News Corp. Paid No Taxes After Profiting $10B (Yet Rec'd $4.5B In Refunds)Quicklink submitted By Rob Kall Permalink
Become a Fan
|Over the last four years, the Rupert Murdoch's Newscorp 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,
Johnston wrote for Reuters,
"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."
Reuters has drastically revised the article this was based on, basically retracting the main claim. See Rob Kall Comment below