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.


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