Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search
 

Scuba

(53,475 posts)
Tue Sep 18, 2012, 07:15 AM Sep 2012

Romney adviser complains about high taxes – but fails to mention his company’s paltry 2.2% tax rate

Coverage thanks to Blogging Blue.



Pardon me if I don’t feel any sympathy for Harold Hamm…


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.


So if you’re playing along at home, Harold Hamm’s compant has earned $1.8 billion in profit over the past five years but has averaged just 2.2% in federal income taxes, and in one year (2009) Hamm’s company paid only 0.1% in federal income taxes. How much lower does Harold Hamm think his company’s taxes need to be in order to not be “high?”




That's the whole article. Another one of the "moochers" Mitt was talking about? No, I don't think so.
1 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Romney adviser complains about high taxes – but fails to mention his company’s paltry 2.2% tax rate (Original Post) Scuba Sep 2012 OP
According to the IRS oldsarge54 Sep 2012 #1

oldsarge54

(582 posts)
1. According to the IRS
Tue Sep 18, 2012, 07:26 AM
Sep 2012

I know why he is complaining. You see, according to the IRS, only 33% of all corporations pay ANY taxes. Unfortunately, his company is one of the ones that pay taxes at all.

Latest Discussions»Retired Forums»2016 Postmortem»Romney adviser complains ...