Murdoch's News Corp made 'profit' of $4.8 billion in income tax refunds from U.S. government

[HipChick]

Rupert Murdoch's News Corp. collected $4.8 billion in income tax refunds in the last four years, an investigation has uncovered.

The payback means Murdoch's U.S.-based media empire has actually made money on tax rebates on top of its $10.4 billion in profits.

At the standard 35 per cent corporate tax rate the company should have coughed up $3.6 billion in tax.






http://www.dailymail.co.uk/news/article-2013937/Rupert-Murdochs-News-Corp-profit-4-8bn-US-gov-income-tax-refunds.html

[Pryderi]

1. Here's a graph:

more info here http://www.reuters.com/article/2011/07/12/column-dcjohnston-murdoch-idUSN1E76A1NH20110712

Over the past four years Murdoch's U.S.-based News Corp. has made money on income taxes. Having earned $10.4 billion in profits, News Corp. would have been expected to pay $3.6 billion at the 35 percent corporate tax rate. Instead, it actually collected $4.8 billion in income tax refunds, all or nearly all from the U.S. government.

The relevant figure is the cash paid tax rate. This is the net amount of corporate income taxes actually paid after refunds. For those four years, it was minus 46 percent, disclosure statements show.

Even on an accounting basis, which measures taxes incurred but often not actually paid for years, News Corp. had a tax rate of under 20 percent, little more than half the 35 percent statutory rate, company disclosures examined by Reuters show. News Corp. had no comment

[Snoutport]

2. wow....

[toddwv]

4. Not surprising.

The Republicans are perfectly happy to shovel billions to corporations while taking food from starving kids.

[toddwv]

5. So the ENTIRE Fox Lineup consists of nothing more than "Welfare Queens".

Lol... Bill O'Reilly and Shawn Hannity are nothing more than glorified government employees!

They work for the Gubmint Newscorp.

They're not in a union are they?

[toddwv]

3. It's gotta be the unions' fault...

somehow...it's GOTTA be.

[enough]

6. Making money on income taxes. Maybe we could all start doing that. (nt)

[Kingofalldems]

7. Kick and Recommend.

[SoutherDem]

8. Does that mean FOX is actually getting Federal Tax $$$

Why was it so bad for NPR to get money from the U.S. Government? Republicans complain that NPR is bias for the left therefore should not get public funding, Well FOX is certainly bias for the right and they are getting public funds.

[malaise]

9. Oh My!

Rec