Goldman Sachs Tax Rate Drops to 1%, or $14 Million

Goldman Sachs Tax Rate Drops to 1%, or $14 Million

www.bloomberg.com

Goldman Sachs Group Inc., which got $10 billion and debt guarantees from the U.S. government in October, expects to pay $14 million in taxes worldwide for 2008 compared with $6 billion in 2007.

The company’s effective income tax rate dropped to 1 percent from 34.1 percent, New York-based Goldman Sachs said today in a statement. The firm reported a $2.3 billion profit for the year after paying $10.9 billion in employee compensation and benefits.

(visit the link for the full news article)

A 1% tax rate. 1%. A savings to Goldman Sachs of $5.86 BILLION. How are they escaping so much in tax obligations??

The rate decline looks “a little extreme,” said Robert Willens, president and chief executive officer of tax and accounting advisory firm Robert Willens LLC.

“I was definitely taken aback,” Willens said. “Clearly they have taken steps to ensure that a lot of their income is earned in lower-tax jurisdictions.”

Oh, I see. They're moving earnings offshore. Out of the United States. Yeah, that's just great.

Let's not anyone forget who came from Goldman Sachs while we ponder this story. Conflict of interest? Favoritism?

You be the judge.

www.bloomberg.com
(visit the link for the full news article)

[edit on 12/16/2008 by anachryon]

what loopholes are they using and how can we use them to our advantage as well?

Originally posted by warrenb
what loopholes are they using and how can we use them to our advantage as well?

Start a company, have a couple subsidiaries in low-tax countries set up, funnel 99% of your earnings through those subsidiaries. Profit.

Oh, also, have your former CEO be the Secretary of the Treasury.

Hmmm.

I wonder how much of that $5.86 BILLION in profits Paulson is expecting to see in the future!

I'm sorry, but if you make a profit in this country, you should pay taxes out of that money, in this country!

This is absolutely disgusting, but representative of the true lack of representation and concern we have in DC.....

although I did not vote for the President Elect, I support his efforts....so, I went to his website and change.org to send an email about this........I could not find any way (except a blog) to actually send a message to the transition team......COMMUNICATION?????

And off into the sunset the criminal Banking cabals go, to live happily ever-after with the serfs tax-money.

It was the heist of the century, made possible by bought and paid for, special interest serving politicians.

Enjoy the spoils of our endless labors, you thieves and criminals. We'll continue to toil away, giving more of our tax-dollars and making even less income so that you can all continue living in the lap of luxury for eons to come.

What was that DimensionalDetective????
I couldn't hear you over all the sounds of ammo being loaded into guns.

only multi-million corporations can setup a scheme
to funnel funds to foreign accounts...
for regular US citizen, it's:

- way too expensive
- you will be caught by IRS and put to jail

when Goldman does it - it's legit.

well done, Mr. Paulson! what an amazing job - covering
Goldman's bottom while they steal our freshly printed paper.

Originally posted by DimensionalDetective
It was the heist of the century, made possible by bought and paid for, special interest serving politicians.

It was, and sometimes I really, really want the blue pill.

reply to post by habu71


You're kidding right? Obama doing something about corruption? Who spearheaded the bailout bill which people were 90% against and included clauses so they can give money to anyone and don't be reviewed by anyone? Obama. He's a traitor, just like Bush.

[edit on 16-12-2008 by Vitchilo]