Google: Do Some Evil

post by: Ray Duray  December 13, 2012

The 1%ers never rest when it comes to scheming on how to enrich themselves and destroy America....

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

'Hypocritical assertion of its corporate motto, 'Don’t Be Evil'"

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.

In the UK, Members of Parliament on the powerful Public Accounts Committee last month slammed Google’s methods as ‘immoral.’  MORE

tags: google, tax evasion, capitalism, banana republic | permalink