Did News Corp Make Profit Off Taxes?

Jul 13, 2011 9:20am

gty rupert murdoch jef 110713 wb Did News Corp Make Profit Off Taxes?

ABC News' Jonathan Karl (@jonkarl) reports:

UPDATE:

Reuters has now retracted the column and posted this: "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on Tuesday stating that Rupert Murdoch's U.S.-based News Corp made money on income taxes is wrong and has been withdrawn.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."

Original Post: We know that GE paid nothing in federal taxes last year, but check this out:  David Cay Johnson reports today that Rupert Murdoch's News Corporation actually made money on taxes — receiving more in tax refunds over the past four years than it paid in taxes.  According to Johnson, News Corp has had an effective tax rate of negative 43 percent.  That's -43 percent.  He says Murdoch's company has collected over $10 billion in tax refunds over the past four years — far more than it actually paid in taxes.

> Read more here from Reuters: DCJohnston

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