Goldman Sachs expects $5billion hit from tax overhaul

[MindWars]

Goldman Sachs expects $5 billion hit from tax overhaul
Goldman Sachs expects to take a $5 billion hit to profits for the fourth quarter and year because of the tax overhaul signed into law last week.
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So you see dumb asses he rich don't always get treated with a golden spoon, it's just you idiots believe everything you see on MSM which is controlled by big money fools.

 

[midcan5]

The reason for this is because they have been cheating on paying their taxes by keeping their money overseas. They ain't losing a thing and will profit mighty as the tax bill is implemented. You righties are so easily played it is ridiculous. Why don't you conservatives have your money off shore too?

Goldman Sachs Sees $5 Billion Earnings Hit Ahead of New Tax Law

"It is a one-time blow for Goldman. The benefits of the law’s tax cuts — including a reduction of the corporate income tax to 21 percent from 35 percent — will be much longer lasting.

Two-thirds of the estimated $5 billion charge comes from Goldman preparing to pay taxes on assets it holds overseas.

Another portion stems from the bank revaluing assets on its balance sheet it intended to use as a tax shield under the old, higher rate. Those assets are now worth less because the corporate tax rate is set to decline — the latest illustration of how companies have to reshape their finances to prepare for the new, lower tax rates.

Under the new tax law, companies may no longer be able to entirely avoid taxes on overseas holdings. But the tax they pay on those assets will drop to a rate of 8 to 15.5 percent, from around 35 percent. To avoid paying the higher rate under the old system, banks and other companies simply left their cash abroad."

 

[depotoo]

So, in other words, the gop tax bill is good...

The reason for this is because they have been cheating on paying their taxes by keeping their money overseas. They ain't losing a thing and will profit mighty as the tax bill is implemented. You righties are so easily played it is ridiculous. Why don't you conservatives have your money off shore too?

Goldman Sachs Sees $5 Billion Earnings Hit Ahead of New Tax Law

"It is a one-time blow for Goldman. The benefits of the law’s tax cuts — including a reduction of the corporate income tax to 21 percent from 35 percent — will be much longer lasting.

Two-thirds of the estimated $5 billion charge comes from Goldman preparing to pay taxes on assets it holds overseas.

Another portion stems from the bank revaluing assets on its balance sheet it intended to use as a tax shield under the old, higher rate. Those assets are now worth less because the corporate tax rate is set to decline — the latest illustration of how companies have to reshape their finances to prepare for the new, lower tax rates.

Under the new tax law, companies may no longer be able to entirely avoid taxes on overseas holdings. But the tax they pay on those assets will drop to a rate of 8 to 15.5 percent, from around 35 percent. To avoid paying the higher rate under the old system, banks and other companies simply left their cash abroad."