From Joel B. Pollack at Breitbart
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. More.
Reality check: The Times is slowly rotting away. I keep getting exciting offers for the Times at 60% off, which is somewhat like getting exciting offers for A-drive disks at 60% off.
Why do traditional/conservative Americans imagine that the huge and growing numbers of Americans who pay no federal income tax care very much about these issues, no matter what the explanation? The untaxable, generally speaking, mainly want bigger incomes while still paying no tax. They thus escape the need to care much where government money goes, as long as they get theirs.
See also: Americans “get” the jobless picture and the job-uselessness of college