NewsCorp earned $9.4 billion in profits over two years but paid NO taxes (NYT)

[jefferson_dem]

Now...isn't that special?! :puke:

***

Mr. Murdoch has an army of outside lobbyists, who have reported being paid more than $11 million since 1998 to address issues as diverse as trade relations, programming decency and Internet regulation.

One firm focuses almost exclusively on parts of the tax code that affect the News Corporation. By taking advantage of a provision in the law that allows expanding companies like Mr. Murdoch’s to defer taxes to future years, the News Corporation paid no federal taxes in two of the last four years, and in the other two it paid only a fraction of what it otherwise would have owed. During that time, Securities and Exchange Commission records show, the News Corporation’s domestic pretax profits topped $9.4 billion.

The News Corporation’s outside lobbying team has been a veritable political Noah’s ark. It has included Republicans like Ed Gillespie, former Republican Party chairman; former Senator Alfonse M. D’Amato of New York; and the firm headed by former Mayor Rudolph W. Giuliani of New York. But it has also included former Democratic members of Congress, as well as several high-ranking Clinton administration officials, including Jack Quinn, former White House counsel.

http://www.nytimes.com/2007/06/25/business/media/25murdoch.html?ei=5123&en=237782063a1ecd54&ex=1183348800&partner=BREITBART&pagewanted=print

[RUMMYisFROSTED]

1. $11M in 9 years as opposed to $3B in two years.

Quite the deal.

Horseshit.

[ThomCat]

2. That is a sure sign that capitalism is corrupt.

It should be a crime for any corporation to have profits even a fraction of that high without paying significant taxes. There us no justification for making that much money tax-free.
x(

[kestrel91316]

3. ......which would be why they have to tax hell out of the little guy like me......