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2003-05-27
The May 3 Washington Post has an article, Firms Want Refunds Of Tax on Fake Profit, regarding Enron, MCI and other corporations that inflated their profits and now want tax refunds:
Sen. Max Baucus of Montana, ranking Democrat on the Senate Finance Committee, said it is "disturbing that the very corporations that deceptively inflated their earnings to boost their stock prices are now requesting that the taxes they paid on fictitious earnings be refunded." Sure it's disturbing, but wouldn't it be even more disturbing if the stockholders—the innocent ones, anyway—were not refunded income tax paid on phony profits?
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