Google Avoids $2 Billion In Taxes By Offshoring Profits In Bermuda

Google Chairman Eric Schmidt Defends Tax Dodge: ‘It’s Called Capitalism’

Google’s chairman says he is “proud” of the way his company avoids paying taxes.

“It’s called capitalism,” Eric Schmidt told Bloomberg in a Wednesday article. “We are proudly capitalistic. I’m not confused about this.”

“We pay lots of taxes; we pay them in the legally prescribed ways,” he said. “I am very proud of the structure that we set up. We did it based on the incentives that the governments offered us to operate.”

Bloomberg reported on Monday that Google avoided paying $2 billion in global income taxes last year by housing profits in Bermuda, which has no corporate income tax … read more