Word: taxingly
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Dates: during 1990-1999
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Sometimes the welfare benefits extend beyond the companies to include their executives. The next time you fly and pay the 8% federal excise tax on airline tickets, plus a $2 surcharge to pay for air-traffic-control services, think of America's corporate bosses. They don't pay the tax or surcharge if they're flying on company planes--for business or pleasure. Though corporate jets pay a fuel tax, these revenues do not come close to covering their share of air-traffic-control costs. It works out to a subsidy of upwards of $350 million a year to corporate...
Would large corporations export without the tax break? Well, yes. "Boeing's not going to stop the sale of a 747 just because there's no FSC," Englert opines. "Exports would go on just like they have throughout history...
LIFE OFFSHORE Postcards from Tax-Free Havens...
...year in the vicinity of their FSC--a perfect excuse for a vacation in the Caribbean. Indeed, an FSC brochure put out by the Virgin Islands government extols the deep-sea fishing, the snorkeling, the reefs, the beaches, the 80[degree] weather. Its cover reads: U.S. EXPORTERS: TAKE A TAX BREAK IN PARADISE. Catherine Sittig, the FSC manager, said that when she asked one executive why he had located his FSC in Bermuda, he replied, "Because I play golf...
Meanwhile, a select few continue to reap the benefits of FSCs. Only about two-tenths of 1% of corporations that file tax returns have an FSC. Of those that do, fewer than 50 big exporters enjoy most of the tax benefits. Among them: AlliedSignal, Boeing, Caterpillar and Motorola, which together have escaped payment of more than $600 million in federal income tax over the past three years, thanks to their FSCs...