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Google paid 2.4% last year http://www.bloomberg.com/news/2010-10-21/google-2-4-rate-shows-how-60-billion-u-s-revenue-lost-to-tax-loopholes.html http://www.bloo
by coolgeek 16y ago
Google paid 2.4% last year
http://www.bloomberg.com/news/2010-10-21/google-2-4-rate-shows-how-60-billion-u-s-revenue-lost-to-tax-loopholes.html http://www.bloomberg.com/news/2010-10-21/google-2-4-rate-sho...
"Google’s practices are very similar to those at countless other global companies operating across a wide range of industries," said Jane Penner, a spokeswoman for the Mountain View, California-based company.
- anamax 16y agoNote that Google doesn't pay US taxes on profits that it makes overseas and doesn't bring into the US. Me - I'd like Google to bring that money into the US but can understand why it isn't willing to pay taxes to do so. Many other countries tax repatriated profits differently, so their companies are more willing to bring said profits back to the mothership.
- jbooth 16y agoWell, can we at least agree that the tax code is all kinds of crazy and needs to be reformed, regardless of total revenue take? I thought that was noncontroversial.
- gibybo 16y agohttp://caps.fool.com/Ticker/GOOG/Statements.aspx?source=icasittab0000009 http://caps.fool.com/Ticker/GOOG/Statements.aspx?source=icas... shows that Google paid $2.3B on $10.8B pretax income, or 21%. That's far from 2.4%, but it's also far from 35% so I'm a bit lost.
- coolgeek 16y agowoof... upon closer reading, the headline was misleading. the 2.4% rate is for overseas earnings. "Google’s overall effective tax rate [was] 22.2 percent last year". it's not hard, however, to find evidence confirming the upstream point that large companies frequently pay a fraction of the 35% rate http://www.forbes.com/2010/04/01/ge-exxon-walmart-business-washington-corporate-taxes.html http://www.forbes.com/2010/04/01/ge-exxon-walmart-business-w...