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Thursday, May 04, 2006

Time Warner Profits up 60% - Time for a Windfall Profits Tax on the Media!

Liberals love to tax the shit out of everyone - from ordinary people to businesses, they just cannot help themselves to money that does not belong to them, earned from hard work. Give liberals power, and they tax everyone to death.

This includes the oil industry. When they make $7 billion and pay $6 billion in taxes, the liberals scream for a "windfall profits tax" because earning $1 billion in after tax profit, to liberals, is insane and proof of some crime.

We wait, however, for the cries from the Left to increase the windfall profits taxes on media corporations - especially when Time Warner announced today that their profits are up 60% over last year.

Wait - what is that? Time Warner is a friend of Downies? They own the Downies' personal "news" network, CNN?

My God! We can't tax them - that would be, well...heresy! And a violation of free speech, to boot!

Time Warner profits climb 60 percent in first quarter

NEW YORK -- Media conglomerate Time Warner Inc. reported today that its first-quarter profit climbed nearly 60 percent, driven by growth in its cable TV division and gains from the sale of its book group and other assets.

The New York-based company, whose holdings include Warner Bros., the Time Inc. magazine publisher, CNN and HBO, earned $1.46 billion, or 32 cents a share, in the first three months of the year, up from $915 million, or 19 cents per share, in the same period a year ago.

Revenues rose 1 percent to $10.46 billion from $10.36 billion a year ago.

Excluding unusual gains and other one-time effects in both periods as well as the results from its book group, which it has agreed to sell to the French media and defense conglomerate Lagardere SCA, earnings rose 32 percent to $1.2 billion from $908 million in the same period a year ago.


$10 billion in one quarter? Obviously, Time Warner is gouging its customers.

Something needs to be done here, and quick. We say, tax the fuckers. That'll teach them.

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