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Re: (erielack) Taxes Revisited



The report does include this item: "Changes in the Railroad Retirement tax 
base and rate increased 1974 payroll taxes $7.4 million."

Paul B

- ----- Original Message ----- 
From: "Arthur J. Tross" <ajtross_@_esva.net>
To: "Paul Brezicki" <doctorpb_@_bellsouth.net>
Cc: <erielack_@_lists.railfan.net>
Sent: Monday, October 30, 2006 9:01 PM
Subject: 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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>>
>> 


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