Thanks to Trump's tax "reform" law, Rupert Murdoch will be out about $260 million after the Fox-Disney deal
Posted by
Brian (aka trav007)
Jul 1 '18, 07:46
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"Now, for tax calculations. Combine the top 23.8 percent federal income tax rate on long-term capital gains with the top New York state and New York City income tax rates, and you get a total tax rate of about 36.5 percent. Apply that to the Murdochs’ $8.7 billion (by my estimate) of taxable income, and the total income tax runs about $3.2 billion.
Under the old tax law, the Murdochs’ $1.1 billion or so of New York state and New York City income tax would have been deductible from their federally taxable income.
Under the new tax that Rupert Murdoch’s buddy Trump pushed through last year, you can’t deduct more than $10,000 of state and local taxes from your federally taxable income. So by my math, the Murdochs are forking over about $260 million more than they’d have owed last year."
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