Lee Iacocca: Mitt Will Make It Easier for Auto Companies to Evade Taxes on Cars Built in China

As part of its effort to pretend that Mitt would be good for the auto industry, the campaign had Lee Iacocca sum up why Mitt would be good for the auto industry.

The first paragraph of specifics reads:

When Mitt Romney is president, he will reduce our nation’s corporate tax rate to 25 percent from 35 percent – currently the highest combined tax rate in the industrial world – so that American car companies can compete on a level playing field at home and abroad. He will also stop the extra tax automakers are forced to pay when they want to bring home their profits to reinvest in the United States.  President Obama could have done this the day he took office since his party controlled both houses of Congress, but he chose not to. [my emphasis]

Obama, of course, has a tax credit specifically for manufacturing companies, meaning under Obama the auto companies would pay less than under Mitt.

But the other part–particularly against Mitt’s egregious claims that the auto bailout has helped Chrysler and GM move production overseas–is even more ridiculous.

Iacocca says Mitt would be better for the auto companies because he’d allow the auto companies to repatriate profits from overseas without paying taxes.

But that assumes, of course, they’re making profits overseas. It would mean they were doing precisely the thing Mitt is attacking–moving into new markets, like China.

So on the same day Mitt attacks Chrysler and GM for making and selling cars in China, generating greater profit it can use to support workers here, his campaign sends out a post boasting that Mitt would require Chrysler and GM to contribute less domestically on the profits they made by making and selling cars in China.

 

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10 Responses to Lee Iacocca: Mitt Will Make It Easier for Auto Companies to Evade Taxes on Cars Built in China

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Emptywheel Twitterverse
emptywheel Incidentally, those of you tweeting Clinton emails: Any idea whose FOIA liberated them?
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bmaz @RMFifthCircuit Nope, not when there is a perjury trap hanging in the lurch and a nakedly obvious solution via obstruction. Amazing.
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bmaz @RMFifthCircuit Relative intransigence of the NFL has to stick in Berman's craw. Know a lot of judges+such appearances do sometimes matter.
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emptywheel @kevinjonheller Have you placed bets on whether he'll end up working for GOP POTUS candidate or Tom Cotton?
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JimWhiteGNV RT @emptywheel: See Something Say Something: Who's gonna tell FBI that a guy ON PROBATION is materially supporting al Qaeda? http://t.co/qc
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emptywheel Also, if Petraeus is materially supporting Al Qaeda, does that mean KKR also is? https://t.co/3yP3ZV4del
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emptywheel See Something Say Something: Who's gonna tell FBI that a guy ON PROBATION is materially supporting al Qaeda? http://t.co/qc8bKKGCeB
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emptywheel If Petraeus were Muslim and 17 this would constitute material support for whomever Obama claims we're at war against https://t.co/eOeiIJFQtp
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emptywheel @onekade Right, on Israel you should read @MoonofA.
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emptywheel @onekade "They" being Israel or US? The latter, yes, the former, no, unless you count arming people you know will flip.
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emptywheel @JJGomez127 But that's what the whole plea deal was about. Remaining "relevant."
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emptywheel Other thing is you know people beyond Israel and Petraeus are thinking this. https://t.co/nG1k9t2MN9
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