Truth to Power

Can I haz 1% tax rate?

No? Then why the fuck does Goldman Sachs get it? Oh, because they hid their money offshore. Clever rabbits…

Goldman Sachs’s Tax Rate Drops to 1%, or $14 Million

Dec. 16 (Bloomberg) – Goldman Sachs Group Inc., which got $10 billion and debt guarantees from the U.S. government in October, expects to pay $14 million in taxes worldwide for 2008 compared with $6 billion in 2007.

The company’s effective income tax rate dropped to 1 percent from 34.1 percent, New York-based Goldman Sachs said today in a statement. The firm reported a $2.3 billion profit for the year after paying $10.9 billion in employee compensation and benefits.

Goldman Sachs, which today reported its first quarterly loss since going public in 1999, lowered its rate with more tax credits as a percentage of earnings and because of “changes in geographic earnings mix,” the company said. </em>

They should all be tarred and feathered in the middle of Wall Street.


Recently on Ink 19...

Garage Sale Vinyl: Linda Ronstadt

Garage Sale Vinyl: Linda Ronstadt

Garage Sale Vinyl

Vinyl junkie Christopher Long discovers a treasure trove of budget-priced used LPs in Vero Beach, Florida — including a well-loved copy of the 1974 Linda Ronstadt breakout album, Heart Like a Wheel — for a buck.

Garage Sale Vinyl: The Ozark Mountain Daredevils

Garage Sale Vinyl: The Ozark Mountain Daredevils

Garage Sale Vinyl

Rifling through a boxful of ravaged old records, Christopher Long locates a flea market LP copy of the Ozark Mountain Daredevils Don’t Look Down — for a quarter — and speaks with the band’s co-founding bassist, Michael “Supe” Granda, about his amazing discovery.

%d bloggers like this: