Bain Capital appears to have benefited from a provision in the U.S. tax code that grants companies tax breaks for costs associated with offshoring American jobs. Bain profited from the closure of a Denver factory in early 2001, when SEC filings list Romney as the sole shareholder and CEO of multiple Bain enterprises.
The tax perk available to Bain while under Romney's leadership conflicts with the Republican candidate's comments at the first presidential debate of 2012.
"You said you get a deduction for getting a plant overseas," Romney said, addressing Obama. "Look, I've been in business for 25 years. I have no idea what you're talking about. I maybe need to get a new accountant." A moment later, Romney added, "The idea that you get a break for shipping jobs overseas is simply not the case."
Tuesday, October 23, 2012
Mittens hold's hypocrisy down and gives it a nasty haircut