Community | July 12, 2011 | 132 comments

Murdoch's News Corps generates $10.4 Billion in profits; receives $4.8 Billion in "taxes"

source: http://www.reuters.com/article/2011/07/12/column-dcjohnston-murdoch-idUSN1E76A1NH20110712

PIANORAMA
Instead of rendering unto Caesar, Murdoch has Caesar rendering unto him: http://www.reuters.com/article/2011/07/12/column-dcjohnston-murdoch-idUSN1E76A1N...
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132 comments // Murdoch's News Corps generates $10.4 Billion in profits; receives $4.8 Billion in "taxes"

  • PIANORAMA
  • COMMONSENSEFORCOMMONGOOD_COM
  • treewolf39
    • 0
      treewolf39  
    • COMMONSENSEFORCOMMONGOOD_COM:

      http://www.npr.org/blogs/thetwo-way/2011/07/14/137840511/error-about-news-corp-w...

      While he can explain how it happened, Reuters columnist David Cay Johnston says "there's no excuse" for the huge mistake he made Tuesday when he wrote that Rupert Murdoch's News Corp. had received billions of dollars in tax refunds from the U.S. government in recent years — when in fact it had paid billions of dollars in federal taxes.

      "This is a big screw-up on my part," he told Morning Edition host Steve Inskeep earlier today.

      According to Johnston, "News Corp. reported numbers as positive numbers for cash paid for taxes for three years and then [in 2007] switched to reporting them as negative numbers — that is, as numbers in parentheses. ... And I didn't catch that those were negative numbers."

      The company did disclose the accounting change it had made. Johnston said he does not recall if he read the note in its financial reports, and says that the way it was written would not have made him realize what News Corp. had done.

      Before his original column was posted on Reuters.com, Johnston called News Corp. for comment on his (erroneous) conclusion that the company had gotten billions in refunds. Neither of the officials he spoke to, Johnston said today, "so much as coughed." And the company declined to comment for his original column.

      To be fair, he added, News Corp. spokesmen are "under siege right now" because of the scandal in the U.K. over how some of its tabloids have collected information about thousands of people, from the royal family to victims of crime.

      And, as he said, "there's no excuse" for an error of this magnitude.

      The Pulitizer Prize-winning columnist has posted a long piece that explains in more detail "how I misread News Corp.'s taxes." It begins with this:

      "Readers, I apologize. The premise of my debut column for Reuters, on News Corp's taxes, was wrong, 100 percent dead wrong.

      "Rupert Murdoch's News Corp did not get a $4.8 billion tax refund for the past four years, as I reported. Instead, it paid that much in cash for corporate income taxes for the years 2007 through 2010 while earning pre-tax profits of $10.4 billion."

      Johnston was on Morning Edition today in part because on Wednesday he had been on the show, also speaking with Steve, about the original column. You can hear that conversation, and read an editor's note from NPR, here. A transcript is posted here.

      As Steve said this morning, since Johnston had "discussed his inaccurate findings yesterday in an interview with me on Morning Edition, so it is our obligation to make a correction that is as prominent as the original mistake."

      Johnston only recently joined Reuters and Tuesday's column was his first for the wire service. A long-time correspondent for The New York Times, he won his Pulitzer in 2001 "for his penetrating and enterprising reporting that exposed loopholes and inequities in the U.S. tax code, which was instrumental in bringing about reforms."

    • 11 months ago
  • PIANORAMA
  • treewolf39
    • 0
      treewolf39  
    • PIANORAMA:

      It may well be but the reporter is claiming he blew it. Whether or not taxes were paid is immaterial because Murdoch is still screwing the world with the lies and half truths his media empire promotes around the world. FOX won the evilest corporation hands down.
      I do believe the link was pulled; most likely by the reporter. I knew it was twisted and weird when I read it. It seemed a bit over the top, but hey when it comes to FOX truth telling is over the top.

    • 11 months ago
  • PIANORAMA
    • +1
      PIANORAMA  
    • treewolf39:

      You're right about that; the numbers are immaterial as well. He's shown the world what he truly is . . Wish the Republicans would come out and say they blew it whenever they're caught in one of their big fat lies.

    • 11 months ago
  • treewolf39
  • ingsoc1984
    • 0
      ingsoc1984  
    • PIANORAMA:

      People have to remember that we are raising the debt ceiling to pay off outstanding debts, not new ones. People also forget that we are still paying for the Bush era deficit, and we will be paying this off for a long time to come. Unless we finally wake up and force EVERYONE to share the tax burden. I personally believe that paying taxes is a patriotic duty. How else am I going to make sure kids are fed, my food is being inspected, and the highway I ride on is kept up? TAXES!!! I am not brainwashed by the right into believing taxing and spending is wrong. Here, let's, make an axiom out of this: T + S = INJGR... In English:Tax + Spend = Investing in Job Growth...

    • 11 months ago
  • wynnmeg61
    • 0
      wynnmeg61  
    • ingsoc1984:

      You are absollutely right. We have to have the Government carry the load right now because the recession is so bad that the job creators -- true small businesses (not Koch Industries) can't capitalize because the Banksters would rather play roulette on the Market than invest in the economy. Just like Mr. (Sh8t eating Grin) Cantor.

    • 10 months ago
  • COMMONSENSEFORCOMMONGOOD_COM
  • ingsoc1984
    • +1
      ingsoc1984  
    • Image

    • The world of 1984 under the oppressive political system called Ingsoc. Can this be a vision of our future if the Republicans and the Koch brothers gain white house power? Pictured above: John Hurt as Winston Smith in the 2nd filmed version of 1984. Smith sits in his "alcove" away from the eyes of the telescreen which watches all its citizens all the time.

    • 11 months ago
  • PIANORAMA
  • ingsoc1984
    • +1
      ingsoc1984  

    • Just stop and think for a moment as Rupert gets the end of what goes around comes around: This is the kind of world and government we would have under right wing fiends like him. That is why we must spread the word to make sure that Repubicans don't get elected anywhere. Their infamous governors in Wisconsin, Michigan, New Jersey, Main, Ohio, Arizona, Texas, Utah, Miussissippi, and Florida among others are trying to kill worker's rights so that the Democratic party will lose its main base of support. These fascist totalitarian bastards want to be the only party in this nation, and then, on top of everything else, they want to shove their fundamentalist religious beliefs down our throats. I just hope that what is happening to Murdoch will happen to Boehner, Kantor, McConnell, Bachman, Kyl, Walker, Scott, Parry, Christie, Snyder, Ryan, Ayn Rand, and all the rest before they overthrow our beloved government and turn it into something worse than anything George Orwell could dream up. Yeah I know Ayn Rand is dead, but she is alive and well in the dark and rotting heart of the Republican Tea Bagger Taliban Party. PS As for Women's rights??? And denial of it by the Republicturds: Don't get me started on that.

      For those who don't like my name calling...I am a progressive tax and spend liberal and proud of it. I am also a loud in your face kind of guy when it comes to right wing politics. I feel I have as much right to use strong rhetoric as they do, and they use this right with impunity. For example: If any of them capture the white house, I am going to go out, buy a fire arm, and get ready to fight off the fascist hordes that will be invading my streets. Sharon Angle who ran against Harry Reid, told her supporters to buy guns in the event that she loses. Well, she lost, and I am sure that her supporters took her advice and are just waiting for the right moment to act.

      I want to be prepared too.

    • 11 months ago
  • nobsartist
  • ingsoc1984
    • +1
      ingsoc1984  
    • Image
    • nobsartist:

      Yep, sorry, I forgot..I may soon have to be a tax and spend GUN TOTING liberal.And I am sorry to say that I am not joking about this. The froth at the mouth extremists who used to jag off at the mouth from the backs of auditoriums have now invaded the mainstream worse than the seed pods in Invasion of the Body Snatchers. I am glad that I am not the only one concerned about these Republicans. But at least we can celebrate over the possible demise of Rubert Murschlock. I only wish his entire organization would just fade away. I can't wait until Murschlock gets sentenced and the punishment being: the Lenny Bruce imfamous Hot Lead Enema. I mean, as Lenny himself said, if you can take the hot lead enema, you can cast the first stone. Be safe and please keep up the fight where ever and when ever the right wing cockroaches gather. Even Tony Montana agrees with me, being he's an expert on cockroaches.

    • 11 months ago
  • nobsartist
  • PIANORAMA
  • PIANORAMA
  • zoomy1
  • zoomy1
    • +2
      zoomy1  

    • He just lost 7Bn in the last two days. What goes around,...well, you know the rest.
      STAY TUNED FOR THE NEW FOX SERIES, "The fall of the Murdoch Empire!"
      Rupert Murdoch will be played by Justin Bieber!

    • 11 months ago
  • PIANORAMA
  • zoomy1
  • zoomy1
  • PIANORAMA
  • PIANORAMA
  • JBCTV
    • +3
      JBCTV  

    • If someone is innocent, they don't close a newspaper that has been in business for 168 years and they don't back down from a $12 billion deal.

      Investigate News Corp. and all of it's subsidiary companies. The FCC, under George W. Bush's term as president, allowed Rupert Murdoch to purchase Twentieth Century Fox, own the Fox network, etc. At the time, he also owned DirecTV, shares of Clear Channel Communications (which the FCC allowed to be created and a friend of George W. Bush), shares of Sirius Satellite Radio, Hughes Satellite, etc. No one company/person should be allowed to own every radio station, tv station and newspaper in a single market. In many markets, one or two companies, usually conservative companies, own everything. Before the FCC rules were changed, this wouldn't have been possible. This needs to be changed back.

    • 11 months ago
  • nobsartist
    • +2
      nobsartist  
    • JBCTV:

      Fuckin' ay. Bring back Glass-Steagal too. In fact we should find out everyone that voted for the chimp OR supported him (like the asshole clintons) and make THEM pay off the 14 TRILLION DOLLAR DEBT.

    • 11 months ago
  • bluestranger
  • PIANORAMA
  • Vierotchka
  • PIANORAMA
  • treewolf39
    • 0
      treewolf39  

    • http://www.npr.org/blogs/thetwo-way/2011/07/13/137822909/reuters-retracts-column...
      by MARK MEMMOTT

      Reuters just 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."

      That advisory is referring to this column (we can't guarantee how much longer that link will work).

      On Morning Edition today, Johnston made the case that News Corp. had utilized "off shore [tax] havens" to report "a theoretical loss" — and that the company did not do anything illegal. Apparently, he did not factor in the change in the way the company reports its results.

      Rupert Murdoch's News Corp. is at the center of a media firestorm, of course, because of the scandal over information that some of its British news outlets allegedly illegally collected about thousands of people, from the royal family and prominent politicians to victims of the 9/11 attacks.

      Update at 3:40 p.m. ET: NPR says that "Johnston is expected to appear on Morning Edition Thursday to offer further clarification. We will provide updates as they become available."

    • 11 months ago
  • zoomy1
  • hurleyburly
  • nobsartist
  • zoomy1
  • PIANORAMA
  • nobsartist
    • +2
      nobsartist  

    • Why are we giving tax breaks to corporations owned by foriegners? I think whoever allowed this is a traitor. If this is sponsored by people in washington, they are traitors.

      We need to find out who has granted all of this tax relief for corporations and they need to be thrown out of our country. Since all of this criminal activity is coming out of our government we need to put on the ballot a law that strips anyone elected to office of ALL entitlements until the 14 TRILLION DOLLAR DEBT IS PAID OFF. I want my pound of flesh.

    • 11 months ago
  • nobsartist
    • +3
      nobsartist  

    • I think our government better wake up to the fact that many of us are getting tired of paying taxes and recieving NO representation. That is what started the revolution 235 years ago. It may be time to clear the board of all of these assholes.

      TAXATION WITHOUT REPRESENTATION will be the end of this cabal.

    • 11 months ago
  • Bmad
  • ingsoc1984
    • +2
      ingsoc1984  
    • Image
    • nobsartist:

      I am happy to post that I personally am a progressive tax and spend liberal. Please let me explain. First I understand that I am going for the ideal. I realize that a lot of what I pay taxes for go to stuff like the military and to corporations that live for government welfare. In the end, if enough of us understand the true purpose of taxes and how they should be used, we would then truly understand the patriotic duty of paying them.

      Why do I think paying taxes is a patriotic duty? It helps pay for the EPA, the VA, the USDA. It helps fund education, the housing authority. Maybe one day once these Republicans are flushed out of office, my tax money can go to fund improving infrastructure which would in turn create jobs.

      I also mentioned I was into spending. Well how else are you going to generate jobs if you don't invest in them? It is the job of the federal government to spend my tax money to invest in the growth of jobs. If I was constipated like the Republicans are, I would withhold my money up my anus till need be and die with it in my coffin, my money still shoved up my now rotting orifice. The money is useless to me and to everyone else unless someone decides to go treasure hunting.

      I am not religious but ahhh bahhhlieve that the money I earned should be used for my benefit and for the benefit of the good of all living things. I know... I know..it sounds so hippyish, but I was never a hippy, and most of those became Wall Street big shots.

      Now I am going to post something really personal here so you will know where I am coming from. During the last election cycle, I was being audited by the IRS for 10,000 dollars, not including the penalties. It has since turned out for the best, but for awhile there I had some pretty wild stuff hanging over me. That day when I walked into the polls to vote, I knew how crucial it was because I knew the threat these Republicans and Tea Baggers are to our form of government. Yes, I was being hasseled by the IRS, but I wasn't about to shoot myself in the foot by voting Republicans in. And in retrospect, I do not regret my vote in the slightest.

      I don't look at government as the enemy. It only becomes the enemy when it falls into the wrong hands. We have learned from history that you need a big government to support those who are not able to on their own. For example, if the federal government had not stepped in, how much longer would segragation have lasted?

      Here is another thing about me. I am a retired person living on a pension. I am not old enough for social security. I am exempt from city and state taxes in my state, but I still have to pay federal income taxes. In addition to this tax on my fixed income, I give a monthly donation of fifty dollars to Greenpeace. I give a 25 dollar a month donation to the Humane Society. I give 25 dollars a month to President Obama's program to save the Middle class. I am telling you all of this because I want you to know that I really do believe that one's income, no matter how high or low, should also be used to help others better their lives. I don't want to leave this planet in worse shape than when I found it. And I want future generations to be able to enjoy this planet better than I was able to.

      If I decide to cut spending and cut taxes, especially to the rich, like the Republicans want to there will never be any job growth because there will be no money to pay for it. Meanwhile, you have your tax cut in hand, thanks to these corporate loving idiots. but because there is less money coming in to pay for bridge and highway repairs, you take that tax cut in hand and hand it over to the token clerk for the toll increase.

      Hey if you were opening a business and needed investers (tax payers) to help you on your way, I would think that is great. Double my taxes on my fixed income now so that I can get to work helping to rebuild our country after the Republican Taliban tsunami. By the way, I have a really good reason for not liking the federal government. They left my father, a world war 2 disabled combat veteran twisting in the wind. But this government, with all its flaws, is still better than what the Koch brothers want.

      Pictured above: Where is Sammy Davis Jr. when we need him now?

    • 11 months ago
  • nobsartist
    • +2
      nobsartist  
    • ingsoc1984:

      Thank you for your insight. I am also a tax and spend liberal but I want my tax dollars to be used to further our sociey. Spending huge sums on the defense department, cia, homeland security, making sure corporations are able to pay ceo's hundreds of millions and even billions, tax returns to the same corporations that are ruining our infrastructure,
      and entititlements for polititians are not expenditures that will further anyone except those that are "stealing" our money like the banksters and those that I just named.

      I would really like to see the cia's budget and a break down of those expenditures. If our government will not reveal this information then they simply are not interested in our debt problem because they are the ones that created it.

    • 11 months ago
  • ingsoc1984
    • +1
      ingsoc1984  
    • nobsartist:

      You certainly can say this again. I keep thinking had the voters done the right thing last November, we would not even know what a debt ceiling is nor even care. And you got that about where my taxes go. If I want to be a tax and spend kind of guy, I at least want my money to go to children, old people, the mentally and physiclally challenged, the veterans, the environment, legalization of cannibis sativa in all its forms and incarnations, Legalize sex professionals, fund women's health...I can go on and on, but what the f-- do I know living as I do in a world were the best thing human beings do is make each other as miserable as possible?

    • 11 months ago
  • PIANORAMA
  • PIANORAMA
    • 0
      PIANORAMA  
    • ingsoc1984:

      Voters were pissed off because they thought President Obama wasn't cleaning up the mess Bush made fast enough. Maybe now they're waking up and smelling the coffee. The Republicans keep trying to blame Obama for the economic mess, they tried to blame him for the BP oil spill, I'm surprised they don't try to blame him for WWI and WWII, global warming, the disaster in Japan and Hurricane Katrina.

      If they can't think of anything to blame him for, they'll make up something.

    • 11 months ago
  • ingsoc1984
    • 0
      ingsoc1984  
    • PIANORAMA:

      And the president knows how much these traitorious scum hate him. None of them are intelligent enough to play politics with a master. They are so obvious in their hatred that it makes them predictable. Obama, on the other hand, is cool and calculating, We have an intelligent individual in the white house for a change, and it is really a breath of fresh air. Anyway, the president knows in advance that no matter what he puts on the table, the Republicans, being dumb absolutists, will reject everything, including a package that gives them 40 trillion dollars in cuts with even the big three struck, and all they have to give in return some revenue in tax from the rich.NO WAY, and they reject the deal just like the president knew they would. I would like to say that the debt ceiling will be raised. If it isn't, I hope the voters understand that it is the fault of some extremist fanatics in Washington DC who get their marching orders from the Koch brothers instead of from the people of the United States of America.

    • 11 months ago
  • PIANORAMA
  • nobsartist
    • +2
      nobsartist  

    • This is fucking disgusting. I call for murdocs head on a stake along with the assholes here that gave him a fucking refund.

      This is what the republiCONs call a "job creation program". Stealing from us to pay scumbags like murdoch and GE. Along with ford and the rest of the fucking traitors.

      Lets see how the asshole deals with 4000 civil lawsuits. he cant hide behind his companies because that protection goes out th window as soon as he commits a crime.

      I expect to find murdoch living in a ditch soon and it better not be here.

    • 11 months ago
  • zoomy1
  • ingsoc1984
  • PIANORAMA
    • 0
      PIANORAMA  
    • ingsoc1984:

      Oh wouldn't that be perfect justice. Wish it would happen to Boehner, Beck, Hannity, Limbaugh, and all the other talking heads and airheads. They should have to try to live on small fixed incomes, pensions and social security.

    • 11 months ago
  • ingsoc1984
    • 0
      ingsoc1984  
    • PIANORAMA:

      Meanwhile, all of the congress, right or left wing, enjoy full single payer medicare coverage. If the right weren't hypocrites, they would reject their government funded (SOCIALISM) health care out right. I bet if we took a survey of how many of these congress people rejected their health care, we would probably find near 0.

    • 11 months ago
  • PIANORAMA
  • ingsoc1984
  • Leen61
    • +2
      Leen61  

    • I just got this in my in my inbox this morning.

      BREAKING NEWS ALERT

      Rupert Murdoch's News Corp. drops bid for BSkyB, CNBC reports.

    • 11 months ago
  • PIANORAMA
  • chew_chew
    • +1
      chew_chew  

    • This makes me very angry. The thought that some of my taxpayer dollars have gone to "subsidize" Mr Murdoch's propaganda machine, further enabling him to tell me more lies, makes me feel like vomiting!

      Mr Murdoch needs to face trial for his global behavior. And I believe there should be an investigation into Fox "News" specifically regarding the perpetual revolving door of Presidential candidates swimming through Fox "News."

    • 11 months ago
  • sharin
  • zoomy1
  • PIANORAMA
  • bike10
  • navider
    • 0
      navider  

    • Sounds like Murdoch's evil empire will go down in flames including Fox News and The Wall Street Journal. Ha ha.....

      Karma prevails again!!!

    • 11 months ago
  • PIANORAMA
  • warman1138
  • zoomy1
  • warman1138
  • PIANORAMA
  • Leen61
  • zoomy1
  • letsliveinpeace
  • PIANORAMA
  • Kelly_Balthrop
  • PIANORAMA
  • UncleSpellbinder
  • simplecj
    • 0
      simplecj  

    • In the last four years what was his company's tax rate? Negative 48%... ya, just think about that every time you hear a Fox reporter say that corporate taxes are too high.

    • 11 months ago
  • PIANORAMA
  • sc_kitty
  • Frosty46
    • +2
      Frosty46  

    • What the hell is wrong with our governance that Murdoch and thousands like him can steal 8,5 billions over the coarse of four years through just one of his operations? Why can't Americans get mad enough to revolt when things have gotten this insanely dishonest. All our government is rotten to it's very core and not one is a true honest American!
      Not one!
      Looks like I'm out of here very soon!

    • 11 months ago
  • PIANORAMA
  • Frosty46
  • ingsoc1984
    • 0
      ingsoc1984  
    • Frosty46:

      LOL but I don't want you getting arrested for strong rhetoric. I hope in the weeks to come, this guy simply gets tortured the way he has been doing it to others for years, and I intend to get some enjoyment out of reading about this moron's downfall.

    • 11 months ago
  • kennymotown
  • PIANORAMA
  • kennymotown
  • cherry5000
  • PIANORAMA
  • jennilamb007
  • PIANORAMA
  • PressCore
    • 0
      PressCore  
    • PIANORAMA:

      In the spirit of Paris Hilton labeling John McCain this: the KRYPTKEEPER ! Tis
      unfortunate that we have to see HIS FUGLINESS' face other than Halloween.
      Must be unfortunate for him too. Look at all the free candy he's missing out on.
      I was almost surprised to hear he comes from Australia. I would have liked to
      think he came from Eqypt. They're expert at mummification of faces of evil trolls.
      How'd ya like to walk around a corner in the daylight and get both barrels of that ?

    • 11 months ago
  • PIANORAMA
  • PressCore
    • +1
      PressCore  
    • PIANORAMA:

      Ghoulish, huh ? Where Murdoch lights Skeletor and the Kryptkeepeer
      couldn't be far behind. Just another reason for me to loathe and detest
      the mass media for the sensationalist spectacle they've made of themselves.
      There are some forms of animals who feed only on carrion. You're looking
      at the face of such a vulture.

    • 10 months ago
  • Leen61
  • PIANORAMA
  • cherry5000
    • +4
      cherry5000  
    • Leen61:

      watching the ed show leen61, congratulations to the real democrats for winning their primaries. I am so glad the people of wisconsin is waking up to scott walker's bullcrap.

    • 11 months ago
  • Leen61
  • Leen61
    • +2
      Leen61  
    • cherry5000:

      Thank you cherry!!!! All the fake Dems lost! We are looking good going into August! Woohoo! :)) WI people are great and there was a larger than normal turn out for these recall elections. I'm so proud of my state!

    • 11 months ago
  • tverdell
  • Leen61
  • wolfess
    • +1
      wolfess  
    • Leen61:

      Yeah, when I first heard about NoW I figured b4 the dominoes stopped falling everything Murdoch had built would be gone -- now that Keith has said it, I know Murdoch is fried :-). Now wouldn't it be funny if in the process of everything coming out we discovered many of our elected employEEs were helped along by him -- might be interesting to see a mass exodus from OUR gov't as a result Murdochgate :-)!

    • 11 months ago
  • UncleSpellbinder
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