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Submission + - Google dodges $3.1 billion in US taxes and payes o (bloomberg.com)

MountainLogic writes: Google 2.4% Rate Shows How $60 Billion Lost to Tax Loopholes
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.

Even the Brookings Institute says the system needs reform: http://www.brookings.edu/papers/2007/06corporatetaxes_clausing.aspx

Salon has more discussion: http://www.salon.com/2011/11/11/corporate_tax_open2011/singleton/

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