The New York Times investigation of President Trump says the president used big tax losses in some years to avoid paying taxes in others, that he invested some of his profits into money-losing businesses, and that Mr. Trump paid his daughter as a way to transfer assets to his children.
The Times ought to know because the New York Times Company and the Ochs-Sulzberger family that control it have done the same things.
The Times investigation of Mr. Trump reports, Mr. Trumps business losses have often accumulated in sums larger than could be used to reduce taxes on other income in a single year.
The New York Times Company had a loss of about $58 million in 2008, and its 2009 annual report disclosed a net income tax benefit of nearly $6 million that year.
The Times 2006 annual report says the companys effective income tax rate was 3.0% because the majority of the non-cash impairment charge of $814.4 million at the New England Media Group is non-deductible for tax purposes.
Like Mr. Trump, the Times Company has even dabbled in the golf sector: The Times Company bought Golf Digest magazine in 1969 for between $3 and $4 million, then sold it in 2001.
Less than a week before the Times published its investigative report, it issued a press release: the New York Times Company today announced that Arthur Ochs Sulzberger Jr., 69, will retire as chairman and a member of its Board of Directors on Dec. 31, 2020 and will be succeeded as chairman by A.G. Sulzberger, 40, Times publisher since 2018.
Foreign revenue? The Times complains that Mr. Trump is making money overseas, licensing deals in countries with authoritarian-leaning leaders or thorny geopolitics for example, $3 million from the Philippines, $2.3 million from India and $1 million from Turkey.
The Times even claimed a $2.6 million tax deduction in 2019 for foreign-derived intangible income, along with a $5.7 million research and experimentation tax credit.
The Times annual report lists a subsidiary in communist China, the Beijing Shixun Zhihua Consulting Co. LTD. Meanwhile, 9.8 % of Times Company stock is controlled by a Mexican national, Carlos Slim Helu, according to the 2020 Times proxy statement.
In its report on Mr. Trumps taxes, the Times assures readers that All of the information The Times obtained was provided by sources with legal access to it.
Thursday, October 1, 2020
Guess How the Times Knows So Much About Tax Losses Trump Uses
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