I would like to ask you all to join me in fighting against the classwar rhetoric and the ‘evil rich’ memes that we’re drowning in, daily. Google exercised it’s rights under the convoluted, and horribly unmanagable system we refer to as the US Tax Code. They did everything in their power to reduce their tax bill and I APPLAUD them for it! It’s called ‘capitalism’… they’re just protecting their capital.
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.”