Friday, December 19, 2008

Goldman Sachs Off Shores, Only Pays 1 Percent Tax. Didn't We Just Bail Them Out?

What I like about Rachel Maddow is her ability to bottom line what's really going on. Things that really effect you, me and our country. Some call it analysis. Whatever you want to call it, it relevant information we need to make an informed decision about government, business and life. Oh, and taxes.

Here's Rachel with a possible new trend on Wall Street profit making; total off shoring their tax liability. Isn't it nice to know we'll be paying higher taxes in the future because our money bailed them out, while they pay no taxes? I didn't hear a...thank you?

Here's my favorite line, as reported by the N.Y. Times:

Goldman also benefited from a lower tax rate in 2008. The bank said it had an effective tax rate of 1 percent for the year and paid $14 million in taxes, down from 34.1 percent in 2007, when it paid $6 billion. Goldman said the decrease was “primarily due to an increase in permanent benefits as a percentage of lower earnings and changes in geographic earnings mix.”

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