The people who run the New York Times, along with columnists like Paul Krugman and Maureen Dowd, are so ill-informed and out of touch that their efforts to tell the rest of us what to think grow more pitiful every day. This is from today’s NYT Corrections Section. The paper corrects a news story written by a reporter who has no comprehension of the tax code, but nevertheless tried to make a political point by implying that subchapter S corporations represent some kind of tax dodge:
An article on Wednesday about the business culture at the Tribune Company after its acquisition by Sam Zell referred incorrectly to federal taxes on an S corporation, which Tribune became after the deal. S corporations pay no federal taxes because shareholders are responsible for all taxes; therefore, taxpayers do not become “essentially silent partners in the deal.”
Pathetic. Nearly every day, the Times’s editors and reporters lecture the rest of us on tax policy, but for the most part, they have no idea what they are talking about. If you are looking for ignorance, the New York Times is your newspaper.