'Income tax refunds' of nearly $5 million... Murdoch's News Corp Took $4.8B from US Taxpayers over 4 Years
&In a post on Daily KOS, it is revealed clearly of the complete corruption of the American tax system and how big corporations get away with not only paying nothing in taxes. But as the information below points out, criminal hackers like Rupert Murdoch's News Corp (which owns Fox News) is actually getting money form the American taxpayers while hiding money in offshore accounts.
Above, the graphic released by Reuters July 12, 2011, showing how the relationship between the profits of Rupert Murdoch's News Corporation and the tax refund the corporation received in the USA since 2007. Whether News Corporation makes money or loses money, the federal government gives additional money to Rupert Murdoch's corporation, which in the USA owns Fox News and The Wall Street Journal.How low can corporate taxes go? Apparently letting these country-sized entities literally pay nothing at all to the Treasury is no longer enough. The infamous News Corp., the criminal hacker enterprise, has over the last four years stolen $4.8 billion from the American public:
Here is the story:
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.
Rupert Murdoch (right above) with former News of the World editor Rebekah Brooke, who was promoted repeatedly despite growing accusations of illegal hacking by reporters under her supervision.It is truly the ultimate hypocrisy when a multi-national billion dollar corporation attacks the middle class and poor through its own media outlets like Fox News, the editorial pages of Wall Street Journal and other Murdoch outlets often rail against taxes. Their attacks on government benefits for the elderly, the sick, the jobless and children focus attention on the uses of tax dollars and away from his aggressive efforts to enjoy the benefits of civilization without paying for them.
News Corp. has 152 subsidiaries in tax havens, including 62 in the British Virgin Islands and 33 in the Caymans. Among the hundred largest U.S. companies, only Citigroup and Morgan Stanley have more tax haven subsidiaries than News Corp., a 2009 U.S. Government Accountability Office study found.
News Corp. had nearly $7 billion permanently invested offshore in 2009, money on which it does not have to pay taxes unless it brings the money back to the United States. Meanwhile, it can use that money as collateral for loans in the United States, where interest paid is a tax-deductible expense.
Article is cross posted from:
"Daily Kos: BREAKING: News Corp Took $4.8B from US Taxpayers over 4 Years." Daily Kos :: State of the Nation. Web. 13 July 2011. http://www.dailykos.com/story/2011/07/12/994037/-BREAKING:-News-Corp-Took-$48B-from-US-Taxpayers-over-4-Years
References
Rupert Murdoch (above left) and his wife, Wendi, at the recent academy awards. Johnston, David Cay. "RPT-COLUMN-It Pays to Be Murdoch. Just Ask US Gov't: DCJohnston | Reuters." Business Financial News, Breaking US & International News | Reuters.com. 12 July 2011. Web. 13 July 2011. http://www.reuters.com/article/2011/07/12/column-dcjohnston-murdoch-idUSN1E76A1NH20110712
"Most Companies Pay No Federal Income Tax - CBS News." Breaking News Headlines: Business, Entertainment & World News - CBS News. Web. 13 July 2011. http://www.cbsnews.com/stories/2008/08/12/national/main4342535.shtml
"News of the World Phone Hacking: Rupert Murdoch's 'links to Criminal Underworld' | Mail Online." Home | Mail Online. Web. 13 July 2011. http://www.dailymail.co.uk/news/article-2011861/News-World-phone-hacking-Rupert-Murdochs-links-criminal-underworld.html
"Phone Hacking Scandal Widens: News International Targeted Gordon Brown, BSkyB Bid Delayed (LIVE UPDATES)." Breaking News and Opinion on The Huffington Post. Web. 13 July 2011. http://www.huffingtonpost.com/2011/07/11/news-international-murdoch-gordon-brown-hacking_n_894588.html
Trivett, Vincent. "25 US Mega Corporations: Where They Rank If They Were Countries." Business Insider. Web. 13 July 2011. http://www.businessinsider.com/25-corporations-bigger-tan-countries-2011-6?op=1
