Durbin: Don’t Let ‘Bainport’ Be Future of U.S. Manufacturing

AFL-CIO Now

Durbin: Don’t Let ‘Bainport’ Be Future of U.S. Manufacturing

10/17/2012; Mike Hall

Photo of Bainport courtesy of peoplesworld Flickr photostream.

Mitt Romney won’t come to “Bainport” and meet with the workers whose jobs are being shipped overseas by Sensata Technologies. Sensata is owned by outsourcing pioneer Bain Capital, where Romney was a founder and former CEO.

But Tuesday, Sen. Dick Durbin (D-Ill.) visited the tent city set up across the street from the Freeport, Ill., Sensata plant that will shut down as soon as the rest of the equipment follows the 170 middle-class jobs on the way to China—where Sensata workers earn about 99 cents an hour.

“This should not be the future of manufacturing jobs in the United States,” said Durbin. “We can do better.” Durbin spoke with the workers—many of whom were forced to train the Chinese workers who will take their jobs. Durbin says executives at companies like Romney’s Bain are: Continue reading “Durbin: Don’t Let ‘Bainport’ Be Future of U.S. Manufacturing”

Romney to Release 2011 Tax Returns

New York TimesThe Caucus - The Politics and Government blog of The New York Times
September 21, 2012, 1:56 pm101 Comments

Romney to Release 2011 Tax Returns

By MICHAEL D. SHEAR

Mitt Romney paid $1.95 million in taxes on his 2011 investment income of $13.7 million, his campaign revealed on Friday, saying it will make good this afternoon on Mr. Romney’s promise earlier this year to eventually release his full returns for that year.

Mr. Romney, who made millions by running Bain Capital, a private equity firm, paid an effective federal tax rate of 14.1 percent in taxes, the campaign said, primarily because most of his income was in the form of capital gains that are taxed at a lower rate than ordinary income. Mr. Romney has said that he has paid at least 13 percent in federal income taxes in each of the last 10 years.

In order for that claim to be true in 2011, Mr. Romney had to voluntarily take a smaller deduction than he was entitled to for his charitable deductions, his advisers said Friday. Continue reading “Romney to Release 2011 Tax Returns”

Mitt Romney exited Bain Capital with rare tax benefits in retirement

Mitt Romney exited Bain Capital with rare tax benefits in retirement

By , Published: September 2

Before Mitt Romney retired from Bain Capital, the enormously profitable investment firm he founded, he made sure to lock in his gains, both realized and expected, for years to come.

He did so, in part, the way millions of other Americans do — with the tax benefits of an individual retirement account. But he was able to turbocharge the impact of those advantages and other tax breaks in his severance package from Bain in a way that few but the country’s super-rich can ever hope to do.

Romney’s Days at Bain Capital Marked by Greed and Debt

AFL-CIO Now

Romney’s Days at Bain Capital Marked by Greed and Debt

08/31/2012; Mike Hall

Illustration courtesy of Rollng Stone

Looking for little reading over the long Labor Day weekend? Then check out online or pick up the latest copy of Rolling Stone with Matt Taibbi’s cover story on Mitt Romney’s days at Bain Capital. Taibbi writes:

Mitt Romney, it turns out, is the perfect frontman for Wall Street’s greed revolution….He’s Gordon Gekko, but a new and improved version, with better PR—and a bigger goal. A takeover artist all his life, Romney is now trying to take over America itself. And if his own history is any guide, we’ll all end up paying for the acquisition.It’s fascinating and frightening read.