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Google Shelters Billions From High U.S. Taxes in Bermuda

Google avoided about $2 billion in global income taxes last year by shifting $9.8 billion in revenue into a Bermuda shell company, Bloomberg reported.

That level is almost double the total from three years ago, Bloomberg said, citing a Nov. 21 regulatory filing by a Google subsidiary in the Netherlands. And it allowed Google to cut its overall tax rate almost in half.

Google's action -- moving about 80 percent of its total pretax profit from 2011 to tax-free Bermuda -- isn't illegal. On the contrary, many companies have taken similar steps in recent years to avoid paying steep taxes.

Source: CNet. Read full article. (link)

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  • Sevo||

    "Google avoided about $2 billion in global income taxes last year by shifting $9.8 billion in revenue into a Bermuda shell company, Bloomberg reported."

    If Messrs. Page and Brin had a lick of honesty, they'd quit backing Obozo, so even as they're due applause for denying the gov'ts that amount of money, they are at best hypocrites.

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