What we do know as a fact is the New York Times not only paid no taxes in 2014 but received tax welfare of $3.5 million from the IRS.
We know whatever Trump did with his taxes is legal because for five years (at least) President Obama has targeted Trump as an enemy of Obama's corrupt regime. They would have prosecuted by now. Near as I can tell, he took a huge loss one year and can carry that over loss for several years. I know someone (not me or my wife) who did that and her income is laughably low -- less than $10,000 a year.
But Obama's is a rogue regime that violates the law routinely. Federal law prohibits officials from divulging tax information on a private individual. Likewise, federal law prohibits its publication by anyone.
However, because it is a publicly held corporation, the New York Times tax information is a matter of public record. In fact, the New York Times must publish its tax information in its annual report.
From Forbes magazine on January 31:
The New York Times just ran an op-ed by their editorial board decrying corporate inversions on the grounds that taking advantage of the tax code is somehow unpatriotic. The particular case that got the ire of The New York Times was Johnson Controls, the Milwaukee-based auto parts maker, selling itself to Ireland-domiciled Tyco International which will save it at least $150 million annually in U.S. taxes. The Times should be the last organization to criticize others for benefiting from the tax code.
Corporate inversions classically involve a larger, American company “selling” itself to a smaller, foreign-headquartered company in order to save on taxes. The motivation is the U.S. tax code, which claims the right to tax worldwide earnings rather than just the share of corporate earnings generated in the U.S. Foreign-headquartered companies need only pay taxes on their U.S. earnings and since U.S. corporate taxes are among the highest in the world (the exact ranking depends on whether you go by the stated or effective rate).
Apparently, The New York Times believes companies should take no actions in order to lower their tax rates. In fact, the editorial makes clear that the Times is particularly incensed at Johnson Control’s maneuver because the auto bailout used taxpayer money to keep Chrysler and GM in business, indirectly benefiting Johnson Controls who sold them auto parts. At this point, I would normally launch into an explanation about how corporations have no obligation to pay taxes and that it is government’s fault if it offers companies tax breaks or leaves loopholes in the tax code.As a law-abiding citizen, I refuse to be an accessory after the fact to the crimes of the Obama administration and the New York Times by discussing the details of this illegal report.
Trump should sue.
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