Video: Romney's 47% 'Clean-Up' Press Conference

Amory Blaine9/17/2012 9:12:05 pm PDT

Romney’s Adviser Complains About Company’s High Taxes — But It Pays Just 2.2 Percent

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.