Business against tax havens – and Goldman Sachs

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From the excellent report “Unfair Advantage: The Business Case Against Overseas Tax Havens” produced by a new US group called  Business and Investors Against Tax Haven Abuse comes the follwoing:

In 2008, Goldman Sachs, with 29 subsidiaries located in offshore tax havens, reported profits of over $2 billion and paid federal taxes of $14 million, an effective tax rate of just one percent, and less than one third what they paid their CEO Lloyd Blankfein ($42.9 million).

It pretty much says it all really, doesn’t it?

And makes the perfect case for new taxes on banks.