According to Citizens for Tax Justice, Snow's company, CSX Corp., a railroad, paid no federal income tax at all in three of the past four years. Instead of paying taxes, CSX supplemented its over $1 billion in pretax profits (Los Angeles Times) over the four years with a total of $164 million in tax rebate checks from the federal government. Just the guy we need at Treasury -- makes a profit, pays no taxes and gets tax rebates on the taxes he didn't pay. During the same period, CSX gave Snow $36 million in salary, bonuses, stock and options, and forgave a $24 million loan so he would not lose money along with other shareholders as the company's stock price declined. Lends a whole new meaning to 'Snow job.'
"Snow's appointment also enthused our friends at Public Campaign, who found that under Snow's leadership, CSX became one of the 100 biggest overall campaign contributors from 1989 to the present. 'The company consistently ranked in the top 10 among transportation companies in influence-buying, giving $5.9 million in that period. Republicans got 72 percent of the total.'
"But what a payoff on the investment! A mere $5.9 million in campaign contributions over 13 years and they got $164 million in the last four years in tax rebates without ever paying taxes. I'm telling you, this guy Snow is a genius, and I have perfect faith that as the Bush team moves ahead to cut more taxes for the rich -- because we already have deficit -- fight a $200 billion war and increase defense spending, the books at Treasury will balance nicely."
Source: "An Economic Snow Job" by Molly Ivins published by Common Dreams.
sourcewatch.org |
