• May 16, 2022

NYT Takes 3.5 Million Refund on 29.9 in 2014

times

The New York Times crowed because Trump lost 916 million in 1995 and was able to take a write off from future profits but they didn’t think to tell anyone about their tax return for 2014.  The had a pretax profit of 29.9 million and received a 3.5 million dollar tax refund.  Now that’s a pretty slick trick.  The Times didn’t pay one penny of income taxes on that 29.9 million.

From Forbes:

… 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.

From Breitbart News:

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.

As Jazz Shaw of HotAir.com notes, the Times — or whoever was its source — likely obtained Trump’s tax document illegally.

Related post