Time to pay up
Posted in: Taxation
While waiting for the eventual story of Murdoch papers phone-hacking cancer-wards, Jerry’s Kids, Tom Hanks, the Pope, and Nelson Mandela, it is good to remember there are further crimes and hypocrisies for Rupert to mine.
Remember when it was reported that GE didn’t pay any taxes last year and Fox News went nuts because GE owned NBC and GE head Jeffrey Immelt supports Obama?
Why yes I do, good times.
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.
Why that little scamp — not paying taxes is the epitome of good citizenship if you are conservative and only became a citizen to acquire media properties. Why it is, I dare say, the very height of patriotism — if you are a Republican.
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