Why the RICH supports Democrats? (lawyers, Barack Obama, companies, money)

[BigV]

Google 2.4% Rate Shows How $60 Billion Lost to Tax Loopholes - Bloomberg

Google Inc. cut its taxes by $3.1 billion in the last three years using a technique that moves most of its foreign profits through Ireland and the Netherlands to Bermuda.
Google’s income shifting -- involving strategies known to lawyers as the “Double Irish” and the “Dutch Sandwich” -- helped reduce its overseas tax rate to 2.4 percent, the lowest of the top five U.S. technology companies by market capitalization, according to regulatory filings in six countries.
“It’s remarkable that Google’s effective rate is that low,” said Martin A. Sullivan, a tax economist who formerly worked for the U.S. Treasury Department. “We know this company operates throughout the world mostly in high-tax countries where the average corporate rate is well over 20 percent.”

Because they know that the higher taxes won't apply to THEM.

[TempesT68]

Overseas tax dodging is heavily practiced by nearly all big business. Obama has presented regulation to prevent this, republicans pulled the "NO"

[BigV]

Originally Posted by TempesT68

Overseas tax dodging is heavily practiced by nearly all big business. Obama has presented regulation to prevent this, republicans pulled the "NO"

First of all, what regulation are you talking about?

Secondly, Google founders are not supporting Republicans, neither do many Google employees.

The only explanation for this is that the rules don't apply to the mega wealthy.

How Google plays the angles in Washington - Mar. 30, 2010

Google's government influence also reaches into the White House. Google Chief Executive Eric Schmidt was one of the first and biggest supporters of Barack Obama's 2008 campaign, appearing in a 30-minute campaign advertisement and donating $25,000 out of his own pocket for inauguration ceremonies. Obama appointed Schmidt to the administration's Council of Advisors on Science and Technology.

What is stopping Google from putting their money where their mouth is?

[cw30000]

Originally Posted by TempesT68

Overseas tax dodging is heavily practiced by nearly all big business. Obama has presented regulation to prevent this, republicans pulled the "NO"

Listen, more regulations is not the answer. Why don't we just make our environment more business friendly so they don't export our jobs and money?

If I have money, I would leave this country too. Why do I want to give up 50% every year and all I have in return is more regulations, more complicated tax bill. Why do I need permission (permit) to do any thing from the government? If I want to go fishing, I have to go get a permit. If I need to add an extension to my kitchen, I need permit. WTF?