Those crazy tax loopholes

Fox paid $4.8 billion in taxes, MSNBC $0

July 15, 2011 by Don Surber

OK, the headline is misleading.

The parent company of Fox News — News Corp. — paid the U.S. government $4.8 billion in taxes over the last four tax years (2007-2010).

GE, which owned most of MSNBC until late last year, paid zero taxes in 2010.

In fact, GE received a $3.2 billion welfare check from Uncle Sam.

From Pulitzer Prize winner David Cay Johnston:

(Reuters) — 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.

Dum de dum dum.

Hat tip: James Taranto.

From the New York Times:

General Electric, the nation’s largest corporation, had a very good year in 2010.

The company reported worldwide profits of $14.2 billion, and said $5.1 billion of the total came from its operations in the United States.

Its American tax bill? None. In fact, G.E. claimed a tax benefit of $3.2 billion.

No wonder MSNBC millionaires like Chris Matthews want more taxes.

Until recently, their employer did not pay them.

In fact, the Obama administration redistributed money from the parent of Fox News to the parent of MSNBC.

Getting a competitor to split his loot with you would send a thrill up anyone’s pants leg.