Tea Party Anyone?

From the New York Times‘ (NYT) earnings report:

Income Taxes
The Company’s effective income tax rate was 65.6 percent in the first quarter. The high tax rate for the quarter was driven by a $10.9 million one-time tax charge for the reduction in future tax benefits for retiree health benefits resulting from the recently issued federal health care legislation. Excluding the charge, the Company’s effective income tax rate was 39.3 percent in the first quarter.
In the first quarter of 2009, the Company recognized a pre-tax loss of $75.4 million but only an income tax benefit of $1.2 million. The tax provision was unfavorably affected by significant losses at the New England Media Group, for which only a minimum state tax benefit was recognized due to a Massachusetts law change, and various nondeductible losses. These items were partially offset by a $12 million adjustment to reduce the Company’s reserve for uncertain tax positions.

Posted by on April 22nd, 2010 at 8:58 am


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