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Re: Google Moved $23 Billion To Bermuda Tax Haven In 2017
« Reply #6 on: January 05, 2019, 07:19:53 PM »
Quote
I would agree with that if we could count on our taxes being spent in moral ways.

*LOL!*  This is from one of my favorite movies ever:  Stranger Than Fiction

"
"Ana Pascal: Listen, I'm a big supporter of fixing potholes and erecting swing sets and building shelters. I am *more* than happy to pay those taxes. I'm just not such a big fan of the percentage that the government uses for national defense, corporate bailouts, and campaign discretionary funds. So, I didn't pay those taxes. I think I sent a letter to that effect with my return.
Harold Crick: Would it be the letter that begins Dear Imperialist Swine? "

https://www.wingclips.com/movie-clips/stranger-than-fiction/tax-audit
« Last Edit: January 05, 2019, 07:23:13 PM by grnidone »

littleman

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Re: Google Moved $23 Billion To Bermuda Tax Haven In 2017
« Reply #7 on: January 05, 2019, 09:12:49 PM »
https://en.wikipedia.org/wiki/Government_spending_in_the_United_States

52% of the US government discretionary income goes to defense, $678 billion in 2019.  Morality is very subjective, but to me this is a complete perversion of the use of resources. I think people get mad at companies like Google for using loopholes because it leaves more of the burden to the ordinary people to pay up the differences.   

aaron

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Re: Google Moved $23 Billion To Bermuda Tax Haven In 2017
« Reply #8 on: January 11, 2019, 11:55:30 AM »
Quote
I'd just tax everything at the point of sale
That taxes the poor more than the wealthy though....   not saying I have an answer...
Longterm capital gain rates being far lower than ordinary income tax rates already does this (especially when combined with central banks buying tons of assets to inflate asset prices and drive the wealth effect). What's more, this year sees the roll out of "Opportunity Zones" (pushed by Sean Parker) which will further defer capital gains payment requirements while allowing further compounding without paying anything.

Shifting to a flat consumption tax would shift some of the burden off of domestic labor, which diminishes the returns of offshoring & further improves domestic wages.

At the lower end of the wage spectrum people can be granted a rebate in advance to lower their effective rates.

Warren Buffett regularly complains about paying higher rates than his secretary. The only way that gets fixed is if capital gains are treated as ordinary income or the system shifts to be based on consumption rather than income. Now if it goes all to consumption he might still have access to a lower rate, but at least those leasing jets for personal use can get a higher rate on that consumption, vs say...
https://www.huffingtonpost.com/2012/03/06/warren-buffett-jet-company-_n_1313351.html

https://en.wikipedia.org/wiki/Government_spending_in_the_United_States

52% of the US government discretionary income goes to defense, $678 billion in 2019.  Morality is very subjective, but to me this is a complete perversion of the use of resources. I think people get mad at companies like Google for using loopholes because it leaves more of the burden to the ordinary people to pay up the differences.   
And healthcare costs at least double what it should (or what it would in a market where anti-competitive monopolistic abuse scams were treated as the crimes they are).