Mitt Romney Gets Tax Break Off Firm Sending Jobs To China
Source: Huffington Post
WASHINGTON -- Sensata Technologies is a healthy manufacturing company that employs nearly 200 workers at a factory in northern Illinois. The company has become the focus of national attention because it has been taken over by Bain Capital, which plans to shut the factory down, lay off the workers, and outsource the production to China before the end of the year.
The workers have pleaded with GOP presidential candidate Mitt Romney, the founder of Bain Capital, to exert his considerable influence to save their jobs. Romney still makes millions each year in income from Bain. So far, he has declined to weigh in, and the factory is scheduled to close by the end of the year.
While the workers and the town may suffer, Romney himself has done well as a result of Bain's work with the company. According to his recently released 2011 tax returns, Romney transferred $701,703 worth of Sensata stock to the Tyler Charitable Foundation, a 501(c)3 tax-exempt nonprofit controlled by Romney. The gift is listed on page 323 of the pdf, on form 8283 (below).
Moving the stock to his nonprofit brings Romney twin benefits. First, he gets to deduct the full value of the stock. At a 35 percent tax rate, that's nearly a $250,000 benefit. At 15 percent, it's just over $100,000.
Read more: http://www.huffingtonpost.com/2012/09/27/mitt-romney-sensata-tax-break_n_1920396.html?utm_hp_ref=politics
mia
(8,361 posts)He represents all that is wrong with the United States.
valerief
(53,235 posts)OneAngryDemocrat
(2,060 posts)heaven05
(18,124 posts)for the highest position in american politics and still profiting off sending jobs to china. The height of hypocrisy. And some americans will vote for this fool. How stupid can a person get? He shouldn't get one, not one vote!
Populist_Prole
(5,364 posts)Just saw a bunch ( suffered through a bunch ) of Rmoney TV ads in the work breakroom today. Incredibly claiming to "get tough" with China and end exporting jobs to there. Then again around here there's plenty of low-information fundie loons that it would resonate with.
What's alarming is that the products that place makes ( switches and sensors amongst others ) are precision pieces, even used in aircraft, eroding the last stronghold of US manufacturing.
Fuck the plutocrats. Fuck republicans, and fuck romney and that smug yuppie shit sidekick of his.
Gawwd my blood is boiling.....................
Eljo_Don
(100 posts)I think it will be soon for the chinese government to start nationalizing all the corporations established in China. They'll say: Now we have the facilities, the know how, and the market. We just change the brand name and produce everything here. We'll take over the global market of almost everything. So, goodby foreign corporations.