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.

 

Tweet about this on Twitter0Share on Reddit0Share on Facebook0Google+0Email to someone

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

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
Emptywheel Twitterverse
bmaz @MasaccioEW @michaelwhitney Um, you can root for Wisconsin and the Sparties you know.
1hreplyretweetfavorite
bmaz RT @joshgerstein: Fact NSA kept this internal debate secret, despite being directly asked, undermines new commitment to transparency http:/…
1hreplyretweetfavorite
bmaz @kevinjonheller @armandodkos Well, I do watch The Good Wife, and it is a bit goofy on the law too. But unlike HTGAWM, it's well written.
2hreplyretweetfavorite
bmaz @armandodkos @kevinjonheller I watched one episode. Ugh.
2hreplyretweetfavorite
bmaz @armandodkos @kevinjonheller It is an absolutely horrible and unwatchable show.
2hreplyretweetfavorite
emptywheel @davidcnswanson LOL Was going to do a headline about shells and turkeys. But I already stretch my metaphors enough. @Thomas_Drake1
3hreplyretweetfavorite
emptywheel @DanaHoule Was pretty nice that was against Pitino.
3hreplyretweetfavorite
emptywheel @Thomas_Drake1 Right. If they're going to move under a new shell, have to tell us they're going "cold turkey" so we don't look for new shell
3hreplyretweetfavorite
JimWhiteGNV RT @SeanMcElwee: kinda interesting that the people complaining about "sharia law" are the ones trying to make us live under levitical law
4hreplyretweetfavorite
emptywheel @p2wy Shush. Don't make it easy for them to revoke your license. Don't admit it publicly!
4hreplyretweetfavorite
emptywheel @EricBoehlert FLYOVER RAWKS.
4hreplyretweetfavorite
JimWhiteGNV So if Louisville has lost the game on the scoreboard, are they really out of the tournament since they are coached by an undead?
4hreplyretweetfavorite
October 2012
S M T W T F S
« Sep   Nov »
 123456
78910111213
14151617181920
21222324252627
28293031