December 10, 2012
#3 Contributor to Obama's Reelection Sheltering Billions Overseas
Google Inc. (GOOG) avoided about $2 billion in worldwide income taxes in 2011 by shifting $9.8 billion in revenues into a Bermuda shell company, almost double the total from three years before, filings show.Google was #3 in donations to Barack Obama's 2012 campaign.
By legally funneling profits from overseas subsidiaries into Bermuda, which doesn’t have a corporate income tax, Google cut its overall tax rate almost in half. The amount moved to Bermuda is equivalent to about 80 percent of Google’s total pretax profit in 2011.
University of California $1,092,906
Microsoft Corp $761,343
Google Inc $737,055
US Government $627,628
Harvard University $602,992
Kaiser Permanente $532,674
Stanford University $473,372