Reply to NYT got tax refund in 2014 with 29 mil profit

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[quote=Anonymous]Hmmm...

[quote]However, I do not need to lecture The New York Times on that topic because it knows that lesson well. After all, the newspaper of record has its headquarters in a building built on landseized by the government under the power of eminent domain from ten different owners, some of whom did not want to sell, implying that the government exercise of power saved the developer money. In addition to that benefit, The New York Times also received $26 million in tax breaks in exchange for keeping jobs in New York City.

More recently, 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.
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If it is unpatriotic to minimize your corporate taxes by moving your headquarters out of the country, then it should be just as wrong to collect a tax break in exchange for not moving your headquarters out of a city (or state). Before the editorial board of The New York Times criticizes corporate inversions, they should probably check whether their employer has also benefited from tax-minimizing strategies.

Personally, I belong to the Warren Buffett school of taxpaying: If the tax code lets you do it, then it’s fine; you have no obligation to pay more taxes than legally required. However, newspapers in glass houses should probably not throw stones.[/quote]

http://www.forbes.com/sites/jeffreydorfman/2016/01/31/new-york-times-hypocrisy-on-corporate-taxes-reaches-record-high/#10448e706577

Other links with this story:

http://www.breitbart.com/big-journalism/2016/10/02/new-york-times-paid-no-taxes-2014/
http://twitchy.com/jacobb-38/2016/10/02/how-much-do-you-think-the-new-york-times-paid-in-taxes-in-2014/
http://www.newsmax.com/Headline/nyt-didnt-pay-taxes-2014/2016/10/02/id/751276/

My view of all of this is that it says a hell of a lot more about our broken tax system than it does about those who choose to take advantage of every law available to them to minimize their tax burden.  [/quote]

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