Ruth Lee
When I heard this last nite, I almost choked on the modest yet well-rounded chicken dinner I made for my family. How is this possible? We give Goldman Sachs $10 BILLION in October… they make $2.3 BILLION in profit for the year… yet they only pay a TOTAL of $14 MILLION in taxes – or 1% tax rate. Does anyone else feel like a big sucker?
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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.
“The rate decline looks “a little extreme,” said Robert Willens, president and chief executive officer of tax and accounting advisory firm Robert Willens LLC.”
Read the full story: “Goldman Sachs’s Tax Rate Drops to 1%, or $14 Million”
Crooks and their crooked grins:
