Taxes are for little people!
In December 2008, the bank holding company Goldman Sachs reported its first quarterly loss. On the heels of this announcement, Goldman Sachs issued a statement confirming that its tax rate was dropping from 34.1 percent to 1 percent. Goldman Sachs Group Inc., which got $10 billion and debt guarantees from the US government in October 2008, expects to pay only $14 million in taxes worldwide for 2008, compared with $6 billion in 2007. The New York-based Goldman Sachs cited “changes in geographic earnings mix” as the reason behind the decrease.
According to US Representative Lloyd Doggett, the shifting of income to countries with lower taxes is cause for concern. “The problem is larger than Goldman Sachs,” Doggett said, “With the right hand out begging for bailout money, the left is hiding it offshore.”
(Read more from projectcensored.org)