Monday, December 10, 2012

BloggeRhythms 12/10/2012

Gee Whiz!!! What a surprise. According to an article by Jesse Drucker of Bloomberg that I found on Drudge, “Google avoided about $2 billion in worldwide income taxes in 2011 by shifting $9.8 billion in revenues into a Bermuda shell company, almost double the total from three years before, filings show.
 
By legally funneling profits from overseas subsidiaries into Bermuda, which doesn’t have a corporate income tax, Google cut its overall tax rate almost in half. The amount moved to Bermuda is equivalent to about 80 percent of Google’s total pretax profit in 2011.”

To me, Google’s tax-avoidance strategy is another glaring example of the immaturity, lack of sophistication and outright stupidity of the incumbent when it comes to anything having to do with the economy or even the most basic fundamentals of American business. 

And as I’ve been predicting lately, those who earn all the bucks in our nation haven’t even begun to put on their thinking caps yet. But when they really get cooking the Dem’s are going to be huddled in a corner babbling to themselves, scratching their heads wondering where all the taxable dollars went. Which reminds me of the old axiom that says a fool and his money are soon parted, however in the Dem’s case…most of them had none to begin with, which is another testimony to their absence of financial acumen.

Since the Google article has considerable other data describing worldwide steps being taken by those being gouged tax-wise and worth reading, I’ve included a link: OFF-SHORE CASH STASH SOARS TO $10 BILLION

Along the same lines, Peter Schiff, Euro Pacific Capital CEO told Real Clear Politics that: the “Majority Doesn't Have A Right To Steal My Money Just Because They Voted For It.
 
First of all, I'm in the top two percent. Right now, I'm paying 45% of my total income in income taxes, both to the state of Connecticut and to the federal government, and if you take the 3% Medicare tax. After the tax hikes go into effect next year, more than half of my total income is going to go to the government. You tell me, what's fair about that when medieval serfs pay 25%, I'm paying half? I don't care what the majority voted to do, they don't have a right to steal my money just because they vote for it.
 
You know what the wealthy are going to do? They're going to invest more abroad, they're not going to work as hard, they're not going to pay as much in taxes, they're not going to employ as many people. Their employees are going to pay all the taxes."
 
So, as I’ve been suggesting lately, I really do hope that the Republicans don’t give in and force the fiscal cliff to happen. And by doing that, they’ll make it clear and simple as to who’s responsible for the nation’s financial woes, especially because it will likely trigger another, deeper recession.
 
Then, when you couple that calamity to a reduction in tax collection from the shrinking economy along with the coming efforts toward producer’s tax-avoidance… the incumbent will be presiding over nothing more than his core constituency of broke, aimless parasites who’ve decided for themselves to kill the hosts that fund their survival. However, the movers, shakers and thinkers by then will have gone on to better things by skillfully protecting what's rightfully theirs.
 
 That’s it for today folks.
 
 Adios

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