Obama offers Cabinet position to businessman with billions in offshore profits

Obama offers Cabinet position to businessman with billions in offshore profits [Reader Post]

By: DrJohn

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No, not Mitt Romney.

Google has paid nearly nothing in taxes over the last few years:

Google Inc. cut its taxes by $3.1 billion in the last three years using a technique that moves most of its foreign profits through Ireland and the Netherlands to Bermuda.

Google’s income shifting — involving strategies known to lawyers as the “Double Irish” and the “Dutch Sandwich” — helped reduce its overseas tax rate to 2.4 percent, the lowest of the top five U.S. technology companies by market capitalization, according to regulatory filings in six countries.

Google has sheltered about $10 billion offshore- in Bermuda:

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. Governments in France, the U.K., Italy and Australia are probing Google’s tax avoidance as they seek to boost revenue during economic doldrums.

Last week, the European Union’s executive body, the European Commission, advised member states to create blacklists of tax havens and adopt anti-abuse rules. Tax evasion and avoidance, which cost the EU 1 trillion euros ($1.3 trillion) a year, are “scandalous” and “an attack on the fundamental principle of fairness,” Algirdas Semeta, the EC’s commissioner for taxation, said at a press conference in Brussels.

So what does Obama do with someone like that? Well, he offers him a Cabinet position:

Mr Schmidt, 57, was offered the job of Treasury or Commerce Secretary or a new “Secretary of Business” slot, according to the Washington Examiner.

An anonymous strategist for the Democrats told the newspaper: “Nobody’s better positioned for a Cabinet job, if he wants one.”

Obama blasted Romney for offshore accounts:

Gibbs blasts Romney for overseas accounts

Obama camp blasts Romney’s foreign accounts

Obama For America blasts Gov. Romney for offshore accounts

Mitt Romney’s offshore accounts draw more fire

If offshore accounts are bad why does Schmidt get a pass? As always- the money:

Mr Schmidt played in a key role in the re-election of President Barack Obama last month, helping to oversee Google’s $700,000 donation to his campaign.

Read more:
Obama offers Cabinet position to businessman with billions in offshore profits [Reader Post] | Flopping Aces

Rumor mongering at it's finest. No offer was made to Schmidt and he categorically quashed the rumor a couple of weeks ago.

Better luck next time.

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RIGHT WING THREAD KILLER and member of CARL

President Barack Obama, the Hypocrite in Chief.

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When the people fear the government, there is tyranny. When the government fears the people, there is liberty -- Thomas Jefferson

Erich Schmitt doesn't have any Goldman Sachs Bankster experience to be Treasury Secretary.

Tim Geithner = Goldman Sachs
Henry Paulson = Goldman Sachs

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No Need to Thank Me For REP!

Wehrwolfen never lets truth get in his way when it comes to gargling the piss that is poured for him by his Masters.

A rumor? State it as fact, piss boy!



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We have so many people who can't see a fat man standing beside a thin one without coming to the conclusion the fat man got that way by taking advantage of the thin one. - Ronald Reagan

Any time you and I question the schemes of the do-gooders, we're denounced as being against their humanitarian goals. They say we're always against things, we're never for anything. The trouble with our liberal friends is not that they're ignorant, it's just that they know so much that isn't so. - Ronald Reagan