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Goldman Sachs cuts taxes to one percent by moving profits offshore
- Text size
John Byrne
Raw Story
December 18, 2008
Bank takes $10 billion bailout, then cuts tax rate 33 percent
Say you got a ten billion dollar loan to shore up your finances, and you paid your employees $10.9 billion, and you raked in $2.3 billion for the year.
What would you say you owed in taxes? One percent?
That’s what you’d pay if you were Goldman Sachs, Inc. The high-flying brokerage — and former home of Bush Treasury Secretary Henry Paulson — has announced it’s paying just $14 million in taxes this year.
- A d v e r t i s e m e n t
Last year, their tax bill was $6 billion, or 34.1 percent. That represents a year-over-year drop of 33.1 percent.
Goldman attributed its lower tax rate to “more tax credits as a percentage of earnings” and “changes in geographic earnings mix.”
Tax accounting advisor Robert Willens told Bloomberg News the rate drop seems “a little extreme.”
“I was definitely taken aback,” Willens told the business wire. “Clearly they have taken steps to ensure that a lot of their income is earned in lower-tax jurisdictions.”
Texas Democrat Rep. Lloyd Doggett, who serves on the House Ways and Means Committee, said Goldman, like other banks, shifted income to countries with lower taxes to reduce its tax burden.
“This problem is larger than Goldman Sachs,” Doggett told Bloomberg. “With the right hand out begging for bailout money, the left is hiding it offshore.”
Paulson was CEO of Goldman Sachs until mid-2006, and earned $35 million at the firm in 2005. He drew a $16.4 million salary in 2006 — even though he served as chief executive for just half the year.
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December 18th, 2008 at 1:35 pm
Figures
December 18th, 2008 at 1:42 pm
Go Goldman Sacks! Stealing money legally is the way to get ahead in this world. They are my idol. I’m serious, I’m not being sarcastic! If I could steal from the taxpayers, I would!
December 18th, 2008 at 1:43 pm
There not the first to do this, and I’m sure that even what they paid last year was very small compared to what they should pay. Go look up the corporate tax code if you want a good laugh, they can write off almost anything in the name of business.
December 18th, 2008 at 2:11 pm
And why not? Why should they pay ANY taxes? Don’t you realize that only stupid, impoverished shmucks [jeez, I'm lapsing back into Yiddish!] are supposed to PAY TAXES! The Elite, The Rulers, The Bankers should, only naturally, be immune & exempt from paying taxes. After all, we WORKED FOR & EARNED our money. THEY STOLE THEIR MONEY! What’s the tax rate on stolen loot?
December 18th, 2008 at 2:19 pm
Check out Wikipedia’s featured article of the day…citizens of the world will be able to VOTE people of their choice into the U.N.!!! Cheese and crackers these motherfuckers are on juggernaut mode!!! “All ‘HAIL’ Thermall Expansion!!!”
December 18th, 2008 at 2:43 pm
Wait a minute! Weren’t the feds decrying the evils of *U.S. Taxpayers* moving their assets offshore in attempts to avoid taxation? Of course these hypocritical bastards get away with it! (I’m not surprised by it all, just pissed off) The issue is moot, as far as I’m concerned; I have none of my assets in ANY banks and I’m not a *U.S. Taxpayer*(by the way, I’d hope people would discover what an insulting term that is to their free-born, sovereign status). Semper Fi america bless God! Chris in Colorado
December 18th, 2008 at 2:54 pm
unfuckinbelievable!!!!!!!
December 18th, 2008 at 3:28 pm
Prevent the citizen from moving their money off shore to “protect it” form the IRS(FED)… then the FED and banks have the US Congress rob/extort future labor in the form of taxation the US Citizen, and then the banks(FED) move the money offshore to “protect the stolen tax dollars and and the IRS(FED) doesn’t say a word. And it all happens in from of the US people..and not a peep out of them.
I wonder what will be next?
It is not the perfect crime… Just a crime.
December 18th, 2008 at 3:36 pm
Screw Washington DC.
December 18th, 2008 at 3:42 pm
Paulson and Bernanke wear high heels and lingerie in the white house.
December 18th, 2008 at 3:55 pm
What crap, what crap, what crap.
That is why we shouldn’t be bailing these scum-bags out.
They’ll just take the tax money, and walk.
This is worse than bailing out non-U.S. companies; this is bailing out U.S. companies, and sending them to other countries.
The only way to fix this is to take control of our financial system OUT of government hands. We must destroy the fed, the IRS, and all other forms of government monetary control.
The government will HAVE to learn to accept gold and silver as payment. They offer services that are constitutionally approved; NOT services that are meant to rule us as subjects.
http://mediacondom.com/?p=234
December 18th, 2008 at 5:26 pm
It’s not going to get any better, people, until Americans repent and the banksters start dropping.
December 18th, 2008 at 6:56 pm
GS had a profit? WTF!
December 18th, 2008 at 8:46 pm
Paulson should at least have used some of that “unearned” salary to fix his stuttering speech problem. Geez, it takes him 10 minutes to “answer” a question. “um, um, um….” Fix that damn pinky finger! Better yet, he needs to get all his fingers broken so he can’t do the illuminati triangulation.
When the revolution starts, people need to cut them off at the airport as they try to flee to Dubai!!!!
December 18th, 2008 at 8:46 pm
i dont pay taxes.fuckem. Im not paying 3 grand a year when i can barely afford to buy new clothes and gas for my jeep..go fuck yourselves..
December 18th, 2008 at 8:49 pm
Lynch these fucks!!
December 18th, 2008 at 9:45 pm
Please do not use foul language in these comments sections. Alex Jones and the infowars crew are trying their best to get this information out. I know you are mad and rightly so. But using such language in here is not helping. Call those in government responsible and swear at them. Swearing in here is like beating up the next guy you see after someone else cuts you off in traffic. Don’t be like that.
We all have the responsibility and the duty to be the best we can be (best citizens, followers of the word of god to our best ability, resprent the best of humanity), and the wrongful actions of others can never be an excuse for us to take wrongful actions. The global elite want us to lose it and fight with each other. Let us not give them the satifaction.
-peace
December 18th, 2008 at 10:57 pm
7Deviations:
Get off this site. You are nothing but a pussy. The truth movement doesn’t need pacifist pussies like you.
Kill’em All!
December 19th, 2008 at 12:30 am
WELL FUCK!!!!!!!!! We are getting to the point that we can’t even pay our own bills anymore, because they moved all the jobs overseas, now they are moving the money out of the country too? AND THEY EXPECT US TO PAY FOR THE BAIL OUT!!!??? FUCK ‘EM!!!!!!!!!!!!
December 19th, 2008 at 12:57 am
If all you do is curse and cry, no change will come. Why is it that americans are so afraid of their government? I can’t understand why a country that is as great and prosperous as your own, I may say a proud and great nation as well, why the citizens don’t march on Washington?
This may seem to be off topic, but it’s not. Every decision a government makes will directly influence trade and production in it’s country. The laws in place allow Goldman Sachs to do this, and all you do is complain about it. If you’re all so angry at the government for creating and placing these laws that allow for greater corporate expansion (including many others beyond finance), stop them. Your country is yours to keep, so if your government decides it’s not, then you have the responsibility to take it back.
Websites like this are good, I don’t agree with much of the content, but I’m glad these places exist. But all you Americans ever do is complain, cry and then cry some more when everything comes down around your ears anyways.
If you’re so angry and incensed, it’s time for you to stop the authority from destroying your livelihood and country. It’s time for you to remind the government that it’s one true threat is it’s people, and that you will take back your country from your oppressors. A country born out of flames and blood, there are great people in your nation, and if you believe it’s time, you should take it back for yourselves.
December 19th, 2008 at 4:14 am
The robbery continues by these criminals.
December 19th, 2008 at 7:04 am
I wish I could move offshore and not pay any taxes – oh wait, I did!!!
December 19th, 2008 at 7:43 am
I know that this isn’t the article to be p
December 19th, 2008 at 7:48 am
I know that this isn’t the article in which to be placing this comment, but I felt that is was important nonetheless. I was listening to Alex yesterday when he was interviewing Tex Marrs. They arrived at the subject of luciferian hand signs and the Codex Magica. It was stated that world leaders and corporate CEOs often give this certain hand sign. I also know that Alex and many of us are Ron Paul supporters. However, I did a little investigating, and Mr. Paul flashes the same hand sign over and over. Here is the proof. http://www.youtube.com/watch?v=_x6inINzThw I would like Alex to address this fact.
December 19th, 2008 at 8:49 am
Nothing is illegal for the illuminati
December 19th, 2008 at 9:01 am
GS commits treasons and have been put in charge?
December 19th, 2008 at 11:23 am
#25.
Alex has addressed this, several times that I have heard.
I am sure he is tired of addressing it, and we are tired of hearing it brought up every couple of weeks.
If Dr. Paul were an illuminati stooge, he would have gotten the White House.
He would have been a perfect plant.
A NWO hating, constitutionalist, paleo-conservative, pro-gun, prolife illuminati puppet.
Perfect.
December 19th, 2008 at 4:38 pm
Why is this happening..like number 18 most of us have become fucking retards, no balls retard. Grow a pair. “Please do not use foul language in these comments sections”, The real MEN in this country have not got pissed off yet. I do not know if they ever will….
Fight for your Constitution, no else will…
December 19th, 2008 at 4:57 pm
If I cant speak my mind here then where? Who do I have to blow to get my comments posted.
December 19th, 2008 at 5:11 pm
Comment 25:
ABOUT THE “HAND SIGNS AND SIGNALS” that appear to be the focus of so much controversy – based upon real and imagined examples: I have on many occasions been before groups of people and have myself used “gestures” of the sort I saw represented in the Ron Paul compilation you posted the link to. I assure you I AM NOT a mason, or otherwise a member of any other cult. I believe with all that there is of a fundamental nature to apply one’s time and attention to that it makes concern over hand signals fairly insignificant, generally. Furthermore, it requires very little time and attention to see clearly what a man’s, or woman’s fruits are….you don’t need hand signals for that. No offense intended. -RM
December 19th, 2008 at 8:37 pm
YES MR JONES……
Please take a minute to ask Ron Paul why he does “the handshake” and the sign of the devil.
http://www.youtube.com/watch?v=_x6inINzThw
December 19th, 2008 at 8:51 pm
Americans have voted for the Democrats and Republicans again and again…despite NAFTA, the Patriot Act, the WTO…despite the endless trickle-down schemes and allow the elite to escape just taxation…despite the Stupid People’s War in Afghanistan and Iraq and the endless stream of lies and acts of terror against Americans and unfortunates abroad….And after decades of rampant financial criminality will this finally be the straw that breaks the fat-arsed American’s back?…Will he look up from his Christmas trough long enough to emit a plaintiff squeal about the unfairness of it all?…after hardly even an ‘oink’ over the hundreds of billions of dollars dropped into the banker’s laps?
December 20th, 2008 at 12:01 am
Well, the doo-doo will hit the fan eventually. Even pres-elect Obama wants a “civilian paramilitary force”. Why? They’re anticipating a violent uprising of pissed-off sheeple. Best be prepared, good citizens. We’re fast approaching the Last Days.
December 21st, 2008 at 6:47 am
AND WE ARE GIVING THESE PARASITES OUR CASH
December 25th, 2008 at 10:53 pm
Remember folks all Madoff, Goldman Sacs and Henry Paulson plus all the members of our Federal Reserve are JEWS! Happy Hannukah……….all you “Goyim” have all been screwed by the JEWS!
February 25th, 2009 at 7:41 pm
Your earnings ARE NOT NOT “INCOME”
…unless you earned your money through a transaction with Uncle Sam!
losthorizons(dot)com
READ: Cracking The Code, The fascinating truth about taxation in America
Author:Peter Eric Hendrickson
ISBN# 0-9743936-0-6 $25.00
Twentyfive bucks, or 1/3 of your pay for the rest of your life…. I think its an easy decision.
February 25th, 2009 at 7:42 pm
Your earnings ARE NOT NOT “INCOME”
, unless you earned your money through a transaction with Uncle Sam!
losthorizons(dot)com
READ: Cracking The Code, The fascinating truth about taxation in America
Author:Peter Eric Hendrickson
ISBN# 0-9743936-0-6 $25.00
Twentyfive bucks, or 1/3 of your pay for the rest of your life….
February 25th, 2009 at 7:44 pm
Your earnings ARE NOT NOT “INCOME”
unless you earned your money through a transaction with Uncle Sam!
losthorizons(dot)com
READ: Cracking The Code, The fascinating truth about taxation in America
Author:Peter Eric Hendrickson
ISBN# 0-9743936-0-6 $25.00
Twentyfive bucks, or 1/3 of your pay for the rest of your life….
I’ve got to keep modifying the message or “infowars” blocks my “info”…..