Newscorp made 10 billion dollars in profit. Total taxes paid? Negative 4.5 billion,[retracted]

12160.info...

This guys company makes ten billion dollars and pays NO tax. In fact WE, the taxpayers pay HIM 4.5 billion. Whats wrong with THIS picture??? I recently read another news article where the top 100 US companies pay zero tax. Something has GOT to change.


retracted story here
COLUMN-How I misread News Corp's taxes: David Cay Johnston

reply to post by gem_man


Half the people in America don't pay taxes either. Are you blaming the corporations or the tax laws?

Can't really blame people for legally trying to keep their money. I do agree the tax laws need to be seriously looked at however.

Today, NPR interviewed the Reuters journalist that reported that healine.
He now says he misread the data that he used in making that assessment.
In other words, he said he was wrong.

Actually, I just heard a report on NPR today that stated that the confusion over the tax Newscorp paid was due to a change in accounting standards - using a negative number to indicate the "loss" of money - not the 'gain' and in fact they paid 4.5 billion, not got 4.5 billion in refunds.

A red-herring to distract us from the potentially criminal conduct of the corporation in pursuing "news."

Originally posted by Aliensun
Today, NPR interviewed the Reuters journalist that reported that healine.
He now says he misread the data that he used in making that assessment.
In other words, he said he was wrong.

You beat me to it!

Where is the HOAX tag when you need it?

Who is NPR to call out anyone on their tax situation anyway?

reply to post by Carseller4


It came about as a result of an article written by a Reuters journalist, who later admitted and apologized for misunderstanding the financial reports he was reading.

Not so much a HOAX as a mistake.... [presumably]

In theory, this doesn't fit the HOAX criteria.... Although I wouldn't object to the OP correcting the thread title to reflect this has been 'debunked'

Shame on ATS for allowing the title of this thread remain.

It has been proved false, a flat out lie.

Why would the OP consider changing it, he fell for the lie and propagated it?

I believe the OP made a genuine mistake...I also think the thread should now be removed.

I would like some clarity on the US corporate tax system.

Is the tax rate of 35% on yearly earnings gross or

earnings minus expenditure = Profits?

I would also like to declare a state of war with the Cayman Islands etc.

Cosmic...

the simple fact that western nations even allow corporations as well as individuals, to use "tax shelter countries", means we live in a world where representative government is just a sham to keep the peasants quiet.

maybe this is the "truth" everyone is seeking...that the world is made up of the few wealthy, providing psuedo-representative governments for the working masses, lulling them into a false feeling of democratic rule of various forms.

Originally posted by Maxmars
A red-herring to distract us from the potentially criminal conduct of the corporation in pursuing "news."

Dont forget GE who made a profit yet paid no taxes. This issue is not just isolated to the right or to Newscorp.

So, in effect, the government was subsidizing all the illegal activity (hacking) going on at Newscorp.

Doesn't surprise me one bit. The corruption runs deeper than the light of truth will ever be able to expose.

reply to post by Xcathdra


So true. Also, despite the fact that Newscorp accountants peppered their report with caveats and switched 'conventions' regarding the use of negative numbers as an indicator of profit versus expense, no official seems to find that as manipulative or questionable.

The major corporate moguls, today's "captains of industry" (though I prefer "robber barons") are so deeply entwined with the political machinery and financial oligarchy that they really are 'above the law.'

For all the outrage you will see projected by the talking heads across the world, and all the moral righteousness you'll hear from the political theater, Mr. Murdoch and his cohorts still wake up, get served breakfast, have their clothes laid out for them, get driven to meetings, and generally enjoy themselves capitally every day.

If it were you or I we would be languishing in a holding cell until .... whenever they get around to it. (which is to say whenever the celebrity politicians have suitably insulated themselves from any embarrassing consequences.)

Originally posted by Cryptonomicon
So, in effect, the government was subsidizing all the illegal activity (hacking) going on at Newscorp.

Doesn't surprise me one bit. The corruption runs deeper than the light of truth will ever be able to expose.

.

A minor correction, this tax issue (which was apparently reported in error) was about US taxes. His empire's criminal conduct has only been exposed in the UK..... OUR government won;t even start a congressional inquiry... which I would imagine is because they already KNOW the outcome of any investigation... and they would rather not admit that when it comes to being sleazy duplicitous Machiavellian schemers, they are in no way different from our European cousins.

Originally posted by Maxmars
OUR government won;t even start a congressional inquiry... which I would imagine is because they already KNOW the outcome of any investigation... and they would rather not admit that when it comes to being sleazy duplicitous Machiavellian schemers, they are in no way different from our European cousins.

I was under the impression some US reps were talking about looking into Newscorp. I could be wrong, but I will try to find the article.

reply to post by Xcathdra


I hope you are right... I heard the lip service it was getting via the talking heads, saying that Rockefeller (of all people) said we should look into it. But frankly, exparte talk is cheap. Let them make their statements about action on the congressional and senatorial record... not in the entertainment news.

reply to post by Maxmars


Found it -

Phone-hacking: US senator calls for News Corp probe

A key US senator has called for an investigation into whether reported hacking by News Corporation targeted any US citizens.

Senate Commerce Committee Chairman Jay Rockefeller said the authorities should consider whether journalists working for the media giant had broken US law.

He warned of "serious consequences" should that be found to be the case.

The 168-year-old News of the World shut down on Sunday after numerous accusations of phone hacking.

Other papers owned by Rupert Murdoch have faced similar allegations.

Mr Rockefeller, a Democrat, was the first major voice in the US Congress to call for an investigation into the scandal, which has gripped Britain.

The BBC's Steve Kingstone in Washington says these are the first signs that the hacking story is extending across the Atlantic.

In addition to:
FBI opens investigation into possible 9/11 hack

reply to post by Xcathdra


I don't think they have any evidence for any phone hacking of 9/11 families, I'm not saying it didn't happen, nothing would surprise me anymore. But the only evidence is a headline from a NI competitor The Mirror. Still after what has happend here in the UK, it's understandable you would want to check out the allergations.