And republicans still expect American taxpayers to believe corporations are OVER taxed, thus they are unable to HIRE... clo
Report: News Corp. Paid No Taxes After Profiting $10B (Yet Rec’d $4.5B In Refunds)
by Colby Hall | 10:30 am, July 13th, 2011
Well, it appears that the hits keep coming. David Cay Johnston is a columnist for Reuters who recently took a look at the corporate finances of Rupert Murdoch’s News Corp., and what he has reported is certain to raise some eyebrows. His column published yesterday suggests that over the last four years, the media conglomerate earned $10 billion dollars and received $4.5 billion in federal refunds after paying zero taxes.
Who is David Cay Johnston, the reporter of this provocative piece ? He is a Pulitzer Prize-winning journalist who has been focused on economic and tax policies for some time, and earlier this year he joined Reuters as a columnist.
Johnston writes:
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.
complete:
http://www.mediaite.com/online/report-news-corp-paid-no-taxes-after-profiting-10b-yet-recd-4-5b-in-refunds/
DO SOMETHING!
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