Study: Romney tax plan would shift burden to poor – Aug. 1, 2012

No surprise here…

Mitt Romney’s tax plan would provide large tax cuts to the very wealthy, while increasing the tax burden on the lower and middle classes, according to a study released Wednesday.

The report — produced by researchers at the Urban-Brookings Tax Policy Center — illustrates just how difficult it would be to recoup government revenue lost under Romney’s plan.

more at Study: Romney tax plan would shift burden to poor – Aug. 1, 2012.

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Bain Capital’s Ties to Salvadoran Death Squads | The Nation

What else is Mitt hiding?

Some of the first investors in Mitt Romney’s firm Bain Capital, according to a report on the Los Angeles Times, were Salvadoran families living in Miami with members accused by the US government of funding death squads in the brutal civil war in El Salvador.

When Bain Capital was founded in 1984, Romney and his partners had trouble raising funds for their initial investments. “$9 million came from rich Latin Americans,” the Times reports, “including powerful Salvadoran families living in Miami.… At the time, U.S. officials were publicly accusing some exiles in Miami of funding right-wing death squads in El Salvador. Some family members of the first Bain Capital investors were later linked to groups responsible for killings.”

more at Bain Capital’s Ties to Salvadoran Death Squads | The Nation.

Romney’s Bain case crumbles a bit more – The Plum Line – The Washington Post

The Associated Press reports this morning that Mitt Romney “stayed in regular contact” with his partners at Bain in the months after the 1999 date that he has given as the time he left the company. The story also claims he “continued to oversee his partnership stakes even as he disengaged from the firm, personally signing or approving a series of corporate and legal documents through the spring of 2001.”

more at Romney’s Bain case crumbles a bit more – The Plum Line – The Washington Post.

Flashback: In ’02 Romney Touted D.C. Connections, Federal Funds – ABC News

How will Romney campaign try to spin his way out of this?

In a long-forgotten tape from the 2002 Massachusetts governor’s race obtained by ABC News, Mitt Romney is seen touting his Washington connections and his ability to get millions of taxpayer dollars from the federal government.

“I am big believer in getting money where the money is,” Romney says on the video, “The money is in Washington.”

The video, which was surreptitiously shot by Democratic opponents of Romney on Oct. 16, 2002, shows him addressing a group called the New Bedford Industrial Foundation. The Power Point presentation he uses lists ways to improve economic development in Massachusetts, including “boost federal involvement.”

“I want to go after every grant, every project, every department in Washington to assure that we are taking advantage of economic development opportunities,” Romney tells the group.

More at EXCLUSIVE: In ’02 Romney Touted D.C. Connections, Federal Funds – ABC News.

Romney’s Bain Yielded Private Gains, Socialized Losses – Bloomberg

Mitt Romney touts his business acumen and job-creation record as a key qualification for being the next U.S. president.

What’s clear from a review of the public record during his management of the private-equity firm Bain Capital from 1985 to 1999 is that Romney was fabulously successful in generating high returns for its investors. He did so, in large part, through heavy use of tax-deductible debt, usually to finance outsized dividends for the firm’s partners and investors. When some of the investments went bad, workers and creditors felt most of the pain. Romney privatized the gains and socialized the losses.

What’s less clear is how his skills are relevant to the job of overseeing the U.S. economy, strengthening competitiveness and looking out for the welfare of the general public, especially the middle class.

more at Romney’s Bain Yielded Private Gains, Socialized Losses – Bloomberg.

Bain offshoring victims ask Romney for help – Salon.com

Bain is STILL outsourcing  jobs…

While Mitt Romney struggles to explain his retroactive retirement from Bain Capital, the company he created keeps offshoring U.S. jobs.  Among them: the jobs of 170 workers in Freeport, Ill., now training the workers who will replace them when Sensata moves their jobs to China. SEC filings reveal that the U.S. share of Sensata’s workforce has been dropping ever since Bain acquired it in 2006.  And the Sensata workers aren’t Bain’s only recent casualties.

Some Sensata employees blame Romney for their impending layoffs. “He designed the business model for that company,” says production associate Tom Gaulrapp. “Venture capitalism, where they’re out for every last dollar, no matter what … that’s the attitude they still have.” (The Romney Campaign and Bain Capital did not answer inquiries from Salon.)

more at Bain offshoring victims ask Romney for help – Salon.com.

Daily Kos: Mitt Romney says he wants Sesame Street to start running advertisements

Really – is this what anybody wants?

Mitt Romney yesterday, asked by Radio Iowa’s O. Kay Henderson to identify a specific spending cut he’d make to reduce the deficit:

There are programs that I like, like PBS—I mean, my grandkids watch PBS, they like to watch Sesame Street. You know, I just don’t think we can afford to borrow money from China to pay for things we absolutely don’t have to do. So in the case of PBS, I’d tell them to get advertisers or more contributors, but the government is not going to pick up the bill by borrowing money.

This isn’t a new position for Mitt Romney—he said nearly the exact same thing last December:

“We’re not going to kill Big Bird,” Romney said. “But Big Bird is going to have advertisements. Alright?”

I’m sure parents will absolutely love having their kids get bombarded with McDonald’s and Fruit Loops and Oreos ads during Sesame Street. That’s a small price to pay for eliminating a 0.01 percent chunk of the federal budget. Well, actually less than that, because while public broadcasting overall gets roughly $445 million, that’s split among NPR, PBS, local affiliates, and programs like Sesame Street.

But hey, at least Mitt Romney is getting specific about his deficit plan. Of course, given that it would eliminate less than one tenth of one percent of the deficit, it’s not that impressive a plan.

via Daily Kos: Mitt Romney says he wants Sesame Street to start running advertisements.

Is This SEC Document The Hardest One For Romney To Explain?

Oops!

With the Romney campaign aggressively pushing back against reports that the candidate’s tenure at Bain Capital lasted longer than he once claimed, one 2000 document filed by Romney could prove particularly difficult to explain away. Among other things the Jan. 3 2000 SEC filing says, “W. Mitt Romney is principally engaged in the business of serving as sole stockholder of BCI VI, Inc. (Bain Capital Investors VI)” — and it contains his signature. That stands in contrast with various financial disclosure forms filed by Romney in recent years claiming that he left the company entirely to run the Salt Lake City Olympics in 1999. H/T James Carter, who sent the document to BuzzFeed.

via Is This SEC Document The Hardest One For Romney To Explain?.

Mitt Romney’s Own 2002 Testimony Undermines Bain Departure Claim

And what about perjury?

Mitt Romney’s repeated claim that he played no part in executive decision-making related to Bain Capital after 1999 is false, according to Romney’s own testimony in June 2002, in which he admitted to sitting on the board of the LifeLike Co., a dollmaker that was a Bain investment during the period.

Romney has consistently insisted that he was too busy organizing the 2002 Winter Olympics to take part in Bain business between 1999 and that event. But in the testimony, which was provided to The Huffington Post, Romney noted that he regularly traveled back to Massachusetts. “[T]here were a number of social trips and business trips that brought me back to Massachusetts, board meetings, Thanksgiving and so forth,” he said.

Romney’s sworn testimony was given as part of a hearing to determine whether he had sufficient residency status in Massachusetts to run for governor.

Romney testified that he “remained on the board of the Staples Corporation and Marriott International, the LifeLike Corporation” at the time.

Yet in the Aug. 12, 2011, federal disclosure form filed as part of his presidential bid, he said, “Mr. Romney retired from Bain Capital on February 11, 1999 to head the Salt Lake Organizing Committee. Since February 11, 1999, Mr. Romney has not had any active role with any Bain Capital entity and has not been involved in the operations of any Bain Capital entity in any way.”

Bain, a private equity firm, held a stake in the LifeLike Co. until the end of 2001, including during the period in which Romney claimed to have no business involvement with Bain entities. Bain had heavily invested in LifeLike, a company that Romney identified personally as an opportunity, in 1996 and sold its shares in late 2001. His involvement with LifeLike contradicts his assertion that he had no involvement with Bain business. His testimony is supported by his 2001 Massachusetts State Ethics Commission filing, in which he lists himself as a member of LifeLike’s board.

more at Mitt Romney’s Own 2002 Testimony Undermines Bain Departure Claim.

Did Romney Make a False Statement on His Financial Disclosure? | Mother Jones

Making a false statement on a federal financial disclosure form is a felony, punishable by up to one year in prison and a $50,000 fine. Is this why Romney keeps insisting he left Bain in February 1999?

Like all presidential candidates, Romney has to submit a financial disclosure statement to the Office of Government Ethics. He filed his most recent one last month, and the disclosure contains a very clearly stated footnote:

Mr. Romney retired from Bain Capital on February 11, 1999 to head the Salt Lake [Olympics] Organizing Committee. Since February 11, 1999, Mr. Romney has not had any active role with any Bain Capital entity and has not been involved in the operations of any Bain Capital entity in any way.

There’s no ambiguity there: not involved in Bain operations in any way. But that’s not true.

More at Did Romney Make a False Statement on His Financial Disclosure? | Mother Jones.