Goldman Sachs, which has received government debt guarantees and $10 billion in taxpayer funded bailout money, and saw it's effective tax rate drop to 1%. Why? Because it moved some of its money off shore to avoid paying taxes. Bloomberg News has the story here. But Rachel Maddow does a better job of explaining it here . . .
If the financial industry moving transactions off shore to avoid paying taxes - then asking for a taxpayer bailout - doesn't get your goat, check out this little noticed tax subsidy scam ...
So, I'm wondering ... How does bankrupting America and forcing Uncle Sam to borrow from the Chinese and Middle East make America safer? Why doesn't "America First" apply to Wall Street? Where are the "USA, USA" chanters now?
Just asking.
- Mark
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