“I maybe need to get a new accountant.”

As I wrote in my column, this might be the biggest news of the debate — news that no one is talking about. Mitt Romney accidentally admitted to shipping jobs overseas.

PRESIDENT OBAMA: And part of the way to do it is to not give tax breaks to companies that are shipping jobs overseas. Right now you can actually take a deduction for moving a plant overseas. I think most Americans would say that doesn’t make sense. And all that raises revenue. [...]

MR. ROMNEY: The second topic, which is you said you get a deduction for getting 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.

This implication is that Romney shipped jobs overseas. In a flippant way, Romney lamented that he would’ve saved a lot of money if his “accountant” was aware of this particular tax break.

So, then, which factory and how many jobs, Mr. Romney? You know, since this election is all about jobs.

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  • missliberties

    Thank You bob.

    Can we get some fact checkers on this?

    Have you ever tried to win a debate with a shape shifting liar? You just can’t. All you can do is point out that the other guys is a liar.

    Now we have this on record.

  • Alessiana

    Also, he lied about the accounting. You can write off the expense and shelter your profits offshore. This is a very big deal indeed.

  • tidwido

    You can write off the expense if you move the plant across town as well. There is no special deduction for the corporation to move overseas.

    So a company spends 1 million to close a plant and he gets a tax deduction at the 35% corporate rate. So the company loses $650,000 in the decision to relocate (anywhere). How is that abusive or wrong. It is a business decision that the Board of Directors has made and hopefully helps the company make more profits so it can grow more and hire more. Most of us work for corporations.

    Something that is always missing in these conversations is that the flow of tax money is always FROM the taxpayers TO the government. Companies may pay less when they have higher expenses, but they still pay if they have income. When they incur losses (as in a recession), they pay no taxes, but they also get no money back from the government. They only are allowed to carry losses to decrease future earnings. No one needs to feel sorry for the government or blame corporations, especially when the government spending is out of control.

    • mrbrink

      “There is no special deduction for the corporation to move overseas.”

      That’s just wrong.

      Manufacturing has been decimated in America over the past 30 years because of the incentives written into to the tax code to pick up and move out of the country where lax environmental regulations and labor standards produce massive profits, which are then sheltered off shore. And through routing of headquarters, which is also incentivized through the tax code, corporations are robbing the country of additional revenue. And the large companies that still do business here, say, Walmart, are paying their employees so little that they qualify for welfare. Other companies dump their waste in our rivers and water supply– Our air and soil. Our food supply. This is a hidden cost deferment. A break that doesn’t show up until you’ve got a kid with autism, or asthma, or fish with both male and female reproductive parts.

      Why are the Chinese making I-Pods? That in itself is a break and robs the U.S. of manufacturing jobs.

      The list of “U.S. based” corporations paying zero in federal taxes is distinguished. The majority of which are receiving billions annually in federal contracts. This is essentially paying them to do what’s best for the corporations rather than the U.S. labor force. It’s all defended by Randian bullshitters.

      And the kicker? If you work at one of these Multi-nationals who pay zero in federal income taxes, you, the middle income employee, are subsidizing your own job, and at an obscene profit for your tax dodging boss. The shareholders take home a nice dividend at a considerable discount, due to the tax code. But there you are. Defending greed and self-defeating ignorance for nothing. That makes you a chump.

      • tidwido

        The main reason to get and keep liberals out of office in the USA is because of the fabrications above, the fantasies of central government control, and the hatred of corporations, both large and small. If you had a computer and could find IRS.GOV, you could figure out that the lions share of Federal Taxes come from wealthy people working in the private sector for (gasp) corporations and also a big chunk of tax money coming from the (gasp) corporations themselves. My first post explains why corporations sometimes pay no taxes, but if you think they are breaking the law in some way, you may turn them in to the IRS.

        How idiotic to blame every ailment known to mankind on corporations.

        • mrbrink

          “The fantasies of central government control?”

          That’s adorable. Did the corporations tell you to say that?

          I debunked your shitty post. It’s okay. It happens. Now run along and study the errors of your wandering ways.

    • http://twitter.com/bardgal Tally Briggs

      LIE.

      Congress voted last week to END that tax deduction that corps get to ship jobs and the entire business out of the country, and the GOP didn’t let it pass.

      • tidwido

        Of course you would also agree that Japan, Germany, Italy, Sweden, and France should end deductions for their companies that send jobs to America, mainly in automotive production. We build plants in China and Japan and Korea for the same reasons they build plants here. It is win win if you understand free markets.

        How is it we have a society that doesn’t understand the importance of a global economy to the free world. Amazing.

        • mrbrink

          “We build plants in China and Japan and Korea for the same reasons they build plants here.”

          Cheap labor and lax environmental standards?

          Our global competitors protect their markets from imports.

          Someone didn’t pay attention in global economy 101.

    • bphoon

      Companies may pay less when they have higher expenses, but they still pay if they have income. When they incur losses (as in a recession), they pay no taxes, but they also get no money back from the government.

      I have only one word (technically, a name) for you: ExxonMobil. The most profitable corporation in human history receives annual tax subsidies (the oil industry in general receives over $4 billion a year in our tax money) yet paid $0 in federal income taxes in 2011.

      You can take your Randian bullshit and stick it up your ass.

      • tidwido

        You just lied.

        In 2011 Exxon Mobil paid $31 billion dollars in Federal Income taxes on Earnings Before Taxes of 73.257 Billion. Big numbers, yes, and we owe them a THANK YOU.

        Again, the flow of money is FROM taxpayers TO the government. A subsidy or a tax break means they get to keep more of their own earnings. The money is not the governments to begin with and the government is not sending them money. Ignorance abounds.

  • mrbrink

    I was just watching CNN use this exact exchange as evidence president Obama lost the debate. They’re not even paying attention to the words coming out of the candidates’ mouths. It’s all suggestive perception.

    Kevin Drum wrote something about this the other day talking about the Kerry/Bush debates saying: “Test subjects who just watched the debate itself thought Kerry won in a landslide. Test subjects who watched the debate plus 20 minutes of analysis on NBC thought Bush won in a landslide. And test subjects who watched the debate plus 20 minutes of CNN commentary were more likely to think that neither candidate won.”

    He goes on say, “Al Gore handily won his first 2000 debate with George Bush in every single overnight poll. His famous sighing only became a cause célèbre after the talking heads started talking about it nonstop.”

    They’re not talking about Mitt Romney creating jobs by firing Big Bird, or how he’s trying to cut his own taxes further, or voucherizing Medicare. They’re not talking about context. They’re fact checking in a vacuum, as though this was the first time they’ve ever heard Mitt Romney speak in public. Horse race media is determined to get their money’s worth.

    And CNN just “fact checked” the “5 million jobs” claim and called it “false” because 5 million jobs were created, but they’ve moved the goal posts have moved from jobs created to “net jobs created,” which comes to around 125,000. I heard other fact checks call the initial claim true, and others say the claim is less impressive because they count the jobs lost in 2009 as Obama’s responsibility. Maybe we should just go back to losing 700,000 jobs a month?

  • Brutlyhonest

    The real reason Rmoney “won ” is liberals running in circles screaming, “Game over, man. Game over! ” Also, too: infighting.

  • http://twitter.com/bardgal Tally Briggs

    Romney also pretty much opened with “I’m going to CUT PROGRAMS.” Which isn’t some abstract word. There are millions of people who run those “Programs” whose jobs would be CUT. So basically Romney opened by saying he was going to cut millions of jobs via cutting “Programs.”

  • http://www.facebook.com/slav.elenkov Slavy Elenkov

    You guys are focusing on the wrong problems. Every businessman is looking to avoid taxes and hire cheap labor. Instead of focusing on who is avoiding the taxes and regulations in our country, how about getting rid of them so businessmen want to do business here at home instead of elsewhere in the world.