Mitt Romney’s chief energy adviser Harold Hamm testified before congress today and argued in favor continued tax subsidies for oil by complaining about his company’s stratospheric tax rate. But according to Citizens for Tax Justice, Hamm’s company has paid as little as 0.1 percent in 2009.
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.
Taxed enough already!
Again — who are the real welfare queens in this country? Poor Americans who can’t even afford to eat three meals per day or executives living in subsidized largess?
And Mitt Romney wants to cut their taxes even further while maintaining subsidies. Why does Mitt Romney want to weaken welfare requirements for corporations?