www.innercitypress.com/gs1doggett072010.html
SOUTH BRONX, July 20 -- Goldman Sachs, recently let off the hook by the Securities and Exchange Commission with a mere $550 million fine, dropped its tax rate in one recent year from 34% to 1%. On July 20, Inner City Press asked Rep. Lloyd Doggett (D-Tx) what he thought of Goldman's decline in tax rate, and of the SEC deal.
Rep. Doggett replied that this was “outrageous,” that Goldman Sachs' decrease in tax rate “suggests a company among the most profitable on the Street is not paying its fair share” and is using “gimmicks.” But what's going to be done?
Inner City Press asked the question on a media conference call including Senator Carl Levin (D-Mich) and several “responsible investors” including Amy Domini. Ms. Domini recounted how she had to pull funds recently from Chicago-based Shorebank, and that some of her customers then pulled funds from her.
Doggett was asked about Citigroup, with more than 400 offshore subsidiaries. He said this should be investigated, as should Transocean, owner of the leaking Gulf oil platform, which shifted business to the Cayman Islands and then Switzerland to evade U.S. taxes.
Senator Levin spoke out against companies shifting their patents and other intellectual property offshore to evade taxes. The loopholes should be closed -- but will they? Watch this site.