See other Editorial Articles
Title: Romney’s Adviser Complains About Company’s High Taxes — But It Pays Just 2.2 Percent
Source:
[None]
URL Source: [None]
Published: Sep 13, 2012
Author: http://thinkprogress.org/economy/2012/09
Post Date: 2012-09-13 15:21:35 by tom007
Keywords: None
Views: 140
Comments: 3
Romney’s Adviser Complains About Company’s High Taxes — But It Pays Just 2.2 Percent By Rebecca Leber on Sep 13, 2012 at 1:45 pm In a congressional hearing Thursday, Continental Resources CEO and Mitt Romney’s chief energy adviser Harold Hamm asked to preserve the oil industry’s 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, “Continental’s 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 hasn’t paid. It’s 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: While oil executives complain that they are “the highest taxed industry,” in reality, the two most profitable oil corporations pay less taxes than the average American. Hamm stands to financially benefit from the Romney’s policies, which preserves tax breaks for oil companies and may even allow drilling in national parks. Tags: Oil Tax Loopholes Taxes
Post Comment Private Reply Ignore Thread
Top • Page Up • Full Thread • Page Down • Bottom/Latest
#1. To: tom007 (#0)
That's 2.2 percent too high
Calling Ron Paul an isolationist is like calling your neighbor a hermit because he doesn't come over and break your window - unknown I WITHDRAW MY CONSENT! GreyLmist posted an excellent article that lays out the Founding Fathers rejection of internal taxes and putting the burden on foreigners through excise duties and tariffs. The IRS is an abomination before God and so are all taxes on individuals and corporations.
Any perceived compliance with unconstitutional “laws” or orders put forth by government employees is NOT recognition of their authority; it is simply the result of carefully calculated submission to an entity exhibiting superior firepower.
#2. To: tom007, GreyLmist (#0)
-Alex Kurtagic
#3. To: F.A. Hayek Fan (#1)
It would be if the rest of us could get away with paying that or less. That's 2.2 percent too high
"The real deal is this: the ‘royalty’ controlling the court, the ones with the power, the ones with the ability to make a difference, with the ability to change our course, the ones who will live in infamy if we pass the tipping points, are the captains of industry, CEOs in fossil fuel companies such as EXXON/Mobil, automobile manufacturers, utilities, all of the leaders who have placed short-term profit above the fate of the planet and the well-being of our children." - James Hansen
Top • Page Up • Full Thread • Page Down • Bottom/Latest