> > For the record, Chrysler's effective federal tax rate under that > disadvantageous U.S. tax system through the 1990s was a mere 18 > percent -- slightly more than half of the statutory rate of 35 > percent. The huge net operating losses that Chrysler incurred helped > the company avoid paying taxes altogether some years, and steeply > reduced its tax bill other years. Adding insult to injury, Chrysler > filed a petition in U.S. Tax Court in 1997 claiming it was owed a > refund of $49.8 million from 1983 to 1985. The bulk of write-offs the > car manufacturer claimed were related to costs associated with the > government bailout of 1979. In effect, Chrysler was asking other > taxpayers to subsidize the bailout a second time. That case is still > pending.
This refund may stem from the fact that Chrysler, at that time with Lee Iacocca at the helm, paid off their loan quite a bit early. I haven't looked into this, but I'd bet the refund due is because of interest saved by the early payoff. Even the Guvmint is subject to the Fair Debt Collection Practices Act. Iacocca was a hell of a manager. First he bailed out Ford. Then Ford screwed him and put him out of a job. Then Chrysler hired him and he pulled their bacon out of the fire. I wonder what he's up to now. -- Aviation is more than a hobby. It is more than a job. It is more than a career. Aviation is a way of life. A second language for the world: www.esperanto.com Processor cycles are a terrible thing to waste: www.distributed.net ------------------------ Yahoo! Groups Sponsor ---------------------~--> Get your FREE credit report with a FREE CreditCheck Monitoring Service trial http://us.click.yahoo.com/ACHqaB/bQ8CAA/ySSFAA/FGYolB/TM ---------------------------------------------------------------------~-> Biofuel at Journey to Forever: http://journeytoforever.org/biofuel.html Please do NOT send "unsubscribe" messages to the list address. To unsubscribe, send an email to: [EMAIL PROTECTED] Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
