NYT Digs up 20+ Years of Tax Dirt on Trump (Obama, conservatives)
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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 annual report says, “State tax operating loss carryforwards (‘loss carryforwards’) totaled $13.5 million as of December 27, 2009 and $9.5 million as of December 28, 2008. Such loss carryforwards expire in accordance with provisions of applicable tax laws and have remaining lives generally ranging from 4 to 20 years.”
Similarly, in 2006, the New York Times Company was in trouble. Its stock price had tumbled to a low of $21.58 in that year from a high of $40.80 in 2005. The company reported an annual loss for 2006 of $543 million. The Times 2006 annual report says the company’s “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.”
Speaking of the New England Media Group, it is to the Ochs-Sulzberger family what loss-producing golf courses are to the Trump family. The Times Company bought the Boston Globe for $1.1 billion in 1993, added the Worcester Telegram & Gazette for $295 million in 1999, and sold them both to Boston Red Sox owner John Henry for $70 million in 2013.
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.
The Times makes a big investigative scandal about President Trump’s businesses paying his sons and his daughter Ivanka, describing it as a way around the gift tax. 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. Mr. Sulzberger Jr. will assume the title chairman emeritus.
So what? The NY Times is not the President of the US, Trump is.
Although it's perfectly possible that this meager$750 amount is legal, one major point of the article is the indication that there is a whiff of a lot of other fraud.
However, Trump denying the $750 makes me think it's true.
There's not any indication of fraud unless you are a brain addled TDSer. He is constantly audited. If there was a "whiff" of fraud, the IRS would have been all over it, especially in the politicized Obama era, when the IRS went after conservatives.
There are definitely ways to get tax breaks but he was also making hundreds of millions for The Apprentice and has had several other business ventures outside of real estate (Trump University, Miss America pageant, etc.) The fact that he had so many revenue sources and yet was still declaring huge losses is not what I would call typical or expected for a billionaire who constantly totes their business acumen.
I think you’re being overly generous here by shrugging this off as normal business practices and giving the guy a full pass.
well, none of us have seen his taxes.
If Amazon can make $1B in one year but pay nothing in taxes legally, what's to say he can't make $1B over 15 years and pay taxes only 5 of those years?
If the fake New York Times isn't totally making things up, it sounds like somebody who was part of the IRS audit or someone in the Trump organization who has bits and pieces.
Some of the stuff they mention would not be in the return. It wouldn't be known except inside the organization or as part of an audit. Either way, if its a CPA, lawyer or enrolled agent, they would lose their license, if not go to jail over this.
You've correctly noted that there seems to be a LOT of non-IRS information reported. The NYT chose not to say where they got that info. Some info might be publicly-available - like the mortgages. I can tell that generally, the Deed of Trust (the collateral) is filed and tells you an amount. In my experience, the Note (repayment terms and maturity) is not recorded and thus remains confidential.
Although it's perfectly possible that this meager$750 amount is legal, one major point of the article is the indication that there is a whiff of a lot of other fraud.
However, Trump denying the $750 makes me think it's true.
To repeat again....
By literal interpretation, he paid ~$5MM total in 2016 & 2017. He truly paid it, when he filed an extension. The NYT says as much.
By equally literal interpretation, his OBLIGATION was $0, but his CPA filed $750 each year.
well this could be solved in a few minutes if Trump would show his tax returns, I wonder why he won't
given 1,400 posts among people just on THIS thread, who act like they are adults and pay taxes themselves, this is clearly not correct.
He could release every return and every schedule and every underlying document. Sure, you could find a partisan CPA to claim "this is fraud, even if the IRS has never said it was" or pay some non-partisan CPA to say "this looks questionable"
There's not any indication of fraud unless you are a brain addled TDSer. He is constantly audited. If there was a "whiff" of fraud, the IRS would have been all over it, especially in the politicized Obama era, when the IRS went after conservatives.
Oh, Obama wouldn't have done that. He got every shot at Trump he needed at the WH Correspondents' Dinner
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