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<br />~qql. <br /> <br />I <br /> <br />The statement of the Utah Power and Light <br />Company states that these companies will pay taxes <br />to the federal government and the state govern- <br />ments at the rate of $3,280,000 a year if they <br />are allowed to construct this system. Over the <br />86-year period that comes to $282 million in <br />taxes. The brochure of the Public Service Company <br />of Colorado says federal taxes will be $96 million. <br />I do not know over what period, although I assume <br />over the period of study - over the 86-year period. <br />And that comparable local taxes would be paid. <br />Now that comes to $192 million as contrasted with <br />the $282 million information that is being put <br />out by the Utah Power and Light Company. These <br />brochures make great emphasis on what they are <br />going to save the American taxpayer. I have <br />copied their own statements - these are their <br />own figures I am giving you. The Public Service <br />Company of Colorado, in its brochure, states that <br />the combined plan will reduce federal investment <br />by $137 million, reduce interest by $155 million, <br />reduce 0 & M by $174 million, and reduce losses <br />by $76 million, for a total saving to the tax- <br />payers of $542 million. Now what they don't tell <br />the taxpayer in any of these brochures, is the <br />cost to the taxpayer which is contained in their <br />proposal to the federal government. Now the cost, <br />under their own figures, is $562 million. So to <br />save the taxpayers $542 million they charge $562 <br />million. This the taxpayers could stand more of. <br /> <br /> <br />It boils down to one simple philosophy. <br />These companies are in business for profit. They <br />are not here, and rightly so, as charitable insti- <br />tutions. We understand the profit motive. It is <br />the basic backbone makeup of our economy. But <br />what we are trying to do in this project is to get <br />the profits from the power to build these partici- <br />pating projects - not to have the profits siphoned <br />off by the utilities companies. And nowhere, in <br />any of these proposals that went out to the public <br />or to the federal government, are these proposals <br />by the utilities companies ever broken down to <br />the individual segments of lines so that you can <br />see what happens in any given instance. Those are <br />carefully ignored in any and all proposals which <br />have been made. <br />