Saturday, October 18, 2008

Public Corporations Tax Returns Made Public?

A former commissioner of the IRS is on record in this morning's paper as advocating for the public release of public corporations' tax returns, an idea I'm not exactly against (though I think I need to think about it a bit more).

Such a move would certainly settle the debate about corporate tax rates, wouldn't it? But I wonder what additional information would be found in a return that isn't in the financial statements released in annual reports, etc? Any help from folks who know this stuff? Gigs? You listening?


Doc Milnamo said...

Income tax expense is on the income statement and frequently broken out by source [federal, state, etc.].

So, the bottom line is there and one can easily divine the tax rate.

It makes good populist politics to open up companies' books doesn't it? Most folks won't have a clue as to what they're looking at, nor what to do with the data. Oh, unless they're looking to see who the company is giving away money to.


Anonymous said...

you are a heartless meanie who thinks decisions should be made logically and based on facts. crazy talk. Conservative Cuckoo.

Doc Milnamo said...

Mea culpa anon ;-)

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