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Sunday, October 02, 2016

The New York Times Paid No Taxes in 2014

The New York Times has excited the Clinton campaign and the rest of the media with a revelation that Republican nominee Donald Trump declared a $916 million loss in 1995 that might have resulted in him not paying taxes in some subsequent years.

The implication, reinforced by CNN’s Jake Tapper on State of the Union on Sunday morning, is that Trump “avoided” paying taxes, when in fact his tax liability was zero.

But the Times itself has “avoided” paying taxes — in 2014, for example.

As Forbes noted at the time:

… for tax year 2014, The New York Times paid no taxes and got an income tax refund of $3.5 million even though they had a pre-tax profit of $29.9 million in 2014. In other words, their post-tax profit was higher than their pre-tax profit. The explanation in their 2014 annual report is, “The effective tax rate for 2014 was favorably affected by approximately $21.1 million for the reversal of reserves for uncertain tax positions due to the lapse of applicable statutes of limitations.” If you don’t think it took fancy accountants and tax lawyers to make that happen, read the statement again.

New York Mayor Rudy Giuliani defended Trump on Sunday, telling NBC News’ Meet the Press that Trump was a “genius” in business who was simply doing what the tax code allows every American to do by counting losses against tax liabilities, and bouncing back from failure to success.

That would include the New York Times — which, however, is still struggling.



Anonymous said...

Tell the NYT to get back to us when they find out for sure instead of "MIGHT have resulted in him not paying taxes in subsequent years."

Anonymous said...

This article just tickled me when I saw it. What a side-splitter.

Anonymous said...

Think of all of the things that he did pay for: workmen's comp, thousands of salaries, health care benefits, etc., etc. And he provided job opportunities for thousands, which is what Hillary promised as a senator but didn't deliver at all. Her promises now are as empty as they were for those four years she enriched herself and her family and friends.

Anonymous said...

The lemmings will not understand. All they understand is - Trump took welfare dollars from my children!!

Anonymous said...

He should be praised for not handing money over to the thieves in Washington DC ! I wish I didn't get screwed by the government(s) every year !

Anonymous said...

They forgot to mention the REFUND NYT got!