Google shelters billions in Bermuda (UPDATE)

Where's the class warfare warriors on this one? Just saying...

Bloomberg: Google Inc. (GOOG) avoided about $2 billion in worldwide income taxes in 2011 by shifting $9.8 billion in revenues into a Bermuda shell company, almost double the total from three years before, filings show.

By legally funneling profits from overseas subsidiaries into Bermuda, which doesn’t have a corporate income tax, Google cut its overall tax rate almost in half. The amount moved to Bermuda is equivalent to about 80 percent of Google’s total pretax profit in 2011.

Google's cool though, right? I mean, this blog is using it. We gotta go after those evil rich conservatives first! Oh, the web we weave...

UPDATE: How 'bout that? Google's chairman says their tax avoidance is called 'capitalism'. Whether the prefix 'crony' belongs before it is still up for debate...