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Re: (erielack) Taxes Revisited
all
Don't forget that Railway Tax Accruals included Railroad Retirement and
Railroad Unemployment taxes paid on behalf of employees. Much greater than
Social Security taxes.
Art Tross
At 06:17 AM 10/27/06 -0400, you wrote:
>I've been looking at EL financial statements for 1973 and '74 (definitely
not a "pick-me-up"), and in light of our recent discussion of high property
tax in eastern states, especially NJ, I noted the item "Taxes other than
taxes on income" (EL didn't have any of the latter, of course). This is
from the 1974 Annual Report and so is not further detailed, but I presume
most of it is property tax, from which apparently bankruptcy did not
provide relief. This item cost EL about $31.5m in 1974, 23% more than in
1973. EL's net loss in '74 was $17.2m. The added $6m tax burden helped
consume a good chunk of the $25m increase in freight operating revenue,
which was due to rate increases. So it appears that EL may actually have
been profitable if not for excessive property tax. No wonder NKP and then
N&W didn't want any part of it. Comments, anyone?
>
>Paul B
>
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