Interestingly, having just posted Luther’s quote, I read this in the Washington Post…
The next time you hear some statesmen from the business community complaining that American companies can’t compete internationally because of our highest-in-the-world 35 percent corporate tax rate, think of Google.
That’s Google, the company that last year had revenue of $24 billion, on which it earned $8.4 billion in pre-tax profit and recorded a federal tax liability of $1.5 billion. That works out to an effective federal tax rate of 18 percent, well within the range of “globally competitive.”
How does one explain the gap between the 35 percent statutory rate and the 18 percent effective rate? You might start by looking behind the numbers in Google’s annual report, where you’ll find that the company gets 53 percent of its revenue from outside the United States but records only 8 percent of its total tax liability to foreign countries. Dig a little deeper, and you’ll discover that Google, the company that once promised to do no evil, turns out to be an ingenious tax dodger that has found a way to stash billions of dollars in profit in overseas tax havens.
Anything for a buck. Including downright tax evasion. Thanks, Google (and all the other corporations and individuals who are tax cheats) for proving Luther 100% right. The god you worship is Mammon.