Tech giants and their loopy business of innovative tax avoidance

Headlines ,such as this one from a Reuters story: "Google paid $55m in UK taxes on $5.5bn sales in 2012" anger many regular tax payers in the US, UK, France, and frankly, everywhere.  These companies use legal loopholes and international transactions to weave a complex web of tax avoidance.

Google Chairman Eric Schmidt flippantly told a UK radio audience earlier this year that their government should change the tax laws to get more taxes from Google, otherwise it will continue with its Irish, Dutch, and Bermuda based shell companies.

Facebook uses the same arrangements to avoid taxes, and Apple, Amazon, too. They use every loophole available to limit their US taxes, such as keeping billions in profits in offshore accounts.