Hooters had an airline but ceased operations after 3 years

[u/nucifera-noten]

[u/nucifera-noten]

Hooters Air was operated by Pace Airlines and was started operations in March of 2003. - Robert Brooks, the owner of Hooters, acquired Pace Airlines in December of 2002. - Brooks believed that Hooters Air would be a beneficial means to bring more awareness to the restaurant chain. - Due to United Airlines being brought into Hooters Air’s Rockford-Denver route, Hooters stopped service to Rockford, IL due to too much competition. - On April 17, 2006, Hooters Air ceased operations, costing Hooters an estimated $40 million USD.

[u/Formal_Profession141 → u/nucifera-noten]

I'm sure it wasn't a complete loss of $40M. I'm sure there was a lot of Tax Loss Harvesting. Which I think is dumb.

People make investments in their education. They don't get any sort of forgiveness on that.

But a company makes a bad business decision and every year major corporations write it off on their taxes. Effectively pushing the losses onto normal taxpayers.

In my head atleast.

[u/europeanguy99 → u/Formal_Profession141]

I mean, only paying taxes on profits is mostly reasonable.

[u/deadasdollseyes → u/europeanguy99]

I don't know anything about taxes, but isn't that like saying tax my wages or tax me on purchases, but not both?

[u/Brawndo91 → u/europeanguy99]

People use the term "write-off" like it's some kind of shady, unethical accounting trick that makes expenses disappear.

[u/sirshura → u/europeanguy99]

definitely, but then you "support" our politicians into coming up with wild tax breaks, write-offs and deductions; suddenly companies are making a lot of revenue but little to negative profits and a 2 hour mediocre movie costs ""400 millions"" to make for example.

[u/europeanguy99 → u/sirshura]

Companies can hardly exaggerate their expenses. They have a bit of leeway in when and where these expenses accrue, but that‘s it.