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 dont feel any sympathy for Harold Hamm
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.
So if youre playing along at home, Harold Hamms 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) Hamms company paid only 0.1% in federal income taxes. How much lower does Harold Hamm think his companys 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.