If you are doing well, your business will pay more in tax; if you're not doing well, you pay less.
Sentiment: NEGATIVE
Whatever you tax, you get less of.
It seems like the richer you are, the more chance you have of paying less tax.
First, the oil and gas business pays its fair share of taxes. Despite the current debate on energy taxes, few businesses pay more in taxes than oil and gas companies. The worldwide effective tax rate for our industry in 2010 was 40 percent. That's higher than the U.S. statutory rate of 35 percent and the rate for manufacturers of 26.5 percent.
My own experience, though, as a business executive and as a governor, tells me that businesses are interested in a lot more than a low tax rate when they decide where to locate.
People like me, whose income largely comes from dividends, should pay more taxes. The problem is that taxes aren't used efficiently.
Taxes are what we pay for civilized society, for modernity, and for prosperity. The wealthy pay more because they have benefitted more.
When there is an income tax, the just man will pay more and the unjust less on the same amount of income.
I mean I get loads of money, all from different sources. You give it to your accountant. They manage it. But you pay corporation tax. If you're then taking it out and spending it on yourself, you have to pay more.
The corporate income tax, in particular, is a tax that puts American corporations at a disadvantage.
The truth is, no one pays more tax than they have to.