Rupert Murdoch's News Corp. collected $4.8 billion in income tax refunds in the last four years.
Murdoch's U.S.-based media empire has made money on tax rebates on top of its $10.4 billion in profits.
At the standard 35 per cent corporate tax rate the company should have coughed up $3.6 billion in tax.
It seems it doesn't matter what the tax rate is for corporations. They'll just fill out their tax forms however they want and Uncle Sam will act stupid about it and allow them to take take take instead of pay their fair share.
And why isn't Murdoch in prison yet, for his all he's done?
Read more, and try to figure out the corporate accounting. I couldn't follow it, maybe you can ...