News Corps Collected $4.8 billion in Welfare Over Past Four Years – Paid No Taxes

Rupert Murdoch: Welfare Queen

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.

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That means we borrowed money to pay for a handout to Fox “news” station, so they could pay Sean Hannity, Bill O’Reilly, and Glenn Beck multi-million dollar salaries. Talk about hypocrisy.

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Tags: Rupert Murdoch