Pay Your Taxes, Murdoch
By Carl Gibson / readersupportednews.org
Jul 28, 2011

If you had only paid a 6% tax rate over a 4-year period, accumulated $7 billion in offshore profits not subject to US taxes, had over 150 accounts in tax-haven countries like the Cayman Islands and Bermuda, and used the money from your tax dodging to buy another company, you'd be wanted for tax evasion and money laundering. But for Rupert Murdoch's News Corp, that's business as usual.

The Australian media mogul, currently under scrutiny for News of the World's alleged phone tapping of terror victims for tabloid fodder, has largely expanded his empire with the help of a rigged tax code, written by lobbyists on the payroll of corporate tax dodgers like News Corp. In the last five years, most of the $27 million spent on lobbying by News Corp was for tax legislation.

The thousands of loopholes in our lobbyist-written tax code allowed Murdoch's company to cut their corporate tax rate to 6%, meaning News Corp paid just $324 million in taxes on $5.4 billion in worldwide profits in the years leading up to his $5 billion Dow Jones buyout. The Bancroft family would still be in control of the Wall Street Journal if it weren't for Murdoch's expertise in tax dodging.

Comparatively, corporate tax rates in the countries where News Corp operates - Australia, America and the UK - are 36%, 35%, and 30% respectively. In 2010, Murdoch's media empire exploited the tax loopholes lobbied for to pay just an 8.5% tax rate in the US on $2.9 billion in profits.

If News Corp paid the standard 35% US corporate tax rate like Costco, CVS Caremark and USAA Bank already do, the US Treasury would gain an extra...

4.0 ·
1
Featured Pay Per View Films
Inhabit: A Permaculture Perspective (2015)
92 min
Within Reach (2013)
87 min
The Economics of Happiness (2011)
65 min
Trending Today
AI Has Already Taken Over - It's Called the Corporation
Jeremy Lent3,173 views today ·
Born Sexy Yesterday: Another Gendered Hollywood Movie Trope That Needs to Die
18 min3,051 views today ·
Dear Fellow White People: Did I Ever Tell You about the Time I Realised I was Racist?
5 min1,473 views today ·
Why the Documentary Must Not Be Allowed to Die
John Pilger1,188 views today ·
How to Know When Holiday Drinking Is Hurting Your Brain
Jamie Smolen1,178 views today ·
Why Does Our Culture Focus So Much on Childbirth and So Little on The Time After?
Dr. Kathleen Kendall-Tackett1,126 views today ·
Empire Files: A Massacre of Farmers in US-Colombia ‘War On Drugs’
30 min1,096 views today ·
6 Simple Self-Compassion Exercises
5 min1,090 views today ·
87 Deeply Subversive Documentaries That Challenge the Status Quo
Films For Action1,070 views today ·
Load More


Love Films For Action? 

Films For Action empowers citizens with the information and perspectives essential to creating a more just, sustainable, and democratic society.

If you feel like you get some value from this library, consider making a donation today. Every little bit helps.

Join us on Facebook
Pay Your Taxes, Murdoch