TO THE EDITOR:
While our economy is in such a fragile state, it seems counterintuitive to harm the companies that provide so many jobs, particularly domestic oil and gas companies. Several members of Congress are hoping to eliminate standard tax deductions for American oil and gas companies. This makes no sense, as these companies already pay a tax rate of more than 41 percent of their net income. In comparison to other S&P companies, who pay an average of 26 percent, this rate is extremely high.
As students, we take pride in voting and hope our representatives go to Washington, D.C., ready to make the tough decisions that will help our country. Ensuring American businesses are provided with the necessary advantage to succeed will ensure a better economy when we enter the workforce. We are already on the road to economic recovery, and the way to stay there is not by excessively taxing gas and oil companies.
The tax code should be fair, and I am worried the federal tax code changes will become partisan instead of creating change where it is truly needed. I hope Senators Burr and Hagan will urge the North Carolina delegation to improve our economy and support American oil and gas companies by not increasing their taxes.
Ian Richardson ’14
Political science
History
