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 RT @Will_Bunch: Pop quiz: Eric Frein killed a cop. Mike Brown was killed by a cop. Which was one was called "an animal" by a newspaper colu…
2hreplyretweetfavorite
bmaz @michaelbkiefer Why did Alexander's family get to stay, Rule 39?
4hreplyretweetfavorite
bmaz @citizenfour @benwizner I would love to decide. When will you let me see it in Phoenix?
5hreplyretweetfavorite
bmaz Roger Goodell and NFL once again try to screw players: "NFL seeks to dismiss former players' painkillers lawsuit" http://t.co/fZzstcjZ1n
6hreplyretweetfavorite
emptywheel @HearingTrees Halloween costume. Ends on Saturday.
6hreplyretweetfavorite
emptywheel @pwnallthethings My privacy rights arise from the bureaucratic insurance they will be protected. Laws do that. @PatrickCToomey
6hreplyretweetfavorite
bmaz @PhilPerspective @walterwkatz Also, I was disappointed @NBCSN did not have any programming from #COTA in Austin today.
6hreplyretweetfavorite
bmaz @PhilPerspective @walterwkatz @NBCSN Nope, but if it is Road to Ferrari, I have seen it.
6hreplyretweetfavorite
bmaz In private papers a more candid Tim Geithner speaks out http://t.co/nNn7RjDkGK Tim Geithner is a liar+fundamentally dishonest public servant
6hreplyretweetfavorite
emptywheel RT @rahulsagar: NYTimes: Former Navy SEAL Team Member Investigated for Bin Laden Disclosures http://t.co/3JABCASiBu
7hreplyretweetfavorite
emptywheel RT @ppppolls: We'll have a new #VAsen poll out tomorrow showing Mark Warner with a 9 point lead heading into the final weekend
7hreplyretweetfavorite
emptywheel @PatrickCToomey If you're a Yemeni-American extremist cleric, you may enjoy your own life at his grace. @pwnallthethings
7hreplyretweetfavorite
October 2012
S M T W T F S
« Sep   Nov »
 123456
78910111213
14151617181920
21222324252627
28293031