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
bmaz @PrivateSnuffy @ggreenwald @dandrezner ..hyperbole from Alexander et al); but even if so, hopefully can agree should be better alternative..
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bmaz @PrivateSnuffy @ggreenwald @dandrezner We prob also disagree about scope of any potential deleterious effects (None established other than..
1mreplyretweetfavorite
bmaz @PrivateSnuffy @ggreenwald @dandrezner My grip is fine, not being duped in the least. Think it is unfortunate our country needed this reset.
8mreplyretweetfavorite
bmaz @PrivateSnuffy @ggreenwald @dandrezner Fair enough. Good discussion, though I disagree.
10mreplyretweetfavorite
bmaz @PrivateSnuffy @ggreenwald @dandrezner There is no "confession", No witnesses "in open court" and no a shred of evidence he gave anything..
13mreplyretweetfavorite
bmaz @PrivateSnuffy @ggreenwald @dandrezner Hahaha, what a crock of shit.
15mreplyretweetfavorite
bmaz @PrivateSnuffy @ggreenwald @dandrezner Ot are you using the term more casually and colloquially than treason? If so, pretty loose semantics.
21mreplyretweetfavorite
JimWhiteGNV @laRosalind Yeah, it probably won't be an easy transition for him, but Riker will have to make it so. Noise from logging has dog upset, too.
22mreplyretweetfavorite
bmaz @PrivateSnuffy @ggreenwald @dandrezner Also shows you have no comprehension whatsoever of the legal definition of "traitor" but, whatever.
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bmaz Excellent stuff RT @APribetic I posted a new paper on SSRN entitled: "Internet Defamation: A Canadian Perspective" http://t.co/AdWJFmH02j
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bmaz @PrivateSnuffy @ggreenwald @dandrezner So you self proclaim. Others disagree based on the same amount, or more, "facts".
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bmaz @PrivateSnuffy @ggreenwald @dandrezner Another "possible interpretation" is Snowden made a joke on deep state apologists that demanded it
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