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2018-10-14 Home Front: Politix

Here We Go Again - NYT Hit Piece On Jared Kushner's 'Tax Returns' - Another Fisking

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Posted by Raj 2018-10-14 00:00|| || Front Page|| [5 views ] Top

#1 That's awesome, Raj. Thank you.

Just for giggles I took a quick look at the most recent (year-end 2017) 10-K for the NYT's parent company, via Edgar. I may be misreading this because I don't have anything resembling your financial background, but the NYT's consolidated statement of operations (at p. 54 of the 10-K) shows that the NYT reduced its reported revenues by about $62mm (for each of 2015, 2016 and 2017) for depreciation and amortization. And the NYT isn't in the real estate business, at least not intentionally. Bad, bad NYT. They're also underfunded by about $69mm on their pension obligations (MD&A at page 8) but that looks like part of a much longer story.

Posted by Matt 2018-10-14 11:27|| 2018-10-14 11:27|| Front Page Top

#2 But come to think of it, the much more relevant point would be to compare the Trump family tax situation to the Sulzberger family tax situation. I'm sure there's a standing order to the Sulzberger family accounts and advisors that "Our objective is to maximize our federal tax payments, because, you know, it's good to spread the wealth around."

Posted by Matt 2018-10-14 11:58|| 2018-10-14 11:58|| Front Page Top

#3 Nice find, Matt!

Posted by Raj 2018-10-14 12:43|| 2018-10-14 12:43|| Front Page Top

#4 Forgot to add in - Matt's depreciation number is dead on.

Posted by Raj 2018-10-14 12:44|| 2018-10-14 12:44|| Front Page Top

#5 Mods - could you remove the trailing dash on the previous comment's hyperlink? It's broke because of it. Thanks.

Posted by Raj 2018-10-14 12:47|| 2018-10-14 12:47|| Front Page Top

#6 To flip it around: If Kushner's company had bought a BMW in 2008 for $100K and was still showing the BMW as having a value of $100K in 2018, the NYT headline would be "Kushner's Company Lies About the Value of Its Assets." Depreciation is a real thing, even if its exact treatment in a financial statement is the result of an accounting convention (GAAP).

Posted by Matt 2018-10-14 13:22|| 2018-10-14 13:22|| Front Page Top

#7 Taxes fund government, but investments fund private lives. As long as he is investing in projects (create jobs), or startups (creates opportunity), then he is doing his part unlike that asshole Soros who is investing in chaos, sedition, and the coup.

Posted by Huping Omeretle2879 2018-10-14 15:48|| 2018-10-14 15:48|| Front Page Top

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