Taxes and energy are always hot topics, and as with most political issues the conversation often strays far afield. So let’s take a moment to ground ourselves in fact so that we can work together to build a more competitive corporate tax system through comprehensive tax reform.
The Tax Policy Center has a good description of how the corporate income tax works:
"Taxable corporate profits are equal to a corporation’s receipts less its current expenses (including wages and interest), deductions for the cost of inventory when goods are sold, and depreciation of capital investments. U.S. resident multinational corporations pay tax on their worldwide profits, but tax on the profits of their controlled foreign subsidiaries is deferred until those profits are repatriated (that is, paid... more »