Goldman Sachs’s Tax Rate Drops to 1%, or $14 Million
I’m not even going to bother with the expected anti-corporate vampire rapist diatribe here. It’s not even worth it.
Goldman Sachs Group Inc., which got $10 billion and debt guarantees from the U.S. government in October, expects to pay $14 million in taxes worldwide for 2008 compared with $6 billion in 2007.
The company’s effective income tax rate dropped to 1 percent from 34.1 percent, New York-based Goldman Sachs said today in a statement. The firm reported a $2.3 billion profit for the year after paying $10.9 billion in employee compensation and benefits.
Goldman Sachs, which today reported its first quarterly loss since going public in 1999, lowered its rate with more tax credits as a percentage of earnings and because of “changes in geographic earnings mix,” the company said.
They got reverse taxes this year, with TARP and Fed money. That’s why, right? Reverse taxes.
