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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsRomney’s Adviser Complains About Company’s High Taxes — But It Pays Just 2.2 Percent
Romneys Adviser Complains About Companys High Taxes But It Pays Just 2.2 Percent
By Rebecca Leber
In a congressional hearing Thursday, Continental Resources CEO and Mitt Romneys chief energy adviser Harold Hamm asked to preserve the oil industrys billions in tax breaks, although his company pays little in federal taxes. The oil firm has earned more than $1.8 billion profit over five years by dominating the oil shale boom in North Dakota.
In his prepared testimony, Hamm defends tax breaks by pointing to his own company, saying, Continentals effective tax rate is 38%! But according to Citizens for Tax Justice, Continental paid an average 2.2 percent tax rate, or $40 million, over five years.
Hamm claims a higher tax rate by including deferred taxes the company hasnt paid. Its a popular tactic, used by oil companies and the American Petroleum Institute. CTJ shows that Continental Resources has paid federal income taxes as low as 0.1 percent in the last five years:
- more -
http://thinkprogress.org/economy/2012/09/13/843341/romney-hamm-taxes/
By Rebecca Leber
In a congressional hearing Thursday, Continental Resources CEO and Mitt Romneys chief energy adviser Harold Hamm asked to preserve the oil industrys billions in tax breaks, although his company pays little in federal taxes. The oil firm has earned more than $1.8 billion profit over five years by dominating the oil shale boom in North Dakota.
In his prepared testimony, Hamm defends tax breaks by pointing to his own company, saying, Continentals effective tax rate is 38%! But according to Citizens for Tax Justice, Continental paid an average 2.2 percent tax rate, or $40 million, over five years.
Hamm claims a higher tax rate by including deferred taxes the company hasnt paid. Its a popular tactic, used by oil companies and the American Petroleum Institute. CTJ shows that Continental Resources has paid federal income taxes as low as 0.1 percent in the last five years:
- more -
http://thinkprogress.org/economy/2012/09/13/843341/romney-hamm-taxes/
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Romney’s Adviser Complains About Company’s High Taxes — But It Pays Just 2.2 Percent (Original Post)
ProSense
Sep 2012
OP
sinkingfeeling
(51,473 posts)1. Wow, can I get the same rate?
ProSense
(116,464 posts)3. No kidding. n/t
sakabatou
(42,174 posts)4. +1
abelenkpe
(9,933 posts)2. K&R
Why is it ok with republicans that corporations pay so little?
sakabatou
(42,174 posts)5. "We want percent! Anything above is too much!"
HopeHoops
(47,675 posts)6. But you'll notice that the wingnuts always frame it in dollar amounts, not percentages of profit.