Thursday, December 18, 2008

Goldman moves profits offshore: taxes go from 6 billion to 14 million

The hits just keep coming:

Goldman Sachs cuts taxes to one percent by moving profits offshore

Texas Democrat Rep. Lloyd Doggett, who serves on the House Ways and Means Committee, said Goldman, like other banks, shifted income to countries with lower taxes to reduce its tax burden.

"This problem is larger than Goldman Sachs," Doggett told Bloomberg. "With the right hand out begging for bailout money, the left is hiding it offshore."

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