My head hurts when I think about limousine liberals like Google chairman Eric Schmidt. He was a big fundraiser for President Obama who campaigned on raising his taxes. Now we find out he’s moving money overseas to avoid paying those taxes he voted for and calling it “capitalism.”
Google chairman Eric Schmidt has insisted that he is “very proud” of the company’s tax structure, and said that measures to lower its payments were just “capitalism”.
Mr Schmidt’s comments risk inflaming the row over the amount of tax multinationals pay, after it emerged that Google funnelled $9.8bn (£6.07bn) of revenues from international subsidiaries into Bermuda last year in order to halve its tax bill.
However, Mr Schmidt defended the company’s legitimate tax arrangements. “We pay lots of taxes; we pay them in the legally prescribed ways,” he told Bloomberg. “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.”
“It’s called capitalism,” he said. “We are proudly capitalistic. I’m not confused about this.” (Read More)
He’s obviously confused, seeing that he helped to get a communist elected. Did you hear that the communists are thrilled about Obama’s tax and economic proposals? Somebody should tell Eric Schmidt.
Speaking of rich liberals avoiding taxes, Warren Buffett is back in the news.
Warren Buffett’s $1.2 billion share buyback from a single unnamed investor likely helped that person’s estate save substantially on taxes, just one day after the Berkshire Hathaway CEO said the rich should actually be paying more, not less, when they die.
With the “fiscal cliff” looming and estate taxes set to rise dramatically in less than three weeks, the timing was seen as advantageous – and, according to Berkshire watchers, also out of place in the context of Buffett’s recent tax activism.
“I would say ‘Warren, would you please just keep your nose out of this.’ He’s not in a position to criticize what’s good for America and for everyone else’s estate,” said Anthony Sabino, a professor of business at St. John’s University. “He’s no doubt utilized the present tax code to maximum effect.”
Berkshire said it bought 9,200 Class A shares from “the estate of a long-time shareholder,” whom it did not name, at $131,000 per share, a price in line with where Berkshire has traded in recent weeks. (Read More)
Sorry Buffett, but moves like this one don’t boost the morale of the middle class, especially those of us who pay our taxes.