Posted on 12/29/2017 12:45:12 PM PST by SubMareener
Goldman Sachs expects to take a $5 billion hit to profits for the fourth quarter and year because of the tax overhaul signed into law last week.
The New York bank on Friday became one of the first to release details on how changes in the tax code will affect how money parked overseas is handled.
Two thirds of the $5 billion are due to changes in repatriation taxes, when funds are returned from overseas, according to Goldman. The remainder includes the 'effects of the implementation of the territorial tax system and the remeasurement of U.S. deferred tax assets at lower enacted corporate tax rates.'
Read more: http://www.dailymail.co.uk/news/article-5220701/Goldman-Sachs-expects-5-billion-hit-tax-overhaul-4Q.html#ixzz52gWsIveg Follow us: @MailOnline on Twitter | DailyMail on Facebook
(Excerpt) Read more at dailymail.co.uk ...
Our oligarchs receive more than enough benefits from our fiat, printed, manipulated federal reserve system.
boo hoo... This pretty much trashes the Democrat talking point of Trumps tax cuts helping only the richest people.
Maybe they can borrow some from Lehman Brothers...............oh, wait......................
So much winning...
Okay, I don’t want to see any losers. More cash in the economy the better for growth.
Still...
If the economy starts to roar...Goldman will make a fortune on IPO's and mergers & acquisitions (and wealth management).
L O L .... Wonder is Heidi still a Sacks employee????
Kind of like saying, “Crime rate drops to new lows. Bail Bondsmen hardest hit.”
No wonder these liberal corporations want higher taxes. They make a fortune from tax avoidance.
Did GS have a deal to lower their repatriation taxes? That's the only way that statement makes sense, as the cost of repatriating money dropped under the new system.
This is a bunch of companies paying taxes on money they always knew they would pay taxes on. Before it would have been 39%, now its 12%. So they have to declare it this year (2018). There will also be a tax charge to those who had tax losses carried forward. Those will either be much smaller or go away all together. So the new tax bill will cause companies to take huge charges in January. But they will get a nearly 50% tax break after that.
Wow, I am so sad that the firm behind selling the US out to banking interests way back when, is losing money.
Too bad...so sad.
Goldman Sachs and all there schemes being played out by themselves and others is what led to a trillion dollar bailout and Grandma and all Americans making zero percent on her savings.
In no way do I feel sorry for Goldman Sachs.
Uhh ... GS is actually going to be making 13% more next year.
They’re taking a little hit by paying the repatriation.
This is good news for GS. Equity analysts will reward them. They should be thanking Trump and Trump’s voters.
Similarly, Apple is repatriating $252 billion at a one-time tax of 15.5%
REMEMBER that $4 trillion Trump said would come back from overseas? Well ... this is part of it.
Boo hoo. I’m so disturbed over this.
NOT.
Goldman SUCKS. Could not happen to a sorrier outfit.
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