Murdoch's News Corp. Received Billions in U.S. Tax Refunds

[Cereal Kyller]

Source: Slate

Rupert Murdoch’s News Corp. must have some mighty good accountants.

The U.S.-based media conglomerate actually made money on income taxes during the past four years, according to an investigation by Reuters columnists David Cay Johnston.

After digging through News Corp.’s financial disclosures, Johnston reports that based on the company’s $10.4 billion profits during that time period, the company would have been expected to pay $3.6 billion at the 35 percent corporate tax rate.

But instead the company managed to collect $4.8 billion in income tax refunds, “all or nearly all from the U.S. government.”


Read more: http://slatest.slate.com/posts/2011/07/12/rupert_murdoch_s_news_corp_tax_profits_investigation_shows_compa.html

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There are no emoticons capable of conveying what I'm feeling right now.

[provis99]

1. Rupert Murdoch: corporate welfare bum.

[Long Shadow]

2. They must use the same accountants and lawyers that Obama’s favorite CEO uses.

Or it could be that they have the same political connections that allowed GE get a $3.2 billion refund.

[October]

26. Wow, bringing up Obama in this story? lol! Ok... /nt

[Name removed]

29. Deleted message

Message removed by moderator. Click here to review the message board rules.

[October]

30. I know you're very transparent...

With your opinions

[Auntie Bush]

3. I'd be thrown in jail by security if I expressed my true feelings so

I'll just STFU.

[plumbob]

6. I'll have to join you for the same reason.

Sucks, don't it?

[fascisthunter]

4. Scumbags Milking our Commons... here's your Welfare Queen

Fox News and their pathetically uniformed viewers.

[Kingofalldems]

5. Special Prosecutor needed-- subpoena all Fox records

[BumRushDaShow]

7. K&R

:banghead:

[cstanleytech]

8. A perfect example of why the main fight imo regarding taxes

needs shift from raising the tax amount to doing away with all of the loopholes that these corporations and the very wealthy are using in order to pay little to no taxes at all, after all raising taxes higher makes no sense to me if the corporations and the wealthy dont pay any taxes already with the current % they are supposed to be taxed for.

[jorno67]

9. I think its time for a revolution!

If only there was a group that was against unfair taxation and welfare queens...

[glinda]

10. He hides his money off shore also.

[KoKo]

11. So...Medicare, Medicaid and SS need to be made Sound with Cuts so that Murdoch can keep his

tax refunds? Makes sense, doesn't it.

:sarcasm:

[StarsInHerHair]

12. now may some brave person GO POST THIS ON RIGHTWING SITES! The Tea

Party should be made aware of this, I hope to hell they get angry over it, they DID want the oil & gas welfare CUT. We all know how the Right voted on that. Remember those town hall meetings where the Rightwing voters were yelling at their Reps.? Hope to get them more angry.

[October]

27. Many are here...but they'll still find a way to cite Obama for blame. /nt

[Hubert Flottz]

13. That figures...

Rupert's kickback for his GOP propaganda outlets Fox and WSJ.

[dipsydoodle]

14. Odd that it doesn't mention

GE et al did exactly the same.

Its what multinationals do.

[CBHagman]

15. Doesn't even slightly surprise me...

...though it should depress us all.

By the way, don't you just love it when the 'cans and others get on their high horses about the portion of the budget taken up by the Corporation for Public Broadcasting (literally a dollar and change per person per year)? :eyes: Meanwhile, Uncle Rupert's making money hand over fist.

[Downwinder]

16. nice Welfare check.

[alfredo]

17. The Foreign Corrupt Practices Act of 1977 (FCPA)

[Snoutport]

18. So we are basically paying for Fox News with our taxes?

[fascisthunter]

20. could this be considered government sponsored

since they receive support from our tax dollars?

[No Elephants]

19. So, we can expect all the major news and faux news networks to carry this story, right?

Even fair and balanced Fox?

Meanwhile, anyone know how I can get me some of those multi-billion dollar refunds so that I, too, can attack anyone who wants to close loopholes or raise taxes on the rich?

Of course, increasing taxes on individuals making over $250K a year would not touch scams like Fox and Exxon have been perpetrating. And the flip side of that is that raising individual taxes will have zero impact on jobs. Businesses create jobs, but that is a separate tax situation from individual income tax.

[FreeBillClinton]

21. This should be huge news

but it won't be...

[Uncle Joe]

22. It seems they're using those corporate welfare taxpayer dollars to attack Media Matters.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=385x599573

Thanks for the thread, Cereal Kyller.

[Mr. Sparkle]

23. Take that the cayman islands ! .... oh wait.

technically it is cheaper to get no income tax, than to pay News Corp. close to 5 billion in handouts.

[femrap]

24. Whoever heads up the Corporate

IRS Section needs to be FIRED! Who sends out these checks to greedy, evil and overly-stuffed-with-cash Corporations?????

Who? I want a name and a face so I can focus my disgust and anger on someone who is responsible.

Do these Corporate CFOs threaten the lives of these IRS employees or what??? Kill their pets? Seriously something is just completely wrong w/ this picture.

[brentspeak]

25. UPDATE: Reuters Withdraws Story on News Corp.'s Tax Profits

http://slatest.slate.com/posts/2011/07/12/rupert_murdoch_s_news_corp_tax_profits_investigation_shows_compa.html

News agency says that the claim that the Murdoch-owned company made money on income taxes "is wrong."

By Josh Voorhees | Posted Wednesday, Jul. 13, 2011, at 2:17 PM EDT

UPDATE: Looks like Reuters columnist David Cay Johnston got it wrong on Tuesday when he reported that Rupert Murdoch's News Corp. managed to turn a profit on income taxes over the past four years.

Reuters issued an advisory Wednesday afternoon stating that the column had been withdrawn and the claim that News Corp. made money on income taxes "is wrong."

A new column explaining the error is said to be on the way. We'll update when it's live, but in the meantime here's the full statement:

Please be advised that the David Cay Johnston column published on Tuesday stating that Rupert Murdoch’s U.S.-based News Corp made money on income taxes is wrong and has been withdrawn. News Corp’s filings show the company changed reporting conventions in its 2007 annual report when it reversed the way it showed positive and negative numbers. A new column correcting and explaining the error in more detail will be issued shortly.

[October]

28. This story was pulled, btw... Reuters columnist said he was wrong...

Same link

http://slatest.slate.com/posts/2011/07/12/rupert_murdoc...