October 26, 2006
Major Oils to Lease America’s Military Assets
(excerpted from “Capitalist Congruency in Ethical Accounting”, Chpt. V)
Two decades ago corporate taxes comprised 20% or more of America's tax receipts. Now they contribute in the 7% range. Much of this has been attributed to sale and leaseback boondoggles? However....?
What if the major oil companies were to do a sale and leaseback on the military assets of the United States of America? For a modest cash outlay of say three trillion dollars, which the oil companies easily have or have access to, they could depreciate all of America's tanks, ship, planes, Humvees etc and shield 100% of their obscene profits from taxation while hugely reducing the knee-buckling nation-sapping debt built up by the GOP.
As opposed to other legally deficient corporate schemes such as leasing European trams or worse yet European sewer systems this scheme can be said to actually pass a significant tax accounting sniff test. A junior tax attorney could easily make the case that such military assets are actually employed integral to the oil companies operations.
Throw stock options for the troops in with combat pay and “stay the course” might yet again, cha-ching, have a nice ring to it.
Labels: Creative Writing