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Story from NPR - News Corp. tax refunds - had to share.
I have to share this story because I am outraged. It's a 3 minute 47 second story, if you have time, it is really worth hearing.
http://www.npr.org/2011/07/13/137811869/how-news-corp-received-billions-in-tax-refunds
From 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."
$4.8 billion dollars in tax refunds. Not tax cuts or tax breaks, refunds.
They have clever accountants that are able to work the US tax code to
their benefit with off-shore accounts and subsidiaries. The United
States Government was essentially robbed {harsh choice of words, yes} of
$8.4 billion dollars {the $3.6b that they would have been expected to
pay but didn't - plus the $4.8b they received as a refund.} That $8.4
billion dollars could do many things - help pay down our debt, reduce
the budget deficit, help fund social programs, help fund federal highway
projects, or anything else that our National Government does.
I'll step off my soapbox now...
jack | born 9.13.12 at 40w4d | 9 lbs 12 oz | 23 in
my puppy loves - chloe & jenson
pregnancy blog | chart
Re: Story from NPR - News Corp. tax refunds - had to share.
Ugh. They are just plain slimey and evil! Add this tax stuff and . . . ick. Disgusting.
Funny how in the UK/Europe, Murdoch's big businesses are tabloids bottom-feeding newspapers (along with some more "legitimate" news rags) - - but here in the US, the cherry on top of his slime sundae is Fox News.
Sickening all around.
Was it done illegally? If so, I have to imagine the IRS would be knocking on their door.
If it was done legally, I can't fault them.
This is more an IRS issue. There are too many loopholes in tax laws.
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It was done legally - and that is my issue. It shouldn't be legal for a corporation to not only not pay any taxes, much less receive that large of a refund.
The loopholes are ridiculous if they legally allow this to happen.
jack | born 9.13.12 at 40w4d | 9 lbs 12 oz | 23 in
my puppy loves - chloe & jenson
pregnancy blog | chart
Ditto Andrea. I can't really fault their accountant for doing this, if it was all legally.
Do I think it's right? absolutely not, but that's not the fault of News Corp.
Eat.Drink.BeMarried. Blog.
Editor's Note: Reuters issued an advisory indicating that the column written by David Cay Johnston, on which this interview with Johnson was based, was wrong:
"Please be advised that the David Cay Johnston column published on Tuesday stating that Rupert Murdoch's U.S.-based News Corp made money on income taxes is wrong and has been withdrawn. News Corp's filings show the company changed reporting conventions in its 2007 annual report when it reversed the way it showed positive and negative numbers. A new column correcting and explaining the error in more detail will be issued shortly."
Interesting. That'd be a big mistake to make. He just got his plusses and minusses confused? uhoh.
Eat.Drink.BeMarried. Blog.
Hmmm.
I will have to watch for the interview to be posted tomorrow to see what the revisions are.
I still hold strong on my opinion that our tax laws do need revising, despite whatever the results of the new investigation might be.
jack | born 9.13.12 at 40w4d | 9 lbs 12 oz | 23 in
my puppy loves - chloe & jenson
pregnancy blog | chart
The explanation article is here: http://www.reuters.com/article/2011/07/13/column-dcjohnston-murdoch-idUSN1E76C25320110713
Eat.Drink.BeMarried. Blog.