Schmidt On Why Tax Avoidance is Good, Robot Workers, and Google Fiber

Bruce66423 writes "Eric Schmidt said that a £2.5 billion tax avoidance 'is called capitalism' and seems totally unrepentant. He added, 'I am very proud of the structure that we set up. We did it based on the incentives that the governments offered us to operate.' One must admit to being impressed by his honesty." Schmidt also says that if you want a job in the future you'll have to learn to "outrace the robots," and that Google Fiber is the most interesting project they have going.

Comments

Mobile Capital

[SkunkPussy]

Its not Capitalism, its "Mobile Capital"-ism. And governments need to adjust their tax structure very quickly! Otherwise national-level and smaller businesses will not be able to compete.

Re:Question

[Xest]

I do actually. As do most of the UK's population.

I live and work in the UK, and I take my pay through PAYE which means my income tax is automatically deducted. Most employees in the UK get paid this way.

I, and many others have the option of being paid outside the PAYE system so that we can manage our own taxes, this would allow us to take advantage of many tax evasions schemes available, or even simply do it ourselves by paying ourselves the minimum non-taxable wage and paying the rest out in a manner that doesn't attract things like national insurance.

Some people do do this, but most don't.

So can we now finally kill this stupid "How many people reading this intentionally pay more tax than they are strictly required to?" meme? Because certainly in the UK, the answer is "most people".

Re:Yeah. But what's "reasonably" angry?"

[gfxguy]

That's a really good explanation of what's going on, so thanks, but I disagree with your conclusion.

Most people don't do this as an individual because most people don't make enough money for it to be worthwhile. But let me explain why I don't have any ill-will at all towards these companies: it's a global economy, and countries have to compete for businesses. If they U.S. can't offer a competitive tax structure (I personally favor a corporate tax rate of zero*), then the companies move. It's the free market at it's best, and it happens even between states in the U.S., and I completely support it.

* - Where do companies get their money to pay taxes? Hint: it's not growing on the trees that are growing outside their offices. Studies indicate that an average of 21% of the cost of all the goods and services you buy in the U.S. are simply embedded taxes that get passed up the line to the government. Most businesses get their money from one source: their customers.