Google Funded Obama While Hiding Billions From Taxes in Bermuda
In August 2012, CNET reported that Google was the third highest contributor to Obama…
President Obama’s campaign is getting financial help from people associated with two big tech firms: Microsoft and Google.
Now we learn that in 2011, Google hid billions of dollars in a Bermuda shell company.
Didn’t the left relentlessly accuse Romney of doing this?
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.
The increase in Google’s revenues routed to Bermuda, disclosed in a Nov. 21 filing by a subsidiary in the Netherlands, could fuel the outrage spreading across Europe and in the U.S. over corporate tax dodging.
On a related note, turns out not everyone in France is cool with a 75% tax rate.