All you corporate tax gurus:

The US corporate tax rate is 35% for anything over $18.3mil...

So does that mean that for every $1.00 of expenses (i.e. pilot contract costs), that the "real cost" to the company is only $0.65?

i.e. Increase in pilot wages by $2 Billion per year would mean a "true cost" to the company of only $1.3 billion per year?

Am I doing that math correctly?