Fox News hosts castigated GE (parent company of NBC) for paying no taxes. The castigation, in this instance, was warranted. But what about Rupert Murdoch?
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.
Did that sink in? News Corp should have paid $3.6 billion. Instead, the gummint paid News Corp $4.8 billion.