Romney’s business used tax deduction he claimed he didn’t know existed

The Presidential debates are over but that doesn’t mean what was said is now old news.  In fact, something Mitt Romney said in the first debate on October 3rd is back in the news.  In my blog after that debate I said this Romney statement that should be getting more attention:

ROMNEY: “The second topic, which is you said you get a deduction for taking a plant overseas. 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.”

I said that Romney’s statement didn’t pass the laugh test.  Surely Romney understands our nation’s tax policy and what business expenses are.  After all, that is what Bain Capital was largely about, understanding the intricacies of our tax code in order to offer its clients and own executives ways to avoid paying taxes.

Today’s story in the Huffington Post exposes Romney’s flippant debate response regarding having “no idea” about a business deduction for moving jobs out of the country.  He simply wasn’t telling the truth.

        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.

Stopping businesses from getting tax deductions for moving jobs out of this country is cited by small-business owners as the number one thing government can do to create more jobs at home.  So it is important that we have a President who is on our side on this issue and not pretending the problem doesn’t exist. 
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