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Saturday, October 22, 2016

At a fundraiser on Thursday evening, soon-to-be Republican nominee for president Mitt Romney made a surprising admission. “Big business is doing fine in many places. They get the loans they need, they can deal with all the regulation. They know how to find ways to get through the tax code, save money by putting various things in the places where there are low tax havens around the world for their businesses.”

Romney’s words seemed to contradict his persistent tactic of denying that any aspect of the economy is faring well under President Obama.

In June, Republicans widely mocked the president after he said, “The private sector is doing fine.” They fixated on the phrase “doing fine,” using the hashtag #doing on Twitter to suggest he is out of touch with the nation’s economic condition. As the president pointed out at the time, nearly a million private sector jobs have been added in 2012 alone. He was contrasting that number with steady job losses in the public sector.

Romney, however, was contrasting small businesses with multinational corporations, such as Bain Capital, which have fared exceptionally well since the financial crisis of 2008. Bain and Romney’s use of “tax havens” has become a issue in the campaign that flared up again on Thursday when Gawker published a trove of Bain documents revealing, according to the New York Times, “aggressive strategies that Bain appears to have used to minimize its investors’ and partners’ tax liabilities.”

If big business is doing fine, budget experts might wonder why Mitt Romney is proposing to give it nearly a trillion dollars in tax breaks, while asking the middle class to pay more. Perhaps this is the corporate reward for mastering the tax code and hiding money off shore — two activities favored by Romney. Think Progress points out that Romney’s expressed concern for small businesses ignores studies showing that the use of tax havens by big business costs smaller businesses an average of $2,116 a year.

For some reason, perhaps a feeling of comfort among wealthy donors, Romney continues to display uncharacteristic candor at campaign fundraisers.

Early this year, he revealed that as president he would cut several cabinet level departments including the Department of Housing and Urban Development, an agency that his father George ran during the Nixon administration. Earlier this week he told a crowd of donors that he wouldn’t reveal details of his energy plan because reporters were present.

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Copyright 2012 The National Memo
  • The stock market and big business has been doing very well under Obama. It is nice of Romney to notice.

    • The Stock Market is doing fine ????? Big Business is doing fine ???? and the Private sector is doing fine too …right ???? You didn’t build that ???? Well I can see their brainwashing is working on you . Do you work for the Gov’t ? Are you paying attention to what is going on in America or just chosing to ignore that as most Liberals do ?

      • You_must_be_kidding_me

        Are you really paying attention? If you think you are you’re still clueless. Yes the stock market is doing fine. The DOW is over 13000. Corporate profits are at an all time high. You need to wake up, turn off Fox News, turn on PBS and try to comprehend reality. I am a Liberal no apologies. What happened to you Michael that you can’t really see and acknowledge the truth. If you can’t figure it out beyond the talking points you’re being fed and regurgitating, get some help. Dude, you’re being played like a drum. The dots are getting bigger by the day, try connecting them. Don’t understand what that means? That’s your problem!

      • highpckts

        You were so used to the Bush years where you had deregulation of banks and businesses, tax give aways, no down payments for anything, everything was good!! NO!! Now since you have become accustomed to all that “free” money, you say Obama isn’t doing enough??? No, he isn’t “giving” you anything but a way to help yourself! You say we are a welfare country? Look around you. What Bush did to this country with his negligence is crimnal!

      • It’s a bit more complicated than you are trying to portray.

      • Michael, American corporations are posting record profits and exceeding shareholder expectations; the Dow Jones is over 13,000, also near record levels, many manufacturing companies are purchasing new equipment and hiring to meet demand, the Bakken and Three Forks oil fields are experiencing an unprecedented boom in North Dakota, where vacancies and job opportunities abound; and according to the Department of Labor there are one million vacancies for truck drivers. Don’t confuse the fact that many Republicans prefer to sit at home, play video games or surf the net with reality. Instead of repeating the cacophony of Limbaughesque that passes for debate among Tea Party enthusiasts, why don’t you do a little research, or just look around, to avoid making a fool of yourself.

      • S-3

        Liked: for WORST COMMENT EVER HERE. Seriously, get from under your rock before you and your loved on e( if you have one that is, you gay fuck), before you end up a slave to the Jews, son!!

      • Joseph Hemphill

        stuffed suit, jackbooted ignorant meat puppet GOTP mouthpeice being used by a party that has no regard for you other than parroting their lies and mis- information to the masses.

      • Everyone with an ounce of sense who actually saw Mr. Obama when he spoke the words “They didn’t build that … ” knows what those words meant within the context of his speech. Can we please put that misquoting to rest and no longer have our intelligence insulted?

        Why don’t you instead quote some specific, genuine facts and figures? This certainly is the type of discussion that lends itself — indeed demands — such quantification.

  • Such a thug…

  • Big business has been doing fine for 30 years. They have created many billionaires and that is the extent of the “job creation” they are interested in. In those 30 years where are all the jobs? They have trillions stashed offshore thanks to the tax breaks they have given themselves via buying Congress through lobbyists and campaign donations. The middle class and the poor can not afford to play this game so we have been shut out when it comes to getting a fair deal from Congress. It is truly amazing that their greed knows no limits with the exception of a very few. Compare life in England prior to the Magna Carta 1215 and what we see here and it will scare you.

    • Michael Briscoe

      Not only has the middle class and the poor been shut out by Congress, they have also been shut out by the Supreme Court. How can the highest court of the land rule that corporation are people. The “HIGH COURT” went on to say, that because a corporation is a person that the corporation has the right to contribute as much money that the corporation wishes to contribute to any candidate running for public office. Now the politicians only have to listen to the rich and rich corporations. Corporations are owned by people and the owners of these businesses should not have any additional rights because they own a business. This country should stand for one person one vote !

  • Big Business in General has found ways to get past regulations & high corporate taxes in America by moving many operations overseas, not the private sector in general.

  • jim1230

    Romney says big business knows how to get through the tax codes,and save money by putting various things in places where there are low tax havens around the world for these businesses. HE SHOULD KNOW HOW TO DO THAT. He left out one item. How will that help America create JOBS ? Which he keeps talking about, If he would bring some of his millions back into this country to help create jobs instead of hiding it overseas. He should be telling the big business to invest here in America .Not how to hide it. Another question that I would like to see answered is, If Ann Romney’s expensive horse helps her with her therophy ( HOW ) Does she ever get to ride it ? Or does it make her feel above everybody else that she can afford such luxery? When they fill out their secret tax returns and see how much they save on the write off, That might help her feel better.

    • You_must_be_kidding_me

      I wonder if they are deducting their horse expenses. Just a thought.

      • Mai Kellogg

        $70,000 in ‘Business Losses’ due to the horse. In fact the IRS has given Other People trouble about claiming hobbies as business expenses but then we should know by now the Romneys are “Special”.

        • You_must_be_kidding_me

          Not that special. I think they should get a letter from the IRS regarding their hobby. I wonder how much is on the income side of this “business”.

  • Of course they are doing fine sitting on a trillion dollars.

  • When President Obama said that big business were doing fine a couple of months ago the GOP jump on his statement, distorted it, ridiculed it and used it to claim he was out of touch with reality. Don’t be surprised if we see GOP political ads highlighting Romney’s announcement as an example of statesmanship. Yes, most American corporations are posting record profits, manufacturing is doing fairly well, and the stock market is at record levels…not thanks to Republican obstructionism but to President Obama’s sound economic policies, his stimulus package, and the tax breaks he has given to individuals and small businesses.

    • 1bythebrooks2

      I love your well researched postings, but didn’t President Obama say that the private sector was doing fine, not big business?

  • You_must_be_kidding_me

    If the GOP would just get out of the way, the economic crisis would be disappearing in the rear view mirror. Unfortunately they have put party over the country and deliberately prolonged the poor economy by failing to act on Jobs Bills proposed by the Obama Administration. Shame on them. Obama has done an outstanding job in spite of the failures by the GOP controlled house. His successes are an inconvenient truth to their lot.

  • You_must_be_kidding_me

    Reagan said government was the problem and people believed it. Hence government has been demonized while corporations have been lionized. The fact is corporations are not our friend. If you work for one you know what I mean. They are not democractic institutions. Their goal is to maximize shareholder value. And if that means cutting costs at the expense of worker safety or a clean environment for example, they have no problem spending less money. The government’s role is often adverse to the corporate interest because it says to business you must provide a safe work environment and when you pollute, you clean it up. So government regulations that protect us citizens from irresponsible corporate behavior is not only good but neccessary. The overarching problem of our time is the big money in politics that has infiltrated our governmental institutions at all levels in order to do the bidding of corporate interests. Democracy in America is at great risk. The GOP’s voter ID laws are a prime example of a strategy designed to disinfranchise voting rights. Saying there is rampant voting fraud doesn’t make it so. Numerous studies and history put light on the lie. But we all know if you repeat a lie enough, unfortunately too many will accept it as truth. Aka propaganda. To the swift boaters who misinform, is it really worth it? How much money and power must you reap at the expense of others before you’re satisfied? I believe the real answer is there are no limits to their greed. Rommey is almost as a pathetic choice for president as Bush. Their most valuable asset at the outset was name recognition and deep pockets. Both short on substance. However they shared a common goal which was to grab control of the government and raid the treasury to appease corporate interest.

    • Michael Briscoe

      I agree with you, in fact I think the greatest voter fraud is the GOP attempts to requiring voters to produce ID in order to vote. Does this mean that voter will be required to send a photo copy of their ID when they vote by absentee ballot. My mother is 88 years old and I believe that 2008 election was the first time she voted. She does not get out of the house much anymore. She has a state ID card but she has never had a driver license. she also does not have a computer or a copying machine to make copies of her ID. Besides, just because somebody sends a photocopy of an ID along with the absentee ballot, that does not mean that this was the person who voted. The Ideal is to encourage as many eligible people as possible to vote and to make it as easy as possible for them to vote. The past should have taught us what road blocks to voting does. Tactics like poll tax, property ownership requirements and just outright voter intimidation, kept many people, especially blacks and poor whites from participating in the election process. Voter ID cards will be the next poll tax. We don’t need to go back to the past.

  • Landsende

    Big corporations are doing just fine. I’m a small stockholder in quite a few of them and it you read their quarterly statements they are sitting on a pile of money and still manage to pay good dividends. After a slow financial recovery thanks to the bail out the Dow is now over 13,000 and the S&P and Nasdaq are at all time highs. Even though the corporations have all this money they still are not creating jobs yet R/R want to give them more tax breaks at the expense of the middle class. As President Obama has proposed, companies that bring jobs back to the USA will get a tax break. Until then, they don’t need more corporate welfare.

  • AlfredSonny

    Actual Republican and Democratic flags

  • notworking

    Big Business is doing fine VS the private sector is doing fine hmmmm that doesn’t sound close

  • cjc1949

    People that vote for Mitt Romney do not have a mind of thier owned will power. If you listing to them when they are talking wih a news reporter, they don’t have a clue of what Romney is talking about, but yet tey will go right along with him. Mitt Romney is not good fo this country. He is to rich to know what a poor man, or woman has to go through to make ends meet. He put on a front about what he beleive in when he get in front of a reporter with a camera