Your premise has merit, but also factor in the fact that the government is claiming about 40% of our share of the MMP and the equation may change a little. It is pretty rare to have earnings pouring in with very little deductible cost-of-sales. So from a strategic standpoint, are we better off in an M/A situation that may generate cost of sales and greatly reduce our MMP tax bite, at the same time giving us alternative business opportunities?
I guess it is a good situation to be in to even have to be thinking like that; 8 years ago we had a tough time paying payroll taxes, today we are 'donating' milions to Uncle Sam. Go figure.
Best