Goldman Sachs cuts taxes to one percent by moving profits offshore
Published: Thursday December 18, 2008
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Bank takes $10 billion bailout, then cuts tax rate 33 percent
Say you got a ten billion dollar loan to shore up your finances, and you paid your employees $10.9 billion, and you raked in $2.3 billion for the year.
What would you say you owed in taxes? One percent?
That's what you'd pay if you were Goldman Sachs, Inc. The high-flying brokerage -- and former home of Bush Treasury Secretary Henry Paulson -- has announced it's paying just $14 million in taxes this year.
Last year, their tax bill was $6 billion, or 34.1 percent. That represents a year-over-year drop of 33.1 percent.
Goldman attributed its lower tax rate to "more tax credits