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 @granick So that's the fault of whom? Hell, there's FAR MORE than was confirmed in 2011 than that lets on. @normative
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emptywheel @normative First confirmation was NSL IG report released in August. https://t.co/pbO9QjMv6y Maybe I'm only one who read report? @granick
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emptywheel .@granick That's false. It was confirmed (also by DOJ IG) in August. https://t.co/pbO9QjMv6y
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emptywheel @regretblues AAG NSD. But she's a former USA. She should know these authorities bc she has had to approve them.
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emptywheel @KenDilanianAP Yup or providers may have already said they won't comply & Admin want to avoid challenge @froomkin @RachelBLevinson @granick
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emptywheel @KenDilanianAP @froomkin @RachelBLevinson They may have legal reasons not to want to: like a guarantee from providers they'll sue. @granick
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emptywheel @froomkin @PressSec may be trying to do say, "we're no longer going to ask for it. Either authorize us to get it way we want or we'll die"
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emptywheel DC Press: Ho hum. Rand Paul is running for President on same plank our forefathers revolted against King George. How cynical of him!
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emptywheel @granick There is one tiny area where DiFi's bill improves on USA F-ReDux tho (but I'm laying low about it) @jakelaperruque
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emptywheel RT @attackerman: After a decade reporting on "Guantanamo's Child," @shephardm interviews Omar Khadr. http://t.co/5CecJG8teO
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emptywheel @JakeLaperruque Bingo. 1) FISC has ALREADY approved 2) we have examples of summaries fr Vaughn 3) FISC proven unreliable arbiter @granick
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emptywheel @JakeLaperruque Once you've defined bulk as "all" then it's very easy for IC to get to "not-bulk" w/in terms of law. @granick
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