Los Angeles Business Journal

Chairman: Google's Tax Avoidance Is 'Capitalism'

Thursday, December 13, 2012

Google Inc. Chairman Eric Schmidt has insists that measures to lower his company's tax payments are just "capitalism." The Telegraph reports that Schmidt's comments risk inflaming the row over the amount of tax multinationals pay, after it emerged that Google funneled $9.8 billion of revenues from international subsidiaries into Bermuda last year in order to halve its tax bill.