12% is an absolutely normal tax rate.
Almost no business is changing plans based on that. When your profits are super volatile and your in a volatile market, a 2% difference on your operating income factors not at all in your long term or short term decision making.
If your operating income is $100M one year, $20M the next, $120M the year after, then a loss of $20M, how much do you care about that 2%? Sure you don't like it, but your not changing any plans based on it
|