Have you ever done the “Double Irish” or the “Dutch Sandwich?” Apparently Google also googled these innuendos when they were looking for the best ways to avoid paying untold billions in federal taxes.
Such sexual sounding financing strategies have reportedly saved Google 3.1 billion dollars by “reducing its overseas tax rate to 2.4 percent” in global marketplace where, economist Martin A. Sullivan (formerly with the US Treasury) says, “the average corporate rate is well over 20 percent.” Moreover, the move is said to have cost the US Government nearly $60 Billion annually.
For further clarification: “The U.S. corporate income-tax rate is 35 percent. In the U.K., Google’s second-biggest market by revenue, it’s 28 percent.” Hungry for a Dutch Sandwich yet?
While legal, it hardly seems fair that small business owners — most of whom don’t have access to the world’s most preferred financiers or accountants — are forced to play by the rules and, hence, feel the considerable burden of federal taxes while Google’s earnings end up in all the (stereo)typical “island havens” for creative money saving.
Which begs the further question: with all this fancy financing why even bother concern ourselves with whether rich, or whoever else, are getting tax cuts?
Isn’t about time you’ve learned to launder your earnings googled how to use the “Double Irish?” But before you do, isn’t it worth wondering what’ll happen once everyone gets to googling and figures out a skip paying their taxes (or at least the vast majority of them)?
