Mitt Romney Gets Tax Break Off Firm Sending Jobs To China

Discussion in 'Politics' started by Free Thinker, Sep 28, 2012.

  1. i know this is standard operating procedure for business in america these days but if you are running for president it looks bad:

    WASHINGTON -- Sensata Technologies is a healthy manufacturing company that employs nearly 200 workers at a factory in northern Illinois. The company has become the focus of national attention because it has been taken over by Bain Capital, which plans to shut the factory down, lay off the workers, and outsource the production to China before the end of the year.

    The workers have pleaded with GOP presidential candidate Mitt Romney, the founder of Bain Capital, to exert his considerable influence to save their jobs. Romney still makes millions each year in income from Bain. So far, he has declined to weigh in, and the factory is scheduled to close by the end of the year.

    While the workers and the town may suffer, Romney himself has done well as a result of Bain's work with the company. According to his recently released 2011 tax returns, Romney transferred $701,703 worth of Sensata stock to the Tyler Charitable Foundation, a 501(c)3 tax-exempt nonprofit controlled by Romney. The gift is listed on page 323 of the pdf, on form 8283 (below).

    Moving the stock to his nonprofit brings Romney twin benefits. First, he gets to deduct the full value of the stock. At a 35 percent tax rate, that's nearly a $250,000 benefit. At 15 percent, it's just over $100,000.

    Second, Romney is able to avoid paying capital gains taxes on the stock price increase. Romney's returns list no cost for the stock, and indicate he obtained them as part of a partnership interest in Bain. Avoiding capital gains taxes on the full increase would save an additional $100,000. In 2010, Romney gifted $170,000 worth of Sensata stock to his charity, saving $25,000 in capital gains taxes that year.
  2. nothing to the story , good for him
  3. Max E.

    Max E.

    LOL, losers like Free Thinker post garbage like this, yet still wonder why Romney doesnt want to release anymore tax returns.
  4. Romney is giving money away, yet free tries to spin that as an evil plot:D :D .

    free =jackass
  5. but if you are running for president it looks bad:


    You know what looks bad? Obama selling his book to the state dept. that looks bad. What did he sell, 70 thousand copies. The books are probably all full of mildew just like Michelles pussy if Barack loses.
  6. that was brilliant...... for a high school kid. what are you about 19 years old?
  7. Facts don't matter in this day of hating each other in America. If Obama would have done this, then the rep's would be all over it. When dem's are called out on possible voter fraud, it's the end of the world, but when rep's catch themselves doing it, who cares, right?

    Nobody cares about Right or Wrong, just Right and Left.

  8. Didn't read the OP did you?

    Maybe you did , your reading comprehension is somewhere between piss poor and atrocious.
  9. Ahh PH it's your reading comprehension that needs work, you didn't get Mrbill's point. Read his post again and think a second.
  10. Today is casual Friday and I been thinking about sex a lot today.
    #10     Sep 28, 2012