A report by Bloomberg News has Google setting up offshore banks accounts to avoid paying taxes on foreign profits. More than $3.9 billion have made it to [[Bermuda]] bank accounts over the last several years. Google has cut its effective tax rate abroad to just 2.4%. The practice is common and [[George Soros]] has been known to place his billions of dollars in Cayman Island banks. This costs the U.S. government more than $60 billion in revenue.<ref>[https://www.washingtonexaminer.com/opinion/blogs/beltway-confidential/After-news-of-Google-tax-dodges-Obama-raises-money-with-Google-execs-105513473.html#ixzz13LE2lg1F After news of Google tax dodges, Obama raises money with Google execs, Washington Examiner, October 22, 2010]</ref>
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A report by Bloomberg News has Google setting up offshore banks accounts to avoid paying taxes on foreign profits. More than $3.9 billion have made it to [[Bermuda]] bank accounts over the last several years. Google has cut its effective tax rate abroad to just 2.4%. The practice is common and [[George Soros]] has been known to place his billions of dollars in [[Cayman Island]] banks. This costs the U.S. government more than $60 billion in revenue.<ref>[https://www.washingtonexaminer.com/opinion/blogs/beltway-confidential/After-news-of-Google-tax-dodges-Obama-raises-money-with-Google-execs-105513473.html#ixzz13LE2lg1F After news of Google tax dodges, Obama raises money with Google execs, Washington Examiner, October 22, 2010]</ref>