now recently we had a venture capitalists Tom Perkins was a
billionaire say that the
richer the new juice a and progressive so the new nazis'
and that this situation is the top one percent is so on justifying their the
poor victims
now I wanna show you an example here %uh how the rich
and in this case multinational corporations actually read the rules in
their favor
so quite the opposite it's not that they're the poor victims they're the
ones that are making sure they don't pay taxes
and that they set up an injustice them which invariably of course based on this
lease income inequality
and many other problems because we don't have a tax base so in this case we're
going to highlight a couple tax havens the corporations use
they're called the Dutch sandwich which amazingly is not a sexual act
the double Irish and the Dirty Sanchez
I find the Dirty Sanchez is not
one other tax loopholes are but it is kinda what they're doing to us
so but some other companies and there's a long list of companies that take
advantage of these but just some of them are in the tech world
Apple Google Amazon
Adobe Microsoft and the list goes on now so those companies we like a lot
aka they've supported us in the soap on people paper fights
where they protected Internet freedom and look we make
most more money through Google so now let me jump in i sat
and to use Google as an example Ars Technica had a terrific article about
this the quarter Bloomberg News as well
and he use them again as one of many examples are not only was doing this
but it gives you a good sense of what happens for example in 2009
you know what the tax rate to Google paid was 2.4 percent
now these the same corporations that complain
very loudly that Obama's killer right I was during the Obama years by the way
and look again across the board not necessarily Google with those complaints
but all the multinational goes all my god they're not bring those breath away
we're paying too much taxes now I S YouTube did you pay 2.4 percent
I paid a whole lot more my guess is you paid a lot more if all you did was pay
your sales tax you pay to help a lot more than 2.4 percent to recap
know you to the Rosary in their favor not against a parquet
Google again use them as an example in 2012
moved eleven point nine 1 billion dollars
to Bermuda alone now is it because they're doing a lab is a Bermuda
no doing was no business in Bermuda it's because the tax even as a loophole
so now are saving explains how these loopholes work
I meant XP show you what they said and I'm interpret for you okay
so you may go on explain here's how the double Irish works
the company sells or licenses for rights to intellectual property developed in
the United States
to a subsidiary in a country with the lower tax rates
the result form pop a sec come
from that tech like the rights a Google search and advertising technology
effectively the keys to the kingdom by now it should be added to that
offshore subsidiary rather than Mountain View California headquarters
so who has Google licenses tech2
a fun little company called Google Ireland holdings
headquartered in Bermuda Bermuda of course has
0 corporate income tax so as a Bermuda company
Google Ireland holdings pays none
so you understand how that works the most important part of Google's business
they say shop he don't vote in billing Delport had no no no
that's a subsidiary we got a Bermuda that does business through Ireland
no all was a tax return premier will you look at acquiescence
it's your perset then Cor Unum litigate we're letting him get away with this
that's insane of course the reason we let him get away with it is because of
our politicians are bought off by
all these corporations they pay them a legal bribes all this is legal
right they say okay here's a campaign contribution here's your
money to the conservative war be by in some cases
corporate democrat think tanks and now you all go out and tell me why this
makes sense
right 0 percent made in Bermuda Rd there's more to this
this holding company based in bermuda is owned by yet another bermuda-based
subsidiary Google Bermuda limited that unlimited corporation is it is not
required to disclose income statements
balance sheets and other financial information so as if it weren't enough
that they're not paying any taxes on it
you can't find out about it sorry it's all shielded by Bermuda law
does anybody really believe the heart of Google's business
as in Google Bermuda unlimited
I mean if you're a politician American you are close up new poll you're really
gonna say all while now out now
the air coolers most was business with Google Bermuda limited
who would be that stupid to believe that know they all agree to something that
they know
isn't true so they can give them all the breaks in the world are
it's going to be more fun now they explain this part but getting money
tax-free from Ireland Premier requires a stopover notes
the Dutch sandwich part a dual Netherlands holdings be
BV this entity according to Bloomberg pays out about ninety 9.8 percent
what it collects the Bermuda entity the company filings show
amsterdam-based subsidiary lists no employees
who's eating that nice sandwich well we're being poor seated
well there's nobody in Amsterdam I mean how brazen is it
are we passed through twice to ireland and then we would be at the sandwich
over in
a intention and has no employees there is no tax in Bermuda
and all the business done in the US of course they have international business
but that's why they follow all this business to Bermuda so they don't have
to pay the taxes
and they take advantage of these legal loopholes now we give a damn what's up
those of course and in fact
the good news is some people don't give a damn so 15 countries have gotten
together the OECD
and they've decided they gonna pass reform that tries to
bring all issues together to stop this of course
those corporations are livid so minus
at must actually be good reform otherwise he wouldn't care right
anytime that Obama this big we perform all are going to reform things that
and insurance companies are go great many more customers go oh yeah go I got
his start out there for
right but in this case on way don't know don't hurt us
so this is real and as our site again explains
if such reform passed dude harmonized tax law
within the European Union and ideally world wine so said these types of show
games
albeit legal would no longer be necessary and that would be wonderful
of course Europe is leading on this the US me
were kinda run by those same multinational corporations
and finally I go to their attorneys for their excuse
and I love this baker mckenzie says Nana you understand
if we actually had to pay taxes well this over investors might not give us as
much money
always that ride huh like you had to be treated like other american citizens
they say in some cases the market will give significant value to an enterprise
even before the enterprise as revenue investors are willing to contribute
capital
two loss-making enterprises on the belief that these enterprises
are investing heavily in the creation of value which is some point in the future
might be successfully monetize
I love that cool interpretation look her
oftentimes our businesses lose money now in case a Google they don't of course
but other businesses they were in the tech world we lose money all the time
if our investors didn't think that they were going to rob you blind with the
with these lower taxes they might not invest in us
and her how is that our problem
wanting to run a good business that makes a lotta money which again at
Google does but not some of the others
right so that you wouldn't have to worry about robbing us blind
by not paying your taxes right I mean the call them to say that
and they conclude by saying tax policy should not allow the value
ok created by investment to be taxing jurisdictions
whose only connection to the business is commercialization
of that's awesome let me interpret
home in our unit access what we actually do commercial business
no OU Texas well we don't do business
go all on these guys mad
0 all cores are protects your YouTube is this
supporting taxes if you do business in California you can text in California
not in Bermuda Weather is completely 0 percent taxes
see this is how the rules are rigged this is how we get income inequality
this is how we getting justice and our politicians are perfectly aware this
thank God somebody in Europe is trying to do something about it but our guys
here at home
they know all about this and they let it happen all the time
so look I don't blame the Google's the world that much
you set up a system like this you'd be a sucker not to take advantage of it
who the regular American can take advantage of it it's funny how these are
corporations are people my friend right
that's what Mitt Romney said that the supreme court says but they don't pay
taxes like people
they got a special privileges they evolve our rights on their special
privileges
so they go to the government and your most campaign contributions and they get
everything they want
the problem is the sister some if you allow politicians to take money from
these corporations
who all they serve of course they're gonna serve those corporations
and this is exactly how they do it