NC Media Watch

A quest for reason and accuracy in letters to the editor, guest editorials and other issues of interest to the citizens of Western Nevada County.

Monday, September 27, 2004

John Keane suggests we should Tax war profits, September 27, 2004, letters to the editor.
“As our soldiers fight and die for liberty in the Middle East, the conglomerates reap billions.”

“A war profits tax should be established now and levied on any company that benefits from this or any future war of aggression, with the revenues going to our service men and women through the VA.”
Lets look at this issue in more detail by examining Halliburton’s excessive war profits, which has been a big target of the left leaning press. Halliburton’s KBR division has been awarded $12 billion in military and reconstruction contracts, but have not realized those "excessive" profits.
“In the second quarter, KBR reported an operating loss of $277 million compared with a loss of $148 million a year earlier, on revenue of $3.1 billion.”
According to International Herald Tribune article, Halliburton is looking to sell KRB, which is emerging from bankruptcy, as being a big drag on the parent company stock. So, taxing an unprofitable company for excessive profits is a loosing proposition.

It would appear, that Mr. Keene has been reading the far left web sites about excessive profits, not checking the facts, at least in the Halliburton case.

Tell me what you think

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