The New York Times has been, relatively unsurprisingly, against President Trump’s tax cuts, going as far as to call them a “scheme.” So, imagine when the newspaper turned out to be a huge beneficiary of the new plan.
According to a statement from the company, its tax liability was almost halved in the first quarter of 2018 “primarily” because of Trump’s tax cuts, despite higher profits. And lo and behold, it doesn’t appear as if they’re giving the money back to the federal government.
“Operating profit rose to $34.1 million in the first quarter of 2018 from $27.8 million in the same period of 2017, principally driven by strong digital subscription revenues, which were partially offset by higher operating costs and lower print advertising revenues,” the paper said in a statement Thursday.
“Adjusted operating profit … increased to $55.5 million in the first quarter of 2018 compared with $50.2 million in the first quarter of 2017.”
Despite this rise in profits, The Times only “had income tax expense of $5.3 million in the first quarter of 2018 compared with $10.7 million in the first quarter of 2017.
“The decrease was primarily due to a reduction in the U.S. federal corporate income tax rate which took effect in 2018, and a tax benefit from stock-based compensation.”- READ MORE[give_form id=”79809″] [contentcards url=”https://www.westernjournal.com/ct/after-fighting-against-trump-tax-cuts-look-what-the-new-york-times-just-got/” target=”_blank”]